USDD

Token

Million

Northern

<p>In the last 30 days, Tron, a smart contract platform, generated $96.74 million in revenue from on-chain transactions, mainly from USDT. According to data <a class="editor-rtfLink" href="https://twitter.com/MorenoDV_/status/1722250134539690330" target="_blank" rel="noopener nofollow">shared</a>&nbsp;on November 8 by @MorenoDV_ on X, there were 59 million transactions posted in the last 30 days on Tron, with the average gas fee at around $1.52. </p> 
<p>Out of these figures, Tron generated $96.74 million, cementing the platform’s role in enabling stablecoin transactions.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-263670" src="https://bitcoinist.com/wp-content/uploads/2023/11/F-amFRkbcAAmuDN.jpeg?resize=988%2C677" alt="Tron's revenue | Source: Token Terminal via @MorenoDV_ on X" width="988" height="677" srcset="https://bitcoinist.com/wp-content/uploads/2023/11/F-amFRkbcAAmuDN.jpeg?resize=988%2C677?w=988 988w, https://bitcoinist.com/wp-content/uploads/2023/11/F-amFRkbcAAmuDN.jpeg?resize=988%2C677?w=613 613w, https://bitcoinist.com/wp-content/uploads/2023/11/F-amFRkbcAAmuDN.jpeg?resize=988%2C677?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/F-amFRkbcAAmuDN.jpeg?resize=988%2C677?w=963 963w, https://bitcoinist.com/wp-content/uploads/2023/11/F-amFRkbcAAmuDN.jpeg?resize=988%2C677?w=750 750w" sizes="(max-width: 988px) 100vw, 988px" data-recalc-dims="1"> 
<h2 id="tron-is-a-stablecoin-chain-data">Tron Is A Stablecoin Chain: Data</h2> 
<p>Tron, a public ledger co-founded by Justin Sun, is one of the most active, especially carving market share as a choice platform for protocols opting for a scalable layer-1 with relatively low trading fees. Over the years, Tron, though supporting the deployment of smart contracts like Ethereum, has cemented its role as the lead portal for stablecoin transfers.</p> 
<p>According to Token Terminal data, at least 93% of the over 59 million transactions posted on the network were USDT. In Tron, USDT complies with the TRC-20 token standard, which means it can be sent and received using any non-custodial wallet that supports the TRC-20 standard, like TronLink, Trust Wallet, and <a href="https://bitcoinist.com/metamask-returns-to-apple-store-following-removal/" target="_blank" rel="noopener ">MetaMask</a>.</p> <a href="https://www.tradingview.com/x/XyxefvZz/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/XyxefvZz/" alt="Tron price trending upwards on the daily chart | Source: TRXUSDT on Binance, TradingView" width="1233" height="592"></a> 
<p>There are multiple reasons why Tron is popular for stablecoin transfers, especially enabling USDT TRC-20 token transfers. Tron, unlike Ethereum, is more scalable, so on-chain fees are relatively lower.&nbsp;</p> 
<p>The Tron network has a higher throughput and can support intensive projects that would otherwise require more “gas” in Ethereum. For comparison, the <a href="https://gasfeesnow.com/" target="_blank" rel="noopener nofollow">current</a> gas fee on Ethereum stands at around $4.19, while the same transaction on Tron costs between $1.62 and $1.93.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-263671" src="https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot449.png?resize=960%2C438" alt="Ethereum versus Tron gas fees | Source: Gasfeesnow" width="960" height="438" srcset="https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot449.png?resize=960%2C438?w=960 960w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot449.png?resize=960%2C438?w=640 640w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot449.png?resize=960%2C438?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot449.png?resize=960%2C438?w=750 750w" sizes="(max-width: 960px) 100vw, 960px" data-recalc-dims="1"> 
<p>Unlike Ethereum’s proof-of-stake consensus method, Tron relies on the delegated Proof-of-Stake system, where 27 super representatives approve transactions and secure the network. Additionally, the Tron Foundation oversees the Tron blockchain and supports stablecoin development.</p> 
<h2 id="tron-s-usdd-and-tether-s-investment">Tron’s USDD And Tether’s Investment</h2> 
<p>In 2022, Tron launched USDD, an over-collateralized decentralized stablecoin backed by the Tron DAO reserve. The Tron DAO reserve is a decentralized vault governed by TRX holders whose&nbsp;<a class="editor-rtfLink" href="https://tdr.org/#/" target="_blank" rel="noopener nofollow">goal</a>&nbsp;is to “safeguard the overall blockchain industry and crypto market, prevent panic trading caused by financial crises, and mitigate severe economic downturns.” USDD provides an alternative to DAI, an algorithmic stablecoin issued by Maker.&nbsp;</p> 
<p>In early November, Tether, the issuer of USDT,&nbsp;<a class="editor-rtfLink" href="https://www.eqs-news.com/news/adhoc/northern-data-ag-secures-eur-575-million-debt-financing-facility-to-drive-further-investments-across-its-three-business-lines/1930351" target="_blank" rel="noopener nofollow">invested</a>&nbsp;$610 million in Northern Data AG, a Bitcoin miner in Germany. Part of the funds received will be used to purchase more mining gear, increasing the firm’s capacity. Notably, funds extended won’t be part of Tether’s stablecoin consolidated reserves, as explained by CEO Paolo Ardoino.</p>

Tron DAO Earns $96.74 Million Revenue Mostly From USDT Transfers

Table of Contents

Bitcoinist

Other articles published on Nov 9, 2023

Coinbase Bid Influences Bitcoin's Market Strength: Report

SC Ventures and SBI Holdings Collaborate to Launch Digital Asset Joint Venture in UAE

Bitcoin Figures Targeted in Coordinated Attacks in Sweden

Shiba Inu Price on Black Friday 2022

Love Hate Inu Crypto: Will LHINU Flip the Trend in 2024?

Shiba Inu Prepares For A Breakout But Might Face Selling Above $0.000009! Here’s What Traders Can...

Join our free newsletter for daily crypto updates!