The Tron Network has achieved an impressive $577 million in revenue for the third quarter (Q3) of 2024, surpassing major blockchains like Bitcoin and Ethereum in earnings.
This figure represents a 43% increase from the previous quarter and brings Tron’s total revenue for the past 12 months to $1.66 billion, showing a remarkable 113% growth year-over-year.
According to data from Token Terminal, Tron’s Q3 earnings were more than double Ethereum’s $253 million, five times higher than Solana’s $105 million, and nine times greater than Bitcoin’s $57 million.
Although Tron’s revenue in Q3 significantly outpaced that of other major blockchains like Bitcoin and Ethereum, it’s important to understand that each blockchain network generates income in different ways.
Blockchains often rely on various sources of income, including transaction fees, staking, and other technical revenue streams.
As a result, comparing these revenues directly may not provide a full picture of each blockchain’s overall financial performance.
Still, Tron’s $577 million in Q3 revenue puts it well ahead of its competitors in terms of raw earnings.
Its founder, Justin Sun, shared his optimism about this growth and believes that the network will continue to perform well in the upcoming months.
Much of Tron’s recent success is due to its active participation in the stablecoin market and its growing involvement in the memecoin space.
What’s driving Tron’s growth?
The revenue growth Tron experienced in Q3 is largely driven by two factors: stablecoins and memecoins.
Data from Tronscan shows that 74% of Tron’s Q3 revenue came from staking, while 26% came from burning tokens.
These figures were highlighted by Justin Sun in an X post on 2 October, where he pointed out the network’s increasing dominance in these areas.
One of the major reasons for Tron’s success is its position in the stablecoin market. Tron is currently the second-largest blockchain for stablecoins, holding a 34.8% share of the global market.
The majority of Tron’s stablecoin activity comes from Tether ($USDT), which accounts for 98.3% of the network’s stablecoin supply, according to data from DeFiLlama.
Tron supplies a total of $59.8 billion in stablecoins, most of which is in $USDT, which has become the stablecoin of choice for many of Tron’s users.
In addition to stablecoins, Tron’s push into the memecoin sector has also played a role in its revenue growth. Justin Sun launched SunPump, a memecoin deployer, on 9 August.
The project, inspired by a similar launchpad on the Solana network, generated $1 million in revenue within its first 11 days. By the end of Q3, SunPump had generated a total of $5.4 million in revenue.
Tron’s highest single-day revenue came on 21 August, when the network brought in over $5.4 million in just 24 hours.
This spike followed a $1 billion injection of new $USDT from Tether the day before, boosting activity on the network.
Popularity in emerging markets
Tron’s success can also be attributed to its popularity in emerging markets, especially in regions like South America and Africa.
Countries such as Nigeria and Argentina, which struggle with high inflation and unstable local currencies, have embraced the use of stablecoins like Tether.
This demand for a more stable financial option has driven increased activity on the Tron network, where $USDT now accounts for 98.3% of all stablecoin deposits and transactions.
As mentioned before, in addition to stablecoin use, Justin Sun’s push into the memecoin space has also helped Tron grow its revenue.
Looking ahead to the final quarter of 2024, Tron’s combination of stablecoin dominance, expanding memecoin activity, and strong presence in emerging markets positions the network for continued growth.
At present, Tron holds nearly 35% of the $172 billion stablecoin market cap, making it a major player in the space, second only to Ethereum.
Despite the differences in how blockchains generate income, Tron’s stablecoin operations continue to be a major driver of its growth.
