Since July 23, Tron has outperformed Ethereum in revenue generation, surpassing the network that saw the launch of spot Ether exchange-traded funds (ETFs) in the United States on July 23.
According to DefiLlama data, Tron accrued $1.42 million in revenue over the last 24 hours, compared to Ethereum’s $844,276 over the same period.
Despite the launch of spot Ether (ETH) ETFs driving $2.2 billion in inflows, as depicted in the latest CoinShares report, Ethereum accrued roughly $600,000 less in fees than Tron over the last seven days at the time of publication on July 30.
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Revenue comparisons
Since July 23, Tron has secured the number-one spot in revenue generation, with a recorded seven-day revenue of $8.67 million compared to ETH’s $8.08 million.
In third place is Solana, which exceeded ETH’s 24-hour generated revenue over the same period, with a total of $940,009, but underperformed over the last seven days, accruing $6.38 million.
Over the last 30 days, ETH has remained in the top position with $52.48 million in revenue generated, followed by Tron’s $40.2 million and Pump.fun’s hearty $25.83 million, which outperformed Solana.
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Driving factors
On July 6, Justin Sun, the founder of Tron, revealed that the team had been building a gasless stablecoin solution for free peer-to-peer transfers.
Sun explained that the fees would be “entirely covered by the stablecoins themselves,” hoping to integrate this solution on the Tron blockchain in the fourth quarter of 2024.
The Tron founder also explained that plans to integrate the stablecoin on Ethereum and other Ethereum Virtual Machine-compatible public chains will follow.
Related: Tron network deposits drop to 6-month low as TRX price rallies — Trouble in paradise?
Fall in deposits
According to DefiLlama, the Tron blockchain’s total value locked (TVL) plummeted to a six-month low of $7.5 billion on June 26, indicating investors were pulling funds from the ecosystem.
On June 27, Tron’s (TRX) token saw a 9.5% month-to-date rise, outperforming Solana’s (SOL). Sun t moved 173.8 million TRX worth $21.4 million to a Binance deposit address.
Alarmingly, 75% of the total network deposits on Tron at the time were concentrated in a single decentralized application, JustLend, which saw a 15% fall in assets held over 30 days.
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