Tron recorded an impressive $566 million in revenue for the third quarter, surpassing major players like Ethereum, Solana, and Bitcoin.
This marks a 43% growth from the previous quarter and a total revenue of $1.66 billion over the past year, reflecting a 113% year-on-year increase. Data from Token Terminal shows Tron outperformed its competitors, with third-quarter earnings more than double Ethereum’s $253 million, five times higher than Solana’s $105 million, and nine times greater than Bitcoin’s $57 million.
Founder Justin Sun expressed optimism about continued growth in Q4. Tron’s surge in revenue is largely attributed to its stablecoin activity and the growing memecoin sector.
According to DeFiLlama, Tron ranks as the second-largest blockchain for stablecoins, holding 34.8% of the market share and supplying $59.8 billion in stablecoins, mainly USDT, which makes up 98.3% of Tron’s stablecoin supply.
Tron’s low fees and fast transactions have driven its popularity, especially in emerging markets like Nigeria and Argentina, where users rely on stablecoins to shield themselves from volatile local currencies.
The network has also gained traction with the launch of SunPump, a memecoin launchpad that has fueled activity. Daily transactions on Tron now exceed 8 million, with rising transaction fees, increasing from around 20 cents to $1 in recent years, further boosting the network’s revenue.
FTX creditors in the Eurozone will receive repayments in euros based on 2022 closure prices, plus processing fees of up to 30%.
Anatoly Yakovenko, CEO and co-founder of Solana, has been openly critical of the Biden administration, particularly regarding its failure to foster job creation.
Mark Cuban, the billionaire entrepreneur, expressed concerns about SEC Chairman Gary Gensler’s regulatory approach, claiming it could have prevented the collapses of FTX and Three Arrows Capital (3AC).
A class action lawsuit against Nvidia, alleging that the company deceived investors regarding the impact of crypto mining on its revenues in 2017-2018, is seeking to move forward in the U.S. Supreme Court.