Since Bitcoin began its path to recovery and surged over $62,000, the Altcoins quickly followed suit, showing tremendous growth. However, in an interesting turn of events, DefiLlama data shows that Tron has dethroned Ethereum in revenue generation. This is despite the recent launch of spot ETH ETFs in the United States. As per DefiLlama, Tron is now the seventh-largest blockchain in terms of ranking by fees and revenue.
Tron Dethrones Ethereum in Fees and Revenue
Since July 23, Tron has consistently outpaced Ethereum in daily revenue generation. Over the past 24 hours, Tron has accrued $1.42 million in revenue, notably higher than Ethereum’s $844,276. This trend extends beyond a single day.
Tron has maintained its lead over the past week. Justin Sun’s blockchain has generated $8.67 million, compared to Ethereum’s $8.08 million. This revenue surge comes at a time when Ethereum was expected to dominate, given the recent launch of spot Ethereum ETFs.
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Ethereum is also not doing that great in terms of price. According to CoinMarketCap data, ETH is trading in the $3,300 range, with a 5.4% drop in price over the past seven days.
One potential catalyst for Tron’s performance is the network’s upcoming gasless stablecoin solution, announced by founder Justin Sun on July 6. This is set to launch in Q4 2024 and aims to enable free peer-to-peer transfers by having fees “entirely covered by the stablecoins themselves.”
The anticipation of this feature may drive increased activity on the Tron network. However, on June 26, the Tron network experienced a major drop in total value locked (TVL) to a six-month low of $7.5 billion.
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Also Read: Bitcoin Plummets as US Govt Moves $2B: Market in Turmoil?
