TRON
TRON Generates $23.4 Million in Monthly Fees to Surpass Ethereum and Solana Revenue
TRON's monthly transaction fees eclipsed those of Ethereum and Solana combined, though its market valuation remains comparatively subdued.
Data from DefiLlama indicates that TRON produced $23.4 million in fee revenue over the month leading up to October 20, 2026. This total exceeded the combined $9.7 million recorded by Ethereum ($6.3 million) and Solana ($3.4 million). Despite this lead, TRX traded at 33 cents with a market cap of $31.5 billion, well below Ethereum's $301 billion and Solana's $63 billion.
The report explains that transaction fees reflect user demand, leading some observers to argue TRX is undervalued relative to peers. However, the figures reflect a single month during which rivals experienced price slumps—with ETH dropping 11.6% to $2,466 and SOL down 10.2% to $107—which often lowers on-chain activity and network fee totals.
The composition of TRON's revenue also plays a critical role, as activity is heavily concentrated in Tether (USDT) transactions. TRON hosts approximately $95 billion in stablecoins, 97.8% of which is USDT. Because users predominantly utilize TRX as a temporary gas asset for quick and cheap stablecoin transfers rather than holding it, network volume does not directly mirror token demand.
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More on TRON All pieces →
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