The Tron blockchain has outpaced Ethereum in terms of revenue, accruing $1.42 million over the last 24 hours.
In contrast, the Ethereum network generated $844,276 during the same period, according to DefiLlama data.
The achievement comes despite Ethereum’s recent high-profile launch of spot Ether exchange-traded funds (ETFs) in the United States on July 23, which drove an impressive $2.2 billion in inflows.
Despite this influx, Ethereum’s fee revenue over the past week was approximately $600,000 less than Tron’s, highlighting Tron’s growing dominance.
Tron Maintains Top Spot in Revenue Generation
Since July 23, Tron has consistently maintained the top spot in revenue generation.
Over the past seven days, Tron recorded a revenue of $8.67 million, surpassing Ethereum’s $8.08 million.
Solana, another key player in the blockchain space, generated $940,009 in 24-hour revenue, exceeding Ethereum’s performance over the same period.
However, Solana’s seven-day revenue of $6.38 million fell short of both Tron and Ethereum.
Over the last 30 days, Ethereum has held its position as the leading revenue generator with $52.48 million, followed by Tron’s $40.2 million and Pump.fun’s impressive $25.83 million, which outperformed Solana.
Adding to Tron’s momentum, founder Justin Sun has announced that the team is developing a gasless stablecoin solution for free peer-to-peer transfers.
Sun explained that transaction fees would be covered by the stablecoins themselves, with plans to integrate this solution on the Tron blockchain by the fourth quarter of 2024.
Future plans include extending this stablecoin solution to Ethereum and other Ethereum Virtual Machine-compatible public chains.
Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 6, 2024
Despite these advancements, Tron’s blockchain faced a setback when its total value locked (TVL) plummeted to a six-month low of $7.5 billion on June 26.
On June 27, Tron’s token saw a 9.5% month-to-date rise, outperforming Solana.
Additionally, Sun moved 173.8 million TRX worth $21.4 million to a Binance deposit address.
A concerning aspect of Tron’s network is the concentration of 75% of its total deposits in a single decentralized application, JustLend, which experienced a 15% decrease in assets over the past 30 days.
Tron’s Parent Company Seeks Dismissal of SEC Lawsuit
The entity behind Tron has requested the dismissal of a lawsuit filed by the United States Securities and Exchange Commission (SEC) against it, arguing that the regulator’s focus on “predominantly foreign conduct” goes beyond its jurisdiction.
In a dismissal motion filed in a New York federal court, the Tron Foundation stated that the SEC’s attempt to apply US security laws to predominantly foreign activities exceeds the regulator’s authority as it is not a global regulatory body.
The SEC’s lawsuit, filed in March of last year, targeted Tron founder Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry Inc., the San Francisco-based parent company of BitTorrent, which Tron acquired in 2018.
The SEC alleged that the sale of Tron and BitTorrent (BTT) tokens constituted unregistered securities offerings.
The SEC also accused Justin Sun, a Chinese-born Grenadian citizen, of engaging in manipulative wash trading and undisclosed payments to celebrities like Soulja Boy and Akon to promote the tokens.
