- Tron led blockchain revenues at $11.2 million in April 2025, based on high user activity.
- Ethereum controls TVL, but its revenue is delayed due to its low daily active addresses.
- Solana records the best user activity, while bases and arbitrum show an increase in revenue potential.
According to newly released data from Phoenix Group, Tron recorded its highest blockchain revenue in April 2025, pulling in $11.2 million a month. Revenue placed Tron at the top of the revenue chart, highlighting the increased disparity between high activity chains and larger total values (TVL). Although Ethereum continues to dominate TVL, revenue performance falls short of Tron's concordance, highlighting the changing dynamics of the economics of blockchain networks.
Top 15 blockchains based on revenues last month
– Phoenix – Crypto News & Analytics (@pnxgrp) April 14, 2025
Ethereum recorded revenue of $4.5 million in April, less than half of Tron's monthly revenue. Ethereum has lower user activity despite its $70.6 billion TVL, the highest of all blockchain networks.
Data for the same period showed that Ethereum had 311,300 active addresses over 24 hours, while Tron registered 2.2 million people. The broad gap in daily user participation appears to be the central driver behind Tron's stronger revenue output, suggesting that transaction volume and user activity could overtake TVL as the main revenue determinant.
Base, Solana and arbitrum follow behind the revenue
Base, Solana and Kimkai concluded the blockchain that produced the top five revenue-generating blockchain for the month. Base made $1.8 million, Solana brought $1.5 million, and Arbitrum scored $972,000. These numbers, while still behind Tron and Ethereum, still show the growing share of the blockchain's overall revenue landscape.
Of the three, Solana stood out for its network use. It recorded 3.3 million active addresses within 24 hours. This is the best of all the chains contained in the dataset. However, Solana's TVL was $14 billion, higher than Base's $2.8 billion and Arbitrum's $2.1 billion, but still well below Ethereum's holdings.
Lower-rise networks also contribute to monthly revenue
Below that, several other networks recorded slightly lower but equally impressive revenues. The BNB chain was at the top, with the project raking up $867K until April, followed by an internet computer protocol of $415,000. SUI hit $197,000, while Injective's OP Mainnet generated $153,000 in revenue. Tonn reached $118,000 in the same period.
Other chains in the ranking include avalanches, near, polygons, and linea. Each of these chains earns between $56,000 and $118,000, indicating how Phystec space is differentiated and competitive in both Layer 1 and Layer 2.
Revenues don't always reflect TVL
The report also highlighted the disconnect between revenue generation and locked total value. Ethereum, for example, owns the largest TVL at $70.6 billion, but its revenues were significantly behind Tron, which maintains just $5 billion in TVL. Solana's $14 billion TVL is also higher than Tron's TVL, but it earned less monthly.
The April 2025 revenue ranking adds to the growing complexity of blockchain valuation. While Ethereum maintains a strong position for TVL and its established ecosystem, Tron's revenue lead suggests that user activity and network throughput are becoming more important factors in assessing blockchain performance.
The rising levels of activity and high rates of return suggest that Tron is already on the way to become one of the leaders when it comes to monetizing its blockchain platform. The central and upper layers also show the Base, Solana, and Kinkai networks, which imply that efficiency and adoption are the driving forces in the competition.
