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Tron reports $577M in Q3 revenue driven by stablecoins

Tron reports $577M in Q3 revenue driven by stablecoins

GrafaGrafa2024/10/03 04:45
By:Mahathir Bayena

The Tron (CRYPTO:TRX) network achieved record revenue of $577 million in Q3, surpassing several prominent blockchain networks in terms of quarterly income.

According to data from Tronscan, around 74% of Tron’s revenue came from staking, while 26% was derived from burning activities.

Tron’s founder, Justin Sun, highlighted the achievement in an Oct. 2 post.

This significant growth was mainly attributed to the network's increasing stablecoin activity, with Tron now serving as the second-largest blockchain for stablecoins.

Currently, over $62 billion in stablecoins are deployed on Tron, accounting for nearly 35% of the $172 billion stablecoin market, according to DefiLlama.

Tether (CRYPTO:USDT) represents 98.3% of all stablecoin deposits on the Tron network, making it a popular choice in regions like South America and Africa where inflation and domestic currency concerns often drive demand for dollar-pegged assets.

In comparison, Bitcoin and Ethereum posted quarterly incomes of $56.3 million and $256 million, respectively.

While different blockchains generate revenue through varied mechanisms such as fees, staking, and burning, Tron’s ability to outperform others highlights its focus on stablecoins and emerging markets.

Tron also ventured into the memecoin market with the launch of SunPump, a memecoin deployer modeled after Solana’s pump.fun.

This venture contributed $5.4 million in revenue since its launch on Aug. 9, with $1 million generated within the first 11 days.

Tron’s most profitable day occurred on Aug. 21, when it earned $5.4 million in 24 hours, shortly after a $1 billion injection of new USDT from Tether on Aug. 20.

At press time, the TRON price was $0.1541.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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