As a seasoned researcher in the dynamic world of blockchain, I have witnessed the rise and fall of numerous projects, each with their unique strengths and weaknesses. The recent surge in Tron’s revenue, outperforming Ethereum, has certainly piqued my interest.
It’s been revealed that the Tron network has generated more income than Ethereum, indicating a substantial shift within the blockchain realm. Notably, Tron is renowned for its swift transactions and affordable fees. According to Token Terminal’s latest figures, it has amassed approximately $435 million in transaction fees, outpacing Ethereum’s $364 million.
Justin Sun, creator of Tron, highlighted an achievement, stating that the income generated by the Tron protocol surpassed Ethereum’s by 50% during the past month. If this trajectory persists, Sun anticipates that Tron’s revenue might surpass $2 billion by year-end, potentially ranking it among the top blockchain networks globally.
In addition to an increase in income, there’s been a rise in Tether transactions on the Tron network. The Tron network accounted for approximately one-third of Visa’s total settlement volume during Q2 2024, which equaled $1.25 trillion in transaction settlements. This underscores the growing influence of Tron within the blockchain sector.
As a seasoned blockchain enthusiast with years of experience in digital assets, I am particularly excited about the recent announcement made by Sun regarding the development of a stablecoin for both Tron and Ethereum networks. Having witnessed the potential benefits that such a coin could bring to various sectors like payments, business transactions, and international remittances, I can’t help but feel optimistic about its impact on my personal life and the lives of many others.
The approach entails increasing the application of stablecoins within Ethereum-based blockchain systems running on the Ethereum Virtual Machine (EVM) in the long run, thereby extending its influence.
In terms of value, Tron now ranks second to Solana when it comes to handling stablecoin transactions. This progress is expected to bolster Tron’s influence in the blockchain industry regarding stablecoin-related activities.
Although Tron has experienced revenue growth and presented innovative concepts, it frequently encounters hurdles in significant areas. As per the DeFi Llamas report, the Total Value Locked (TVL) of Tron, a measure of capital secured within the network, declined to a six-month low of $7.6 billion in June 2024.
As an analyst, I’ve observed a noteworthy increase in Total Value Locked (TVL) during July, reaching approximately $8.7 billion. However, following that uptick, the TVL figure has dipped again, returning to around $7.6 billion.
It’s worth noting that as TVL (Total Value Locked) decreased, there was a substantial rise of approximately 9.5% in the price of TRX, Tron’s native cryptocurrency, during June 2024. This seemingly contradictory situation underscores the intricate workings of the Tron ecosystem, where increasing network income and advancements coexist with volatility in key areas like the cryptocurrency market.
Despite Tron’s recent advancements, it’s crucial for the platform to address the challenges related to its value security in order to maintain its growth amidst the highly competitive landscape of blockchain technology.
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2024-08-16 00:03