Tron’s revenue growth in the third quarter has surpassed major cryptocurrencies like Ethereum, Solana, and Bitcoin. With a total revenue of $566 million, Tron’s earnings have seen a significant increase of 43% compared to the second quarter. In the past year, Tron has generated around $1.66 billion in revenue, experiencing a impressive 113% year-on-year growth. Token Terminal data indicates that Tron’s third-quarter revenue was more than double that of Ethereum, five times higher than Solana, and nine times greater than Bitcoin.
The spike in Tron’s revenue can be attributed to its strong stablecoin activity and the growing memecoin sector on the network. DeFillama data reveals that Tron is the second-largest blockchain for stablecoins, controlling 34.8% of the market and providing $59.8 billion in stablecoins. The demand for Tether’s USDT, which makes up 98.3% of the stablecoins on Tron, has been a key driver in the network’s stablecoin supply growth of 21.6% this year. With USDT being the largest stablecoin in the crypto market, with a market cap of around $120 billion, Tron’s popularity is also driven by its low fees and fast transactions, particularly in emerging markets like Nigeria and Argentina.
The adoption of stablecoins on the Tron network is seen as a hedge against volatile local currencies in developing regions, offering users a more stable alternative and exposure to the US Dollar. The launch of SunPump, a memecoin launchpad on Tron, has further enhanced the network’s visibility in the industry and contributed to the surge in network activity. Token Terminal reports that Tron’s daily transactions have exceeded 8 million, driven by stablecoin transfers and the growing interest in memecoins. As a result, Tron’s average transaction fees have increased from 20 cents to $1 over the past two years, leading to a boost in revenue for the network.
Looking ahead, Tron founder Justin Sun remains optimistic about the network’s growth potential in the final quarter of the year, expressing confidence that Q4 will see even more growth compared to Q3. With its strong stablecoin activity, growing memecoin sector, and increasing popularity in emerging markets, Tron is positioning itself as a significant player in the cryptocurrency space. Its robust revenue figures and expanding user base indicate a promising future for the network as it continues to innovate and attract users from around the world.
