Tron is already one of the top performers in the top 10, looking at its impressive growth over the last ten months. The smart contracts platform dominates USDT transfers while also making inroads into meme coins and snapping market share from Solana.
Tron Revenue Up 170% Year-On-Year
Recent data shows that the resurgence of Tron and its emergence as a leader in USDT transfers, even surpassing Ethereum and its broad ecosystem, has pushed revenue by 170% in the past year alone.
According to Lookonchain data, the network’s revenue rose to $7.28 million as of mid-October, expanding from $2.69 million registered over the same time last year.
Like Ethereum and other public ledgers, Tron relies on the 27 Super Validators to process transactions and secure the network. Every transaction or smart contract deployment attracts a gas fee.
According to IntoTheBlock, the average transaction fee on Tron is $0.21. The low fees and higher scalability explain why Tron attracts USDT holders, who are organically engaged in remittance rather than trading or even meme coin minting.
Meme Coin Activity And SunPump Driving Revenue: Will TRX Resume The Uptrend?
In August, with the activation of SunPump, a meme coin launchpad, the influx of meme coin minters and speculators saw the platform generate more fees. This was on top of those from the normal token and USDT transfers.
According to Dune, over 90,800 meme coins have been launched on Tron through SunPump since early August. After peaking in the third week of August, meme coin activity has been tapering and fizzling throughout October. In the past 24 hours, only 16 tokens were created.
Moreover, SunPump has generated over $5.4 million in revenue for Tron validators. Revenue, derived from transaction fees, peaked on August 21 when the meme coin launchpad generated over $588,000.
Interest in SunPump and the success of its first meme coin, SunDog, saw TRX prices soaring. As of August 25, the coin has soared to over $0.16.
However, with meme coin activity dropping and SunPump revenue falling, TRX has been sliding. At press time, the local support is at $0.15. However, if bulls push prices above $0.17, TRX can easily fly to print new all-time highs.
Feature image from Canva, chart from TradingView