Tron outperformed Bitcoin, Ethereum, and Solana in terms of revenue in the third quarter of 2024

Cryptocurrency market analysts note: Tron TRX $0.20 TRON 3.99% Market capitalization $17.56 billion VOL. 24 hours $83.11 million recorded a significant increase in the third quarter of 2024, reaching $ 566 million in revenue. This exceeded the performance of such major players as Ethereum ETH $3,121.92 Bridged Ether (StarkGate) 0.49% Market capitalization $0.26 billion VOL. 24 hours $1.15 billion , Solana SOL $243.53 Solana 2.92% Market capitalization $115.58 billion VOL. 24 hours $1.67 billion , and Bitcoin BTC $90,734.32 Bitcoin 0.30% Market capitalization $1.8 trillion VOL. 24 hours $1.95 billion .

Compared to the previous quarter, Tron’s revenue grew by 43%, and over the past year, total revenue amounted to $ 1.66 billion, which, according to experts, indicates an annual growth of 113%.

According to Token Terminal, Tron has outperformed its competitors: its third-quarter revenue was twice as much as Ethereum ($ 253 million), five times as much as Solana ($ 105 million), and nine times as much as Bitcoin ($ 57 million). Tron founder Justin Sun expressed optimism about further growth in the fourth quarter.

This growth in Tron’s revenue is driven by activity in the stablecoin sector, where Tron is the second largest market with a 34.8% share, providing $ 59.8 billion in stablecoins, mainly. Due to its low fees and fast transactions, Tron has become popular in Nigeria and Argentina, where users use stablecoins to hedge against unstable local currencies.

According to the CoinMarketCap analytical tracker, at the time of writing, TRX is showing a daily gain of 0.33% and is trading at $ 0.15.