Tron, the $26 billion blockchain co-founded by Justin Sun, has emerged as the industry’s most profitable network.
Analysts at Kaiko measured revenue for 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 much harder look at these numbers, thanks in part to the arrival of spot crypto exchange-traded funds.
“This exposes an uncomfortable reality the market has largely ignored,” wrote Laurens Fraussen, a research analyst at Kaiko, on Tuesday.
“While these protocols were never designed to run as traditional businesses, this matters increasingly for the investors, institutions, and retail traders who now hold these tokens.
Blockchain business
Blockchain revenue, unlike revenue ginned up by a traditional company, follows a slightly different arithmetic.
Networks like Ethereum, Solana, and Tron are constantly issuing new native tokens to pay validators for securing the network.
This constant issuance, not unlike equity issuance from a traditional company, dilutes the value of existing token holders and should be understood as a cost on the network.
That doesn’t mean that these networks aren’t generating revenues. Last year, Ethereum raked in over $260 million while Solana generated $170 million.
It’s just that this revenue is being outpaced by inflationary pressures on the token’s price due to constant dilution.
“Ethereum and Solana generate meaningful revenue, $260 million and $170 million, respectively,” Fraussen said. “But inflation costs of $1.88 billion and $4.32 billion make both deeply unprofitable to holders.”
What’s driving Tron?
Meanwhile, Tron raked in $624 million last year while incurring very little inflationary costs.
In fact, in 2025, the Tron network was destroying more of its native TRX token than it was issuing, creating a deflationary supply dynamic, according to Fraussen.
The latest date paints a similar picture. Tron continues to lead blockchain revenue by chain, according to DefiLlama.
The Tron network has established itself as the primary blockchain for stablecoin transactions, providing it with a steady revenue stream.
“The result is a revenue floor that Ethereum and Solana lack,” said Fraussens, “where fee income tracks speculation rather than utility.
