Tron, the $26 billion blockchain founded by Justin Sun, has emerged as the most profitable network in the industry.
Kaiko analysts measured the revenue of various blockchain networks, including Solana and Ethereum, using 2025 data and found that all but one network posted annual losses.
More importantly, a new institutional demographic is taking a hard look at these numbers, thanks in part to the influx of crypto exchange-traded funds.
“This exposes an uncomfortable reality that the market has largely ignored,” Laurens Fraussen, research analyst at Kaiko, wrote on Tuesday.
“Although these protocols were never designed as traditional trading, it is increasingly important for investors, institutions and retail traders who now own these tokens.
Blockchain business
Blockchain revenue, unlike revenue collected by a traditional company, follows slightly different arithmetic.
Networks like Ethereum, Solana, and Tron are constantly issuing new native tokens to pay validators for securing the network.
This permanent issuance, unlike the equity issuance from a traditional company, reduces the value of existing token holders and should be understood as a cost to the network.
This does not mean that these networks do not generate income. Last year, Ethereum made more than $260 million, while Solana made $170 million.
It’s just that this income will rise from the inflationary pressure on the token price due to the constant decline.
“Ethereum and Solana generate significant revenue, $260 million and $170 million respectively,” Fraussen said. “But inflationary costs of $1.88 billion and $4.32 billion make both very unprofitable for owners.”
What drives Tron?
Meanwhile, Tron earned $624 million last year while incurring very little inflationary costs.
According to Fraussen, in 2025, the Tron network will destroy more original TRX ($0.28 · Live) tokens than it issued, creating a deflationary supply dynamic.
The last date paints such a picture. According to DefiLlama, Tron continues to generate blockchain revenue by chain.
The Tron network has established itself as the main blockchain for stablecoin transactions, providing it with a stable revenue stream.
“The result is a layer of revenue that Ethereum and Solana lack,” Fraussens said, “where the revenue from fees follows speculation rather than profit.
Liam Kelly is DL News’ Berlin-based DeFi correspondent. Have a tip? Get in touch (email protected).
