- The Tron Network reached $435M in revenue, surpassing Ethereum and becoming the second-largest blockchain network after Solana.
- Tron could exceed $2B in revenue in 2024 if it follows the current trend, especially if the promised ‘gassless stablecoin’ launches soon.
- Tron’s native coin, $TRX, has rebounded from $0.1258 on August 13, showing significant bullish potential.
The Tron Network recently surpassed Ethereum ($ETH) in revenue, reaching $435M in the last 90 days. In the last 36 hours alone, it accrued over $1.31M.
This trend could lead the Tron Network to exceed $2B in 2024. This would make it the ‘most profitable blockchain on Earth,’ according to Tron founder Justin Sun.
Its native currency, $TRX, has also increased by 3.09% in the last week and is currently hovering at $1.309.
After rebounding from the $0.1259 support, $TRX has remained bullish, showing a significant price increase potential.
Let’s dig deeper into the news and see what’s next for Tron.
Tron Is the Second-Largest Blockchain for Stablecoin Transfers
According to Token Terminal, the Tron Network recorded $1.25T in transaction settlements in Q2 2024. This is one-third of Visa’s total settlement volume.
The 30-day revenue charts are also extremely bullish, with Tron’s founder saying it ‘exceeded Ethereum’s protocol revenue by 50%.’
The developer team is working on a gassless stablecoin that would allow free peer-to-peer stablecoin transactions on Tron and Ethereum. This would make cross-border remittances and corporate settlements more viable, and Tron could become the default ecosystem for stablecoin settlements.
The network is currently the second-largest blockchain network for stablecoin transfers after Solana in terms of its dollar value.
Tron TVL at Six-Month Low, but Is $TRX Bullish?
After reaching $8.7B in July, Tron’s TVL is currently $7.565B, a six-month low for the network. While the long-term perspective is bullish, it’s not doing so well in the short term.
However, the network’s native coin, $TRX, recently rebounded from the $0.1258 support level on August 13. This marks a bullish shift for the coin.
The weekly chart shows an increase of $3.09%, putting $TRX at $0.1309. Its market cap has also reached $11.38B, and it aims to break above $12B.
The next major target is $0.14, and if $TRX breaches that level, the bullish moment could take it all the way to $0.2443, almost doubling its current price.
Tron is at a crossroads, and the crypto winds could take it in any direction, though the network’s stablecoin milestone pushes the bullish agenda.
We’ll keep watch on what happens and whether Tron’s surpassing of Ethereum is a breaking point for the network.
References
- Tron network exceeds Ethereum revenue over the past 90 days (Cointelegraph)
- Tron Bullish Rebound At Support Level Signals Potential Upside To $0.1443 (NewsBTC)
- Tron Performance (CoinMarketCap)
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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