- Daily protocol revenue TRON Network’s surges to $1.32 million.
- TRON now ranks third in daily revenue, behind Ethereum and Uniswap.
- Binance raised transaction fees on the TRON network after passage of Proposition 83.
According to DeFiLlama, the on-chain blockchain data aggregator for the DeFi ecosystem, the daily transaction fees, otherwise known as protocol revenue on the TRON network, jumped to almost $1.32 million. That happened after Binance raised the fees charged for transactions on the TRON network in response to ‘Proposition 83’ passed earlier by the TRON community.
With the current value, the TRON network now ranks third, in terms of daily accrued revenue. The first two protocols in the ranking are Ethereum and Uniswap. They generate $4.62 million and $3.29 million, respectively.
By passing Proposition 83, the TRON community approved changing the energy charging mechanism in smart contracts on the network to a dynamic model. The new model will allow the network to perform dynamic energy regulation in contracts to balance distribution. Hence, contracts’ energy consumption on TRON will follow a dynamic adjustment protocol according to individual execution resource usage.
In response to the change by the TRON network, Binance announced a reversal to the original fee structure for all TRON-based transactions. A publication on the Binance website reads:
Following the latest Proposal 83 passed by the TRON (TRX) community to change the energy charging mechanism to a dynamic energy model, Binance will adjust withdrawal fees on the TRON (TRX) Network accordingly.
The impact of this recent development is a surge in transaction fees/protocol revenue, as reported by DeFiLlama. That adds to the growing inflow into the TRON network, as reflected in its Q4 2022 report, where almost all measured indices increased significantly.
According to a Messari report commissioned by TRON, in Q4 2022, 1.3 million new accounts joined the TRON network in December 2022. That boosted the Q4 active daily addresses by 17.9%. Average daily transactions were up by 22.4%, while the total quarterly revenue increased by 25.3%.
Based on DeFiLlama’s fees/revenue ranking, the Binance chain follows TRON with $1.13 million, with Lido coming next with approximately $1.12 million daily revenue.
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