Crypto Analyzer

The Rise of Solana, Jito, and Tron: Revenue Trends in the Crypto Industry in 2024

The year 2024 has seen significant growth in the crypto industry, fueled by the approval of spot Bitcoin ETFs in January. With speculation swirling around the potential approval of spot Ether ETFs by the SEC, the stage is set for further expansion and exploration in the world of digital assets. Notably, this development is expected to benefit tokens such as Solana and Avalanche, as reported by Bankless Times.

During the recent earnings season, many publicly traded crypto companies have reported robust revenue growth. Coinbase, for instance, has experienced an uptick in trading volume and has played a crucial role in the ETF sector by acting as a custodian for numerous funds.

## Ethereum Leading in Revenues in 2024

In terms of blockchain fees and revenues, Ethereum has emerged as a frontrunner in 2024. Data from TokenTerminal reveals that Ethereum has raked in over $1.46 billion in fees, slightly trailing behind Coinbase’s $1.58 billion. Ethereum’s dominance in the industry is attributed to its status as the largest blockchain network globally, powering various networks and stablecoins. The total value locked in DeFi assets on the Ethereum network has surged past $100 billion, boosted by staking networks.

Bitcoin has generated $617 million in fees this year, driven by the escalating demand for ETFs, although offset by a decline in Ordinals ETFs. On the NFT front, Bitcoin’s sales volume has witnessed a notable 67% dip in the past 30 days, amounting to $218 million, according to data from CryptoSlam.

## Tron and Solana: Noteworthy Revenue Gains

Tron, launched by Justin Sun, has amassed $604 million in revenue this year. Tron’s revenue stream primarily stems from transaction fees across its network. With a DeFi ecosystem boasting assets exceeding $8.78 billion and powering stablecoins valued at over $56 billion, Tron’s network vitality remains substantial. However, a closer examination reveals a slowdown in ecosystem growth, with fewer new project launches in recent times.

Solana, heralded as Ethereum’s closest competitor, has seen its fees surge to $179 million. Establishing itself as the second-largest chain in the DeFi sector, Solana hosts popular exchanges like Raydium, Orca, and Jupiter, all ranking in the top ten by volume. Noteworthy is Solana’s appeal for meme coin launches, featuring tokens such as Bonk, dogwifhat, and Book of Meme. The network’s lower transaction costs contribute to its relatively lower fees compared to Tron and Ethereum.

Jito, another standout performer, has accrued over $104 million in fees. Functioning as a network enabling users to liquid stake their Solana tokens, Jito boasts assets exceeding $1.8 billion, with a positive growth trajectory. Meanwhile, Lido Finance, a competitor to Ethereum, has garnered $421 million in fees this year.

In addition to Solana, Jito, and Tron, other lucrative networks in the blockchain industry include Uniswap, Aave, MakerDAO, and BNB Chain. The revenue trends observed in 2024 underscore the dynamic and ever-evolving nature of the crypto landscape, with various networks and tokens vying for prominence and market share.