Ethereum
TRON Outpaces Ethereum and Solana in Monthly Fee Revenue Despite Lower Market Valuation
TRON generated more in monthly transaction fees than Ethereum and Solana combined, though its overall token market valuation remains significantly lower.
DefiLlama data as of October 20, 2026, shows TRON generated $23.4 million in revenue over the past month, surpassing Ethereum's $6.3 million and Solana's $3.4 million combined. Despite generating higher fee revenue, TRON's market capitalization of $31.5 billion trails far behind Ethereum at $301 billion and Solana at $63 billion.
While some market observers view high fee revenue as an indicator of strong network demand and token undervaluation, the data represents only a single monthly snapshot. The period also coincided with market declines for competitors, with Ethereum falling 11.6% to $2,466 and Solana dropping 10.2% to $107, which can temporarily dampen on-chain activity and fee collection.
Furthermore, the bulk of TRON's revenue stems from Tether transfers. The network hosts roughly $95 billion in stablecoins, with USDT accounting for 97.8% of that total. Users typically hold TRX only briefly to pay for fast, low-cost transfers rather than retaining the token, creating a divergence between network activity and long-term token demand.
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