TRON Network Posts $7.2M Revenue, Surges 170% Year-on-Year

TRON network has reported a substantial rise in revenue, hitting $7.28 million on October 15, 2024.

On October 15 this year, #TronNetwork's revenue was $7.28M, compared to $2.69M last year, a 170% increase year-over-year.https://t.co/Q3YRJa7JuB pic.twitter.com/C7YnCayAbd

— Lookonchain (@lookonchain) October 16, 2024

According to blockchain analytics firm Lookonchain, this represents a 170% increase compared to the $2.69 million reported on the same date in 2023. The rise is attributed to a larger user base and increased transaction activity, indicating the network’s continued presence in the blockchain sector.

SunPump Boosts TRON Network

The surge in activity on the TRON network followed the launch of SunPump, a decentralized finance (DeFi) platform by Sun.io. Designed to facilitate the fair launch and trading of memecoins, SunPump allows users to create and trade memes with ease and minimal cost. 

Since its launch, the platform has supported the creation of over 90,000 memecoins. However, SunPump has recently experienced a notable drop in memecoin activity.

Data from Dune Analytics shows that new token creation dropped to 66 on October 15, down from a peak of 7,531 in August. 

TRON Leads in Revenue Generation 

Earlier this month, TRON Network reported a record revenue of $577 million for Q3 2024, marking a 43% increase from the previous quarter. 

CoinTab further noted TRON’s position as a leader in blockchain revenue generation, with $236.85 million attributed to its growing services. This development highlights the increasing competition and diversity in the blockchain ecosystem as platforms expand to meet the rising demand for decentralized applications (dapps) and financial services.

TRON’s outlook remains positive, with the number of long-term holder addresses for TRX, its native cryptocurrency, exceeding 90 million—a 240% increase over the past year. This surge suggests a growing trend among investors toward holding TRX for extended periods.

As of this report, the TRON Network boasts a total value locked (TVL) of over $7.4 billion and a stablecoins market cap exceeding $60 billion. In the past 24 hours, the network recorded over 2.3 million active addresses.

Despite its financial success, the network’s native cryptocurrency, TRX, saw a slight increase over the last 24 hours, trading at $0.1593. However, in the past seven days, the price has declined by 0.8%, attributed to broader market conditions.