Since July 23, Tron has eclipsed Ethereum in daily revenue generation, outperforming the network renowned for the introduction of spot Ether exchange-traded funds (ETFs) in the United States.

DefiLlama data reveals that Tron amassed $1.42 million in revenue within the last 24 hours, a stark contrast to Ethereum’s $844,276 in the same timeframe.

Despite the hype surrounding the launch of spot Ether ETFs, which channeled $2.2 billion in inflows as noted in the latest CoinShares report, Ethereum accrued approximately $600,000 less in fees than Tron over the last week, as of July 30.

Revenue Comparisons

Since July 23, Tron has claimed the top position in revenue generation, recording a seven-day revenue of $8.67 million compared to Ethereum’s $8.08 million.

In a surprising turn, Solana secured the third spot, surpassing Ethereum’s 24-hour revenue with a total of $940,009 but lagging over the past week, accruing $6.38 million.

Read more: Tron Unveils Gasless Stablecoin Initiative for Ethereum and Tron Networks

Over the last month, Ethereum maintained its lead with $52.48 million in revenue, followed by Tron’s $40.2 million and Pump.fun’s notable $25.83 million, which outperformed Solana.

Driving Factors

On July 6, Justin Sun, the founder of Tron, disclosed that the team had been developing a gasless stablecoin solution for free peer-to-peer transfers.

Sun elucidated that the fees would be “entirely covered by the stablecoins themselves,” aiming to implement this solution on the Tron blockchain by the fourth quarter of 2024.

Furthermore, the Tron founder mentioned plans to extend the stablecoin integration to Ethereum and other Ethereum Virtual Machine-compatible public chains.

Fall in Deposits

DefiLlama indicates that the total value locked (TVL) in the Tron blockchain plunged to a six-month low of $7.5 billion on June 26, signaling a significant withdrawal of investor funds from the ecosystem.

On June 27, Tron’s TRX token experienced a 9.5% month-to-date rise, outperforming Solana’s SOL. Sun transferred 173.8 million TRX worth $21.4 million to a Binance deposit address.

Notably, 75% of the total network deposits on Tron at the time were concentrated in a single decentralized application, JustLend, which observed a 15% decline in assets over 30 days.