Tron (TRX) has recently demonstrated a significant advancement by generating more revenue than Ethereum (ETH), according to DefiLlama data. From July 23, Tron accumulated $1.42 million, eclipsing Ethereum’s $844,276 during the same timeframe. This shift occurred post the launch of spot Ethereum ETFs in the US, attracting $2.2 billion in inflows.
How Did Ethereum Perform in the Last 30 Days?
Despite Tron’s recent gains, Ethereum led the revenue charts over the past month with $52.48 million. Tron secured the second position with $40.2 million, while the Pump.fun platform followed with $25.83 million, surpassing Solana (SOL). Over the last seven days, Tron maintained its edge, earning $8.67 million to Ethereum’s $8.08 million.
What Contributed to Tron’s Success?
Tron’s success is partly attributed to the gasless stablecoin solution revealed by founder Justin Sun on July 6. This solution, financed entirely by stablecoins, allows free peer-to-peer transfers on the Tron Blockchain. Scheduled for integration in Q4 of 2024, it will eventually expand to Ethereum and other EVM-compatible networks.
User-Usable Inferences
Key Takeaways for Users:
- Tron’s gasless stablecoin solution could significantly reduce transaction costs.
- The introduction of spot Ethereum ETFs in the US has not hindered Tron’s revenue generation.
- Despite high revenues, Tron’s TVL and asset concentration in JustLend are potential red flags.
- Investors should monitor the integration of Tron’s stablecoin solution across other networks.
On the other hand, Tron’s total value of locked assets (TVL) plummeted to $7.5 billion on June 26, the lowest in six months. While investors seemed to withdraw, TRX’s price surged by 9.5% on June 27, largely due to Sun transferring 173.8 million TRX to Binance. Notably, 75% of Tron’s TVL is within JustLend, whose assets fell by 15% in the last month, casting doubts on Tron’s ecosystem sustainability.
In conclusion, while Tron has achieved remarkable revenue milestones, the platform faces challenges, such as declining TVL and asset concentration issues, which may affect its long-term stability and growth.