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Tron Leads in Blockchain Revenue
In a significant achievement, Tron has surpassed its competitors in blockchain revenue, amassing a remarkable $3.6 billion last year. This figure underscores the importance of stablecoin transactions in generating network income, often outweighing simple market value. According to data from Token Terminal, Tron’s revenue places it ahead of larger blockchain networks in terms of pure earnings.
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Tron Dominates Revenue Rankings
Tron’s success is primarily attributed to its stablecoin settlement activities. Reports indicate that approximately 51% of the circulating Tether (USDT) has been issued on the Tron network. In contrast, Ethereum generated about $1 billion in revenue over the same period, despite Ethereum’s market capitalization being significantly higher, around $540 billion, compared to TRX’s market cap, which hovers just above $32 billion. This stark contrast highlights the difference between market value and on-chain revenue.
The total cryptocurrency market capitalization currently stands at $4.14 trillion. Source: TradingView
Decline in Blockchain Revenues: VanEck Report
According to a report by VanEck, network revenues across various blockchains experienced a 16% decline month-over-month in September. This decrease was primarily due to reduced trading activity, as markets stabilized, leading to diminished fee income.
Volatility metrics plummeted during this period, with Ether volatility dropping by 40%, Solana (SOL) by 16%, and Bitcoin by 26%. As price fluctuations decreased, there were fewer rapid trades and high-fee transactions.
Decreased Fees as Market Volatility Subsided
Ethereum’s network revenue decreased by 6% in September, while Solana’s receipts fell by 11%. Tron’s fees saw a significant 37% drop, partly influenced by a governance decision that reduced gas fees by over 50% in August, which impacted September’s figures. Market stabilization and policy changes both contributed to the reduction in user fees for on-chain transactions.
Significance of Stablecoin Activity Over Market Hype
The stablecoin market continued its growth trajectory, with data from RWA.XYZ indicating that the total stablecoin market cap surpassed $290 billion in October 2025. This expanding pool of tokenized dollar equivalents favors blockchains that offer inexpensive, rapid transfers. For Tron, the heavy issuance of stablecoins has resulted in consistent transaction volumes, providing a different economic model compared to networks reliant on DeFi or speculative trading.
Stablecoins Fuel Transaction Volumes
Stablecoins facilitate cross-border value transfers with near-instant settlement and minimal fees. They are available 24/7 and do not require a bank account, which explains why on-chain transaction volumes can differ from token market capitalizations. Reports suggest that this utility-driven demand is a key reason why Tron’s revenue outpaced other networks, even if its native token remains smaller in market value.
Featured image from Unsplash, chart from TradingView
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