Tron surpasses Ethereum: $1.42M revenue in 24 hours

Tron’s revenue surpasses Ethereum since July 23, with $1.42 million generated in 24 hours compared to Ethereum’s $844,276.

Since July 23, Tronhas outperformed Ethereum in revenue generation, surpassing the recipient of the recent exchange-traded fund (ETF) launches in the United States.

According to DefiLlama data, Tron (TRX) accrued $1.42 million in revenue over the last 24 hours, compared to Ethereum’s $844,276 over the same period.

Despite the Ether (ETH) ETF launch driving $2.2 billion in inflows, depicted in the latest CoinShares report, ETH accrued roughly $600,000 less in fees than Tron over the last seven days.

Related: Tron develops gas-free stablecoin for Ethereum and Tron chains

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, Solana (SOL) 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 — outperforming SOL.

Related: Justin Sun offers to buy German gov’t’s $2.3B Bitcoin stack to minimize market impact

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 (P2P) 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 the ETH blockchain and other Ethereum Virtual Machine (EVM) compatible public chains are set to 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, TRX saw a 9.5% month-to-date rise of 9.5%, outperforming SOL, followed by founder Sun moving 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.