- Tron’s network activity hit $435 million, surpassing Ethereum’s $364 million.
- Its network revenue estimated to hit $2 billion in 2024.
As a seasoned analyst with years of experience navigating the turbulent waters of the crypto market, I have to admit that I am genuinely impressed by Tron’s [TRX] recent performance. In just three months, it has managed to outpace Ethereum [ETH], which is no small feat given Ethereum’s established position in the market.
Over the last three months, the usage of the Tron [TRX] network has seen a rapid increase that could be described as exponentially growing. Even amidst the unpredictable fluctuations in the cryptocurrency market, this network has significantly expanded in terms of addresses, revenue generation, and overall activity.
The growing preference for stablecoins on Tron’s network is driving its increased use. Over the past three months, Tron has surpassed Ethereum in terms of adoption rate.
Tron surpasses Ethereum’s revenue
According to an analysis by AMBCrypto on Token Terminal, the network generated a historic high of $435 million in transaction fees, surpassing Ethereum’s figure of $364 million during the same period.
Justin Sun shared the development, noting that,
Over the last month, as per @tokenterminal’s data, TRON’s protocol earnings have been 50% higher than Ethereum’s. If this growth persists, the protocol could potentially generate over $2 billion in revenue this year, making it the most financially successful blockchain on Earth.
The significant increase in income suggests a growing interest among institutions and individual users in the Tron network, as indicated by DefiLlama’s data. It appears that Tron has been leading in fee-based revenue earnings.
Over the past day, our network has earned approximately $10.5 million and facilitated a total trading volume of around $197.8 million.
What it means for stablecoins
As a researcher, I’ve observed a significant surge in transactions involving Tether (USDT) within our network. Remarkably, Tether reports that these transactions account for approximately one-third of the volume handled by a global payments giant like Visa. This growth underscores the increasing role and influence of digital assets in today’s financial landscape.
As a researcher, I observed a significant increase that propelled Tether’s overall transaction volume to an impressive $1.25 trillion within its network.
Similarly, the group responsible for Tron has put in considerable effort through innovative means to stay on par with their competitors. As an example, this team is striving to disperse their stablecoin across various EVM-compatible blockchain environments.
As someone who has struggled with high transaction fees when sending cryptocurrencies, I am thrilled about this recent development that enables stablecoin transfers on a peer-to-peer basis without network fees. Over the years, I have witnessed how these fees can add up quickly, making it challenging to carry out simple transactions without significant financial impact. This move will undoubtedly increase the accessibility and applicability of various stablecoins for all users, including myself, as we can now transfer funds more efficiently and cost-effectively. The convenience and ease of use that comes with this new feature are truly game-changing in the realm of digital currencies.
Realistic or not, here’s TRX market cap in BTC’s terms
Impact on TRX
In contrast to the rise in earnings and charges, the Total Value Locked by Tron dropped from $10.3 billion to $7.5 billion over this specific timeframe.
As a researcher, I’m observing a decrease in trading volume by approximately 3.98%, and a corresponding reduction in market capitalization by 0.40%, bringing it to around $11.4 billion. At the moment, the price stands at $0.1312, down by 0.38% over the last 24 hours. This latest decline is part of a longer trend that has seen a drop of 1.51% throughout the past month.
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2024-08-16 17:47