Important points
Tron’s third-quarter revenue was $566 million, more than that of Bitcoin, Ethereum, and Solana. Stablecoin trading and memecoin activity contribute significantly to Tron’s revenue.
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Tron’s stablecoin ecosystem has propelled the network to new heights, generating $566 million in revenue in Q3 2023 and securing its position as a major player in the blockchain space.
The network’s impressive performance is primarily due to its robust stablecoin activity, with Tron currently controlling 34.8% of the stablecoin market. This establishes it as the second largest stablecoin blockchain, supplying $59.8 billion worth of these digital assets. Tether’s USDT dominates this ecosystem, accounting for 98.3% of stablecoins on Tron.
Growth of stablecoins in emerging markets
Tron’s stablecoin supply has grown by a significant 21.6% this year, reflecting increased adoption and trust in the network. This surge has been particularly pronounced in emerging markets such as Nigeria and Argentina, where users are taking advantage of Tron’s low fees and fast transactions to access stablecoins as a hedge against local currency fluctuations and reduce their exposure to the US dollar. I’m getting it.
Earlier this year, the Tron network recorded a 54% increase in the number of user accounts to over 204 million, transaction value of over $10 trillion, and TVL of $8.14 billion, ranking it second in the world. I did. In July, Tron fee spending exceeded Ethereum spending, primarily due to dominant USDT remittance activity.
The success of the network’s stablecoins has had a ripple effect on the network’s overall performance. Daily transactions on Tron currently exceed 8 million transactions, primarily driven by stablecoin transfers. This increase in activity has increased average transaction fees from about 20 cents to $1 over the past two years, contributing to increased revenue for the network.
Tron’s third-quarter revenue was $566 million, up 43% from the previous quarter and outpacing major blockchain networks such as Ethereum, Solana, and Bitcoin in terms of quarterly revenue. This growth trajectory has caught the attention of industry insiders, with Tron founder Justin Sun expressing confidence in continued expansion in the coming months.
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