Blockchain Revenue Report: Tron Leads in April 2025
In the latest blockchain revenue report released by Phoenix Group, Tron emerged as the top earner in April 2025, bringing in a staggering $11.2 million over the month. This significant revenue milestone solidified Tron’s position at the forefront of blockchain earnings and underscored the evolving landscape of blockchain network economics, where high user activity is proving to be a key driver of revenue generation.
While Ethereum continues to dominate in terms of Total Value Locked (TVL) with $70.6 billion, its revenue performance fell short of matching Tron’s, showcasing the shifting dynamics in the blockchain space. Ethereum recorded $4.5 million in revenue for April, less than half of Tron’s earnings, highlighting the impact of lower daily active addresses on revenue generation.
Data from the same period revealed that Ethereum had 311,300 active addresses over 24 hours, while Tron boasted an impressive 2.2 million active addresses. This substantial difference in daily user participation underscores the importance of transaction volume and user activity as key determinants of revenue in the blockchain industry.
Following Tron and Ethereum in the revenue rankings were Base, Solana, and Arbitrum, with Base earning $1.8 million, Solana bringing in $1.5 million, and Arbitrum recording $972,000 in revenue. While these networks trailed behind Tron and Ethereum, they showcased a growing share of the overall blockchain revenue landscape and hinted at their rising revenue potential.
Solana, in particular, stood out for its network usage, recording 3.3 million active addresses within 24 hours, the highest among all chains included in the dataset. Despite its lower TVL of $14 billion compared to Ethereum, Solana’s strong user activity contributed to its impressive revenue performance in April.
Additionally, lower-tier networks such as BNB Chain, Internet Computer Protocol, Sui, and Injective’s OP Mainnet also made notable contributions to the monthly revenue. These networks demonstrated their ability to generate revenue in a competitive blockchain environment, showcasing the diversity and competitiveness of the sector.
The report also shed light on the disconnect between revenue generation and TVL, with Ethereum holding the largest TVL at $70.6 billion but falling behind Tron in revenue. This discrepancy underscores the evolving criteria for evaluating blockchain performance, with user activity and network throughput gaining prominence alongside TVL.
In conclusion, the April 2025 revenue rankings highlight the growing complexity of assessing blockchain networks. While Ethereum’s established ecosystem and high TVL position it as a key player, Tron’s lead in revenue underscores the increasing importance of user activity and network efficiency in driving blockchain performance. As Tron solidifies its position as a revenue leader and networks like Base, Solana, and Arbitrum demonstrate their revenue potential, the blockchain landscape continues to evolve, with efficiency and adoption emerging as key competitive factors in the industry.