New data from Lookonchain shows that Tron Network’s gas revenue saw a remarkable 46.54% increase in August. Binance Smart Chain (BSC) also posted gains, with gas revenue rising 6.63% from July. In contrast, Ethereum, Solana and Bitcoin saw declines: Ethereum fell 33.44%, Solana fell 48.51% and Bitcoin fell 16.85%.
Gas revenues from the #TronNetwork increased by 46.54% in August.
Compared to July, #BSC’s gas yields in August also saw a 6.63% increase, while #Ethereum’s gas yields fell by 33.44%, #Solana by 48.51% and #Bitcoin by 16.85%. pic.twitter.com/HChuiq17uB
— Lookonchain (@lookonchain) September 3, 2024
Gas revenues, the fees paid for blockchain transactions, are a key indicator of network activity and potential adoption. Higher gas returns, especially at stable transaction fees, indicate that more users are active on the blockchain, often tied to new projects or increased interest in the network’s native cryptocurrency.
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Tron Network’s impressive gas returns are reflected in the price of its native token, with TRX rising significantly in August despite less than impressive performance from the rest of the crypto market.
TRX found support at $0.1165 on August 5 and rose 45% in three weeks to reach a monthly high of $0.1690 on August 26, according to TradingView data. This achievement placed TRX among the top performers among the top 10 cryptocurrencies by market capitalization.
BNB, the native token of Binance Smart Chain, also rose significantly, reflecting increased gas revenues on its network. The Binance ecosystem’s utility token rose 48.67% after recovering from the August 5 market drop. BNB climbed to $598.8, retesting previous resistances before consolidating.
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While ETH, BTC, and SOL saw gas revenues decline, their token prices still showed resilience, especially after recovering from the August 5 market dip. ETH and BTC both rose more than 30%, while SOL rose more than 50%. However, most top cryptocurrencies have retreated from recent highs as the market consolidates.
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