Tron Emerges as the Unseen Leader in On-Chain Revenue, Surpassing Ethereum and Solana
There’s a major on-chain revenue leader that barely gets any attention: Tron.
Over the last 30 days, Tron generated just under $152M in revenue, leaving Ethereum far behind in second place with just over $47M, and Solana trailing in third with around $23M.
To clarify, these are revenue figures, not just fees. When it comes to fees, the numbers stand at
• $152M for Tron
• $81M for Ethereum
• $47M for Solana.
Interestingly, both Uniswap and Lido collect more in fees than Solana does.
I’ve been vocal about the importance of sustainable business models in crypto and Web3, and stablecoins have always been a highlight.
Tether has shown us the potential here with every employee generating a 1000x more revenue than employees at Goldman sachs.
And now Tron, as the preferred chain for stablecoins, is proving itself as a strong business model as well.
The takeaway is simple: utility is king.
Here are some key points to consider:
• Ethereum’s fees and revenue are dropping sharply. Year-to-date, Ethereum’s revenue stands at $1.5B, while Tron is not far behind with $1B.
• Among Layer 2s, Base has the highest revenue in the period with $3.5M.
• Infrastructure remains the top revenue generator in the space, not ‘content’ like DeFi, Liquid Staking, DEXes, and Lending. This data only reflects on-chain activity; a lot of revenue, such as that from Tether and CEXes, isn’t captured here. Including that would paint a very different picture.
Credits to @tokenterminal for the data.