Tron is dominating the blockchain ecosystem, generating revenues higher than the main cryptocurrencies in the last quarter.
The Tron network has surprised the crypto community with its third quarter financial results. With revenue reaching $569 million, Tron has surpassed Bitcoin, Ethereum, and Solana, consolidating itself as a key player in the cryptocurrency ecosystem.
According to data from Token Terminal, this remarkable growth, which represents a 43% increase compared to the previous quarter, reflects the rapid evolution that Tron has had in the crypto market.
Tron, an emerging giant in the crypto market
Over the past year, Tron has generated approximately $1.660 billion in revenue, representing a year-over-year growth of 113%. These numbers not only highlight the network’s ability to attract users and transactions, but also underscore how effective its strategy focused on stablecoin and memecoin adoption has been.
Source: Token Terminal
According to data from Token Terminal, Tron’s revenue in the third quarter was more than double that of Ethereum, which reported around $253 million. Additionally, Tron’s network revenue was five times higher than that of Solana and nine times higher than that generated by Bitcoin, the leading network in the ecosystem by capitalization. This data suggests that the Tron network has found a valuable niche in the cryptocurrency market, especially in stablecoins, a sector that has allowed the blockchain to capitalize on the growing demand in the digital ecosystem.
Tron founder Justin Sun expressed his excitement regarding the results his blockchain generated in the third quarter and optimism regarding the fourth quarter of the year, anticipating even greater growth for his blockchain project.
Stablecoin dominance and memecoin fever on Tron
One of the key factors behind Tron’s impressive financial performance is its strong focus on stablecoins. Tron has established itself as the second-largest blockchain in terms of stablecoins, controlling 34,8% of this market. Notably, Tether’s USDT accounts for 98,3% of stablecoins on the Tron network, demonstrating users’ reliance on this stablecoin to transact on the blockchain.
According to onchain data, stablecoin supply on Tron has grown by 21,6% this year, driven by rising demand for USDT.
On the other hand, low transaction fees and the speed of operations on the Tron network have also contributed to its usage and adoption. Likewise, the revenue reported by Tron in the last quarter has been boosted by the rise of memecoins. For example, the recent introduction of SunPump, a memecoin launchpad, has increased the visibility of this blockchain in the cryptocurrency industry, attracting more investors and users.
Source: Token Terminal
Token Terminal data indicates that Tron currently facilitates More than 8 million daily transactions, much of which is driven by stablecoin activity and the memecoin frenzy that have become an interesting phenomenon in the cryptocurrency world. To date, Tron has been adapting to these trends and capitalizing on opportunities to maintain its success and position as the 10th most capitalized cryptocurrency and blockchain in the market.
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