Tron (TRX) faced huge losses after the market swung downward in a strong overreaction amidst macroeconomic fears. According to CoinGecko, the token is down nearly 6% since last week but has since turned a full 180 gaining almost a percent today, August 7th. Since then, the ecosystem continues to surprise the community with its strength
Related Reading
As the market also resumes some form of recovery with a percent uptick in the total market cap, TRX might see some growth in the coming days.
Tron Remains Profitable Despite Market Bleed
Bankless released a deep dive on the on-chain profitability of several layer 1s and layer 2s, including Tron on their long list of blockchains.
Which blockchains are actually profitable? 🤔
This is the data behind the L1 and L2 networks driving the most revenue and earnings 💰🫰
Today, we’ll explore the top 4 L1s and L2s by revenue, and explore just how much of the revenues that these blockchains actually keep.
For… pic.twitter.com/TgudtrlDvO
— Bankless (@BanklessHQ) August 1, 2024
According to their report, Tron is the most profitable chain at $271 million earned over the past year, with Solana being the lowest with over $2 billion in the negative.
Tron is touted as a “silent giant”, boasting a whopping $1.4 billion in revenue over the past year. This is because of the platform’s significant investment in stablecoins, thus propping their stablecoin activity just behind Ethereum, the second-most prominent blockchain in the world.
Another development that will increase stablecoin activity on the platform is TokenPocket, a crypto wallet provider, introducing a feature that uses Tether (USDT) to pay gas fees on TRX, providing convenience for users who want to use Tron despite not holding any of the token itself.
✅Use $USDT to cover gas fees on the #TRON network via TokenPocket!
Check out how @Cointelegraph introduces this feature! @trondao #TRON 👇https://t.co/90Kiwkc40W
— TokenPocket (@TokenPocket_TP) August 3, 2024
How did this affect Tron’s position in the market? Well, the answer lies in the ever-growing stats that show a strong and growing community in the long run. According to Tron’s official website, the platform has processed over $8 billion in transactions with a whopping $19.6 billion in total value locked (TVL).
Long-Term Growth Is Guaranteed At These Levels
The token’s current positioning amid…
Click Here to Read the Full Original Article at NewsBTC…
