The TRON network saw a significant revenue boost in August, narrowing the gap with Ethereum.
According to Lookonchain data, TRON’s monthly revenue increased by 46.5%, rising from $41.9 million in July to $61.4 million in August. This growth puts the network just behind Ethereum, which recorded $62.6 million in revenue for the same period.
The #TronNetwork’s gas revenue saw a 46.54% increase in August.
Compared to July, #BSC’s gas revenue also saw a 6.63% increase in August, while gas revenue of #Ethereum dropped 33.44%, #Solana dropped 48.51%, and #Bitcoin dropped 16.85%. pic.twitter.com/HChuiq17uB
— Lookonchain (@lookonchain) September 3, 2024
Ethereum Revenue Drops
The data also revealed a downturn in Ethereum revenue, dropping 33% from $94 million in July. Notably, TRON’s daily revenue reached an all-time high of $5.33 million on Aug. 22, surpassing Ethereum for the first time.
This surge followed the rising interest in the TRON-based meme coin platform, SunPump, a competitor to Pump.fun. By comparison, Solana ranked third in monthly revenue with $25.6 million.
However, this figure reflects a decline from the $49.8 million in July. Bitcoin also experienced a downturn in its revenue, which decreased by 16.8% (from $24.9 million in July to $20.7 million in August).
Meanwhile, Binance Smart Chain noted a modest increase in revenue, growing by 6.6%, from $10.5 million in July to $11.2 million in August. Among the top ten cryptocurrencies, TRX was the only token to record a price increase (18%) over the past 30 days, according to Coingecko data.
In contrast, Bitcoin and Ethereum saw declines of 4.4% and 16%, respectively, over the same period.
Justin Sun Unveils New TRON Plans
Meanwhile, TRON founder Justin Sun has revealed plans to enhance the TRON blockchain further. In a recent post on X, he explained that one of the changes is another increase in the network’s energy cap.
Sun also hinted at further fee reductions, stating that exchange fees would return to the standard rate of 1U. He mentioned that users can now enjoy significantly reduced transaction costs when trading the ecosystem’s meme tokens, such as SUNDOG, through OKX Wallet, with fees decreased by an impressive 98%.
Today, a large amount of energy was released on the Tron network. Along with the increased energy cap, the overall shortage has been significantly alleviated. Tron global nodes will monitor energy supply and prices closely to keep Gas Fees competitive in the industry.
— H.E. Justin Sun
孙宇晨(hiring) (@justinsuntron) September 2, 2024
Sun’s Confidence
Furthermore, Sun announced his willingness to champion a remarkable TRON-native project by making its artwork his profile picture. This move demonstrates his confidence in the blockchain’s NFT potential and dedication to the ecosystem’s growth.
Sun also revealed plans to reinvest NFT trading fees into the TRON blockchain to enhance the platform’s strength and sustainability. August wasTRX’s most bullish month since April-May 2021, with the token now 13% away from its 2021 peak of $0.1800.
