Tron hits second-highest revenue as TRX gains momentum
Trons blockchain has seen remarkable progress, with its native token, TRX, surging to a yearly high as the network achieved its second-largest monthly revenue on record.
Data from CryptoSlate shows that TRX reached $0.17 within the past 24 hours, reflecting a 55% increase year-to-date. This significant price gain reinforces TRXs place among the top 10 digital assets, boasting a market cap of $14.5 billion.
While current market optimism that has helped push Bitcoins price above the $70,000 mark may be contributing to this rally, Tron has outpaced major assets like Ethereum, which saw only an 11% rise in the same period.
In addition, TRXs run can also be linked to the fresh and exciting developments within Trons ecosystem that have attracted renewed investor interest.
Tron revenue spike
On Nov. 1, Tron founder Justin Sun revealed that the networks October revenue reached $205 million, marking its second-highest monthly revenue.
This milestone follows the record $220 million generated in August when Tron introduced the SunPump memecoin deployer.
Sun attributed this revenue spike to Trons expanding footprint in DeFi, memecoins, and NFTs. According to him, ongoing growth in these areas could help keep Trons monthly revenue above $200 million.
Meanwhile, market observers pointed out that the primary revenue boost came from its active stablecoin market.
Data from DeFiLlama ranks Tron as the second-largest blockchain for stablecoins, holding 35.2% of the market and supplying $60.73 billion in stablecoins. Trons stablecoin supply has grown more than 20% this year, mainly due to Tethers USDT, which makes up 98.3% of the networks stablecoins.
Market observers noted that Trons low fees and fast transactions are attracting users in emerging markets like Nigeria. In these markets, individuals are using stablecoins as a safeguard against currency volatility and for greater access to USD equivalents.
In addition, SunPump has significantly boosted network activity, generating over $5 million in transaction fees while enhancing Trons visibility and appeal within the crypto industry.
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Text source: CryptoSlate
