Tron (TRX) generated $81.1 million in revenue over the past 30 days, leading all blockchains in Q1 2026 according to Phoenix Group data published on April 1. This figure significantly outperformed competitors, with Base coming in second at $17.2 million, Ethereum third at $8.1 million, and Solana fifth at $6.9 million. Combined, the revenues of Base, Ethereum, Polygon, and Solana still fell short of Tron's total.
This revenue leadership exists alongside a notable contradiction in fee data. According to CryptoQuant, total fees on the Tron network are currently at approximately 15–20 million TRX, their lowest level since 2023 and a dramatic collapse from the 80M+ peak in late 2024. Analysts explain this is not a contradiction but a business model: Tron's revenue is built on immense transaction volume rather than high fees per transaction. The network has become the primary rail for low-cost, high-frequency USDT stablecoin transfers globally.
Supporting this, Phoenix Group data shows Tron with 13.8 million 30-day active addresses, fewer than Ethereum's 16.2 million or Solana's 34.3 million, yet generating more revenue. CryptoQuant's active address chart shows approximately 4–5 million addresses currently active, rising toward levels last seen during the 2024 bull run. This indicates more users are using the network more frequently while paying less per transaction.
The data clarifies Tron's role: its Total Value Locked (TVL) of $4.8 billion is far below Ethereum's $88.5 billion, indicating it dominates transaction throughput, not asset storage. Sophisticated capital moves value through Tron rather than storing it there, making its revenue dependent on maintaining its stablecoin transfer volume.
Against this backdrop, Tron Inc. (NASDAQ: TRON) disclosed it acquired 159,004 TRX tokens at an average price of $0.3145, bringing its total treasury holdings to over 689.9 million TRX. The company stated it aims to continue growing its holdings to enhance long-term shareholder value.
Technically, TRX was trading around $0.31, having recovered from a low of $0.3130 on April 3. The RSI climbed to 65.66 from approximately 35 on April 3, indicating a significant momentum shift. The immediate resistance sits at the April 1 high of $0.3190.
The broader Q1 2026 on-chain cash flow data highlighted other leading Layer 1 networks. Solana's (SOL) high-throughput architecture drove dominant fee generation from DEX and memecoin trading. BNB Chain (BNB) showed a resilient, multi-stream revenue model from its broad ecosystem. Ethereum (ETH) maintained revenue leadership from its unparalleled smart contract economy. Hyperliquid (HYPE) emerged as a remarkable newcomer, generating top-tier revenue from its fully on-chain perpetuals exchange.
