Tron pulled ahead of rivals in blockchain earnings last year, generating $3.6 billion, a figure that highlights how stablecoin activity can outweigh sheer market value when it comes to network income. According to Token Terminal , that tally places Tron well above larger rivals on pure revenue terms.

Tron Tops Revenue Charts

Tron’s lead stems largely from stablecoin settlements, with reports showing about 51% of circulating Tether USDT has been issued on the Tron network.

Ethereum, by comparison, recorded roughly $1 billion in revenue over the same period, even as ETH’s market cap was around $540 billion — more than 16x the TRX market cap, which sits just north of $32 billion. The gap between market value and on-chain revenue is stark.

Revenues Down In September: VanEck

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