The Tron (TRX) network has just struck a big blow in the crypto ecosystem. In the third quarter of 2024, the blockchain founded by Justin Sun generated record revenues, even surpassing giants Bitcoin and Ether.
Rapid growth driven by the DeFi ecosystem
In the third quarter of 2024, the Tron (TRX) network achieved a historic performance by generating record revenues of $577.25 million, surpassing industry heavyweights like Bitcoin, Ethereum, and Solana.
This increase of 43% compared to the previous quarter is mainly explained by the rise of decentralized finance (DeFi) on its network. Staking now represents 74% of revenue, while burning mechanisms account for 26%.
The growing adoption of stablecoins on Tron played a key role in this performance. Blockchain now controls more than a third of the stablecoin market, or around $60 billion. This dominance strengthens Tron's appeal to DeFi developers and users, creating a virtuous circle of growth.
The success of the recently launched memecoin platform Sun Pump Meme also illustrates the dynamism of the Tron ecosystem. With $8.4 million generated since its launch, it helps diversify the network's sources of revenue.
Tron outperforms the competition on all fronts
TRON's performance contrasts sharply with that of its rivals. In the third quarter, the network generated $567 million in fees, more than double Ethereum (253 million), five times more than Solana (105 million) and nine times more than Bitcoin (57 million).
In terms of on-chain activity, Tron significantly outperforms its competitors. The number of daily active addresses, transactions, and trading volumes on DEXs demonstrate a thriving ecosystem.
This rise in power of TRON disrupts the hierarchy established in the crypto ecosystem. Recently, blockchain even surpassed Cardano in terms of market capitalization, establishing itself in the top 10 cryptos. The price of TRX, the native token of TRON, also experienced a significant increase, reaching $0.16 despite a bear market context.
In short, Tron's exceptional performance in the third quarter of 2024 marks a turning point in the crypto industry. By overtaking Bitcoin and Ethereum in terms of revenue and on-chain activity, the network is establishing itself as a key player in decentralized finance.
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