Tron has seen a significant increase in revenue, reaching its second-highest monthly revenue in history. The native token, TRX, has surged to $0.17 within the past 24 hours, marking a 55% increase year-to-date. This surge has solidified TRX’s position among the top 10 digital assets, with a market cap of $14.5 billion.
While Bitcoin’s price surge above $70,000 has contributed to market optimism, Tron has outperformed major assets like Ethereum, which only saw an 11% rise in the same period. This success can be attributed to the exciting developments within Tron’s ecosystem that have captured the interest of investors.
Founder Justin Sun announced that Tron’s October revenue reached $205 million, the second-highest monthly revenue in the network’s history. This milestone follows the record $220 million generated in August when Tron introduced the SunPump memecoin deployer. Sun credits Tron’s success to its expansion in DeFi, memecoins, and NFTs, with ongoing growth expected to maintain monthly revenue above $200 million.
Tron’s stablecoin market has been a key driver of revenue growth, with the network ranking as the second-largest blockchain for stablecoins, holding 35.2% of the market and supplying $60.73 billion in stablecoins. The stablecoin supply on Tron has increased by over 20% this year, largely due to Tether’s USDT, which accounts for 98.3% of stablecoins on the network.
The low fees and fast transactions on Tron have attracted users in emerging markets like Nigeria, where stablecoins are used as a hedge against currency volatility and for easier access to USD equivalents. Additionally, the SunPump memecoin deployer has generated over $5 million in transaction fees, boosting Tron’s visibility and appeal in the crypto industry.
Overall, Tron’s recent success in revenue generation and market performance highlights its growing momentum and potential for further growth in the future. Investors and market observers are closely monitoring Tron’s developments in DeFi, memecoins, and NFTs as key indicators of its continued success in the digital asset space.