Tron Network Leads Q3 with Record $577 Million Revenue, Surpassing Bitcoin and Ethereum

• Tron Network posted record quarterly revenue of $577 million in Q3 2024, surpassing Bitcoin and Ethereum.
• 74% of Tron’s revenue came from staking, with stablecoins driving significant growth.
• Tron’s memecoin venture, SunPump, contributed $5.4 million to Q3 revenue, bolstering its performance.

The Tron Network has posted an impressive revenue of $577 million for the third quarter of 2024, marking its highest quarterly revenue to date.

This substantial income places Tron ahead of major blockchain networks, including Bitcoin and Ethereum, which generated $56.3 million and $256 million in Q3, respectively. 

Tron’s performance highlights its significant growth in the cryptocurrency space, particularly in stablecoins and memecoins.

According to data from Tronscan, approximately 74% of Tron’s Q3 revenue came from staking, while the remaining 26% resulted from its burning mechanism. The increased activity surrounding stablecoins on the Tron network played a critical role in achieving these figures. 

Tron currently holds the position of the second-largest blockchain for stablecoins, accounting for nearly 35% of the total $172 billion stablecoin market cap, based on data from DefiLlama.

Emerging markets such as South America and Africa have shown strong adoption of stablecoins, primarily due to concerns over high inflation and unstable domestic currencies. The popularity of stablecoins like USDT, which represents 98.3% of all stablecoin transactions on Tron, has driven the network’s recent revenue surge. 

Additionally, Tron’s partnership with Tether saw a $1 billion USDT injection on August 20, contributing to the network’s most profitable day of Q3 on August 21, with over $5.4 million in revenue generated within 24 hours.

Besides stablecoins, Tron’s push into the memecoin market further boosted its revenue. The introduction of SunPump, a memecoin deployer launched by Tron founder Justin Sun in early August, generated $5.4 million in revenue by the end of Q3. This venture allowed Tron to capture a growing segment of the cryptocurrency market focused on meme-based tokens.

As Tron continues to expand its ecosystem, its ability to outpace larger blockchains like Bitcoin and Ethereum reflects its increasing prominence in the industry.

The network’s strategy of targeting emerging markets and memecoins, along with its stablecoin dominance, has positioned it as a significant player in the blockchain space.