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Tron surged ahead of competitors in blockchain profits last year, amassing $3.6 billion, a figure that underscores how stablecoin activity can surpass mere market valuation in terms of network earnings. Per Token Terminal, this total positions Tron significantly ahead of larger contenders based on gross revenue metrics.
Tron Dominates Revenue Charts
Tron’s advantage primarily originates from stablecoin transactions, with studies indicating that around 51% of circulating Tether USDT has been generated on the Tron network.
In contrast, Ethereum reported approximately $1 billion in income during the same timeframe, despite ETH’s market capitalization being around $540 billion — over 16 times that of TRX’s market cap, which hovers just above $32 billion. The discrepancy between market worth and on-chain revenue is significant.
Revenues Declined In September: VanEck
Revenue across blockchain networks decreased by 16% month-over-month in September, as per a VanEck report. Traders had diminished incentives to pay for expedited processing as markets stabilized, leading to a decline in activity that affected fee earnings.
Volatility indicators dropped sharply: Ether volatility fell 40%, SOL decreased by 16%, and Bitcoin volatility reduced by 26% during that month. Diminished price fluctuations lead to fewer rapid trades and lower high-fee transactions.
Fees Decreased As Volatility Alleviated
Ethereum network income saw a reduction of 6% in September. Solana’s earnings fell by 11%. Tron’s fees plummeted by 37%, but this figure was partially influenced by a governance transition: a proposal cut gas fees by over 50% in August, and those reduced costs were reflected in September’s metrics. In essence, both market tranquility and regulatory changes collectively diminished what users spent for asset movements on-chain.
Stablecoins And Transaction Activity Were More Crucial Than Speculation
The stablecoin sector also witnessed continued growth, with statistics from RWA.XYZ indicating that the total stablecoin market cap surpassed $290 billion in October 2025.
This expanding array of tokenized dollar assets typically benefits blockchains that offer low-cost, rapid transfers. For Tron, substantial stablecoin issuance has resulted in consistent transaction volumes and a distinct economic engine compared to networks that depend more on DeFi or speculative trading.
Stablecoins Propel Transaction Flows
Stablecoins facilitate value transfers across borders with near-instant settlements and minimal fees. They operate continuously and do not necessitate a bank account, which aids in explaining why on-chain volumes can differ from specific token market values.
Reports have indicated that this utility-driven demand is a significant reason Tron outperformed others in income, even though its native token remains substantially smaller in market value.
Featured image from Unsplash, chart from TradingView
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