Tron, the blockchain network founded by Justin Sun, has pulled off a surprise win against Ethereum. In the past 24 hours, Tron raked in $1.42 million. Ethereum lagged behind with $844,276.
This comes hot on the heels of Ethereum's big moment. On July 23, spot Ether ETFs hit the US market. They pulled in a whopping $2.2 billion.
But even with this cash injection, Ethereum fell short. Over the week, its fee revenue was about $600,000 less than Tron's. Talk about a plot twist.
Tron's been on a roll since July 23. It's been top dog in revenue generation. The past seven days saw Tron pocket $8.67 million. Ethereum trailed with $8.08 million.
Solana, another big player, isn't sitting on the sidelines. It generated $940,009 in 24 hours, beating Ethereum. But its seven-day haul of $6.38 million couldn't touch Tron or Ethereum.
Looking at the 30-day picture, Ethereum's still king. It pulled in $52.48 million. Tron came second with $40.2 million. Pump.fun surprised everyone, outperforming Solana with $25.83 million.
Justin Sun's not resting on his laurels. He's announced a new trick up his sleeve: a gasless stablecoin solution. Users could make free peer-to-peer transfers. The stablecoins themselves would cover the fees.
Sun plans to roll this out on Tron by Q4 2024. Later, he wants to expand to Ethereum and other compatible chains.
But it's not all smooth sailing for Tron. On June 26, its total value locked hit a six-month low of $7.5 billion. Ouch.
There's more. A whopping 75% of Tron's total deposits are in one app, JustLend. And it's seen a 15% drop in assets over the past month. That's putting all your eggs in one basket.
Meanwhile, Tron's parent company is in a legal tussle with the SEC. They're trying to get a lawsuit dismissed. Their argument? The SEC's overstepping by focusing on "predominantly foreign conduct".
The SEC sued Tron founder Justin Sun and related entities in March last year. They claim Tron and BitTorrent token sales were unregistered securities offerings. They also accuse Sun of wash trading and paying celebs to promote the tokens.
It's a wild ride in the blockchain world. Tron's stealing the show, but for how long? Only time will tell.