CandleFocus Tron’s $566 million Q3 revenue surpasses Bitcoin, Ethereum and Solana
2024-10-02
Author: Content Editor
Tron has reported impressive third-quarter revenue of $566 million, surpassing Ethereum, Solana, and Bitcoin. This represents a 43% increase from the previous quarter and a 113% year-on-year growth. Tron's success is attributed to its strong stablecoin activity and the popularity of memecoins on the network. The platform is also the second-largest blockchain for stablecoins, with a 34.8% market share and a stablecoin supply of $59.8 billion. Tron's low fees and fast transactions have made it popular in emerging markets such as Nigeria and Argentina, where users rely on stablecoins to hedge against local currency volatility and gain exposure to the US Dollar. The recent launch of SunPump, a memecoin launchpad, has further contributed to Tron's increased network activity. Daily transactions on the Tron network exceed 8 million, driven by stablecoin transfers and the memecoin frenzy. As a result, the network's average transaction fees have risen from 20 cents to $1 in the past two years, boosting its revenue.
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