Is Tron the only Layer 1 with a clear product-market fit and a sustainable business model?

Here’s why it might be:

1️⃣ Stablecoins are the killer app for crypto, driving almost 50% of all on-chain transactions.

2️⃣ According to Artemis’ new Adjusted Stablecoin Volume metric, 46% of stablecoin transactions on top L1s & L2s are linked to CEX and DEX trading.

3️⃣ For some networks, the numbers are even higher—Solana’s trading-related stablecoin volume is 88%, and Optimism stands at 72%.

4️⃣ But Tron is a different story. Only 5% of Tron’s stablecoin volume over the past year has been attributed to malicious MEV or exchange trading, with the remaining 95* coming from peer-to-peer transfers.

The takeaway?

Tron (in partnership with Tether) appears to be truly banking the unbanked, providing people in emerging markets a way to convert their local currency into a stable one (the dollar). It has facilitated $3.3 trillion in non-trading volume this year alone—arguably the most impactful use case for crypto today.

As for Solana?

The rumors seem to hold true: 88% of its 2024 stablecoin volume (mostly USDC) is tied to DeFi and CeFi—not “real-world utility.” And that’s fine. Solana is still paying for block space through trading volume, which is a valid business model. After all, speculation and gambling are massive industries.

Big thanks to Artemis for the next-level data!