Tron Network reported $577 million in revenue for Q3 2024

Tron posted $577 million in revenue for Q3, surpassing major blockchains like Bitcoin and Ethereum in terms of quarterly income. Specifically, Tron generated $577.2 million in Q3, with 74% of the revenue attributed to staking and 26% from token burning, according to data from Tronscan, as highlighted by Tron founder Justin Sun in an Oct. 2 post on X.

The surge in revenue was primarily driven by Tron's expanding stablecoin operations and a recent push into meme coins. Data from Token Terminal revealed that Tron’s total fees and revenue exceeded those of Bitcoin and Ethereum, which recorded respective quarterly incomes of approximately $56.3 million and $256 million.

It’s important to recognize that blockchain networks generate revenue through various mechanisms, including fees and other complex methods. Therefore, direct comparisons based solely on revenue may not fully capture a blockchain’s overall income.

Tron is now the second-largest blockchain for stablecoins, trailing only Ethereum, and accounts for nearly 35% of the $172 billion stablecoin market, according to DefiLlama. The network is particularly popular in emerging markets like South America and Africa, where high inflation and unstable domestic currencies drive demand for more stable assets, such as the US Dollar-pegged Tether (USDT).

Tether currently represents 98.3% of all stablecoin deposits and activity on Tron. Additionally, Justin Sun’s recent move into the memecoin space provided a small revenue boost, with his memecoin deployer, SunPump, gaining moderate success. SunPump, modeled after Solana’s memecoin launchpad pump.fun, generated $1 million in revenue within its first 11 days, and earned $5.4 million since its launch on August 9.

Tron achieved its highest single-day revenue on August 21, pulling in over $5.4 million in just 24 hours, following a $1 billion injection of new USDT from Tether on August 20, according to DefiLlama.