2024-10-07
The Tron Network generated $577 million
in revenue for Q3 2024. This impressive figure was driven by increased activity
in stablecoins and memecoins on the network. Tron's revenue growth of 43% from
the previous quarter has put it ahead of major blockchains like Bitcoin and
Ethereum in terms of quarterly income.
A large portion of this revenue,
approximately 74%, was attributed to staking activities within the network,
while the remaining 26% stemmed from token burning mechanisms.
These activities reflect the growing
interest and participation in the Tron ecosystem, which has been increasingly
recognized for its stablecoin transactions and memecoin ventures.
Tron's success in the stablecoin domain
is particularly noteworthy. The network has emerged as the second-largest
blockchain for stablecoins, commanding nearly 35% of the $172 billion
stablecoin market cap.
The majority of this activity is driven
by the US Dollar-pegged stablecoin Tether (USDT), which represents 98.3% of all
stablecoin deposits on the Tron network.
This dominance in the stablecoin market
is a testament to Tron's reliability and appeal, especially in emerging markets
of South America and Africa, where stable assets like USDT are in high demand
due to local currency volatility and inflation concerns.
Moreover, Tron’s getting into the
memecoin market has also contributed to its revenue growth. The launch of
SunPump, a memecoin deployer initiated by Tron's founder Justin Sun, has seen
moderate success, generating $5.4 million in revenue since its inception.
As of October 7, 2024 ,Tron has a
market cap of $13.34 billion. This makes Tron (TRX) the world's 10th most
valuable crypto by market cap.
