The TRON (TRX) network has made the headlines as it has achieved a record-breaking revenue of $577 million in Q3, surpassing Bitcoin (BTC) and Ethereum (ETH) in earnings for the quarter. This marks as significant milestone for TRON, which has rapidly grown its influence on the crypto market.
💰 #TRON network achieves record-breaking revenue in 2024!
Check out our latest YouTube Shorts to see how the TRON network earned an impressive $577M in Q3 2024, overtaking Bitcoin and Ethereum in revenue.
Tron now controls 35% of the global stablecoin market, becoming a… pic.twitter.com/xEIEJyzFOH
— EXMO.com (@Exmo_Com) October 22, 2024
Bitcoin‘s and Ethereum‘s revenue for Q3 were $57 million (nine times lesser than TRX) and $253 million (two times lesser than TRX) respectively.
TRX has recently also surpassed XRP in several key metrics. In Q3 2024, TRX revenue showed a 29% increase from the previous quarter, while XRP’s performance has not matched this growth. Additionally TRX’s monthly fees hit $200 million indicating rising trading activity and user engagement. Overall, TRX’s market cap also increased by 24%, further solidifying its position in the crypto world.
Three-quarters of TRX’s revenue came from staking, while the rest of the it was generated through burning of tokens. TRX’s strong performance is largely attributed to its dominance in the stablecoin market, which controls 35% of the global stablecoin sector worth $170 billion. This achievement has solidified TRX’s position as a major player in the crypto world.
TRON’s Sunpump and Market Growth
TRON’s success has also been contributed by the recent launch of their memecoin Sunpump, which has generated $5 million in revenue in its first few months of release. The memecoin’s popularity has contributed to TRX’s growing market presence, adding another layer to its revenue stream.
As TRX continues to innovate, it offers its users new ways to earn. Through the TRX Earn program, users can earn up to 4.5% APY on their TRX holdings, without needing to engage in trading.
At press time, the price of TRX is 0.1596 with a surge of 1.3% in the last 24 hours.
With its growing presence in the stablecoin market and impressive revenue figures, TRX is poised to remain a leading force in the crypto space. Its dominance over Bitcoin and Ethereum in Q3 revenue highlights the networks potential to shape the future of decentralized finance.
Also Read:Â NEAR Protocol Price Dips: Solana Traders Shift to Lunex Network
Credit: Source link