Published on augustus 16, 2024, 12:33 am
Image source: Fox News
```json [ { "TLDR": "Tron network surpasses Ethereum in revenue generation with $1.31 million in 24 hours, plans to introduce a gasless stablecoin and expand it to other networks. Faces challenges in total value locked despite growth in native token TRX." } ] ```
The Tron network has been making waves in the cryptocurrency world, surpassing Ethereum in revenue generation over the past 90 days. According to DefiLlama, Tron raked in an impressive $1.31 million in network revenue within just 24 hours. This achievement marks a significant milestone for the Tron network as it outpaced Ethereum by accumulating around $435 million in fees compared to Ethereum’s approximately $364 million.
Justin Sun, the founder of Tron, proudly announced that the blockchain network’s 30-day revenue performance exceeded that of Ethereum by an impressive 50%. Sun also shared exciting plans for the future of Tron, including the surge of USDT settlements on the network to about one-third of Visa’s total settlement volume for the second quarter of 2024, totaling a staggering $1.25 trillion in transaction settlements on Tron.
Looking ahead, Sun revealed that the Tron team is actively working on introducing a gasless stablecoin for both the Tron and Ethereum networks by July 2024. The goal is to expand this stablecoin to other Ethereum Virtual Machine blockchain ecosystems in the coming years. This initiative aims to enable users on these networks to conduct peer-to-peer transactions with stablecoins without bearing any network fees, which could significantly enhance these products’ usability for small payments, corporate settlements, and cross-border remittances.
In another milestone for Tron, it emerged as the second-largest blockchain network for stablecoin transfers based on dollar value in 2024, trailing only behind Solana. Although Tron boasts impressive revenue figures and innovative stablecoin solutions, it faces challenges in certain areas like total value locked (TVL). Despite a slight rise in TVL to around $8.7 billion in July from six-month lows of $7.6 billion earlier, Tron’s TVL dropped back to approximately $7.6 billion by August and has remained relatively stable at that level since.
Interestingly, even as Tron experienced fluctuations in TVL metrics, its native token TRX recorded notable growth with a 9.5% increase during June 2024. These developments underscore both the strengths and areas for improvement within the Tron network as it continues to navigate through the dynamic cryptocurrency landscape.
Original article posted by Fox News
