Tron's third-quarter revenue of $566 million exceeds that of bitcoin, ethereum and Solana.
Stablecoin transactions and memecoin activities contribute significantly to Tron's revenue.
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The tron stablecoin ecosystem has propelled the network to new heights, generating $566 million in revenue during the third quarter of 2023 and secure its position as a major player in the blockchain space.
The network's impressive performance is largely attributed to its strong stablecoin activity, with Tron now controlling 34.8% of the stablecoin market. This positions it as the second largest blockchain for stablecoins, providing a staggering $59.8 billion worth of these digital assets. Tether's USDT dominates this ecosystem and represents 98.3% of the stablecoins on Tron.
Growth of stablecoins in emerging markets
Tron's stablecoin supply has seen significant growth of 21.6% this year, reflecting increased adoption and trust in the network. This rise has been particularly notable in emerging markets such as Nigeria and Argentina, where users take advantage of Tron's low fees and fast transactions to access stablecoins as a hedge against local currency volatility and gain exposure to the US dollar.
Earlier this year, the Tron network recorded 54% growth in user accounts, surpassing 204 million, with a transaction volume of more than $10 trillion and a TVL of $8.14 billion, ranking second globally. In July, Tron's fee spending surpassed that of ethereum, largely due to dominant USDT transfer activities.
The success of the network's stablecoin has had a ripple effect on its overall performance. Daily transactions on Tron now exceed 8 million, driven primarily by stablecoin transfers. This increase in activity has led to an increase in average transaction fees of around 20 cents to $1 over the past two years, which has contributed to the network's revenue growth.
Tron's third-quarter revenue of $566 million represents a 43% increase from the previous quarter and has positioned it ahead of major blockchain networks such as ethereum, Solana, and bitcoin in terms of quarterly profits. This growth trajectory has caught the attention of industry observers, with Tron founder Justin Sun expressing confidence in continued expansion in the coming months.
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