Tron hits second-highest revenue as TRX gains momentum Tron hits second-highest revenue as TRX gains momentum
Tron's TRX outperform Ethereum with a 55% YTD surge spurred by stablecoin market strength
2 min read
Updated: Nov. 1, 2024 at 3:35 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tron’s blockchain has seen remarkable progress, with its native token, TRX, surging to a yearly high as the network achieved its second-largest monthly revenue on record.
Data from CryptoSlate shows that TRX reached $0.17 within the past 24 hours, reflecting a 55% increase year-to-date. This significant price gain reinforces TRX’s place among the top 10 digital assets, boasting a market cap of $14.5 billion.
While current market optimism that has helped push Bitcoin’s price above the $70,000 mark may be contributing to this rally, Tron has outpaced major assets like Ethereum, which saw only an 11% rise in the same period.
In addition, TRX’s run can also be linked to the fresh and exciting developments within Tron’s ecosystem that have attracted renewed investor interest.
Tron revenue spike
On Nov. 1, Tron founder Justin Sun revealed that the network’s October revenue reached $205 million, marking its second-highest monthly revenue.
This milestone follows the record $220 million generated in August when Tron introduced the SunPump memecoin deployer.
Sun attributed this revenue spike to Tron’s expanding footprint in DeFi, memecoins, and NFTs. According to him, ongoing growth in these areas could help keep Tron’s monthly revenue above $200 million.
Meanwhile, market observers pointed out that the primary revenue boost came from its active stablecoin market.
Data from DeFiLlama ranks Tron as the second-largest blockchain for stablecoins, holding 35.2% of the market and supplying $60.73 billion in stablecoins. Tron’s stablecoin supply has grown more than 20% this year, mainly due to Tether’s USDT, which makes up 98.3% of the network’s stablecoins.
Market observers noted that Tron’s low fees and fast transactions are attracting users in emerging markets like Nigeria. In these markets, individuals are using stablecoins as a safeguard against currency volatility and for greater access to USD equivalents.
In addition, SunPump has significantly boosted network activity, generating over $5 million in transaction fees while enhancing Tron’s visibility and appeal within the crypto industry.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Latest TRON Stories
Featured Story
Advertise Here
In this article
TRON is one of the largest blockchain-based operating systems.
Ethereum
$3,463.47
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$97,311.44
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether
$0.99964
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
