The Tron network has achieved a notable milestone, generating $1.31 million in network revenue within the past 24 hours alone.
Over the last 90 days, Tron has surpassed Ethereum in terms of revenue, amassing approximately $435 million in fees. In contrast, Ethereum's fee revenues during the same period totaled around $364 million, according to data from Token Terminal.
Tron’s founder, Justin Sun, underscored the blockchain’s robust performance over the past month, revealing that Tron's 30-day revenue outpaced Ethereum’s protocol revenue by a substantial 50%. Sun expressed optimism about the future, stating:
"If this momentum continues, Tron’s protocol revenue could potentially exceed $2 billion this year, positioning it as the most profitable blockchain on the planet!"
USDT settlements on the Tron network have also seen an explosive increase, soaring to nearly one-third of Visa’s total settlement volume during the second quarter of 2024. This remarkable achievement translates to an astounding $1.25 trillion in transaction settlements on the Tron network.
Further expanding on Tron's innovative efforts, Sun announced that the team is working to introduce a gasless stablecoin, initially for the Tron and Ethereum networks, with a planned launch in July 2024. The vision extends beyond these networks, with plans to deploy the stablecoin across other Ethereum Virtual Machine (EVM) blockchain ecosystems in the future.
This gasless stablecoin would revolutionize transactions by allowing users to send stablecoins peer-to-peer without incurring network fees. Such a feature is poised to significantly enhance the utility of stablecoins for small payments, corporate settlements, and cross-border remittances, making them more accessible and cost-effective.
In 2024, Tron also secured its position as the second-largest blockchain network for stablecoin transfers by dollar value, ranking just behind the Solana network.
However, despite Tron's impressive revenue growth and stablecoin advancements, the network has faced challenges in other areas. In June 2024, Tron’s total value locked (TVL)—a critical measure of the capital locked within the network—declined to approximately $7.6 billion, marking a six-month low, as reported by DefiLlama.
Although there was a moderate recovery in July, with TVL rising to around $8.7 billion, the figure dropped again in August, hovering near $7.6 billion at the time of this writing.
Interestingly, this decline in TVL occurred alongside a notable increase in the price of TRX, Tron's native cryptocurrency, which registered a 9.5% gain in June 2024. This price increase suggests that investor confidence in TRX remains strong, even as the network’s locked capital experienced fluctuations.
