Tron Tops Blockchains in 30-Day Revenue as USDT Drives Activity
DefiLlama's 30-day revenue snapshot dated Nov 12, 2025, ranks Tron as the top-earning blockchain with $35.4 million in protocol revenue, a figure driven primarily by stablecoin activity—chiefly Tether's USDT. Ethereum comes in second at $9.1 million, followed by Base ($8.37M), Binance Smart Chain ($3.81M) and Solana ($3.74M). The scale of Tron’s lead makes it nearly four times Ethereum’s revenue in this window.
The numbers underscore how stablecoin traffic can skew network economics: heavy USDT issuance and transfers on Tron are translating into outsized fee capture and ecosystem revenue, boosting demand for TRX for settlement and gas. For traders and DeFi builders, the trend highlights the commercial importance of where stablecoin circulation concentrates, and it may intensify competition among chains seeking payment and treasury flow advantages.