- Tron leads April 2025 blockchain revenue with $11.2M, driven by high user activity.
- Ethereum dominates TVL but lags in revenue due to lower daily active addresses.
- Solana records highest user activity, while Base and Arbitrum show rising revenue potential.
According to newly released data from Phoenix Group, Tron posted the highest blockchain revenue in April 2025, pulling in $11.2 million over the month. The earnings positioned Tron at the top of the revenue chart and highlighted growing disparities between high-activity chains and those with larger total value locked (TVL). While Ethereum continues to dominate TVL, its revenue performance fell short of matching Tron’s, emphasizing the shifting dynamics in blockchain network economics.
Ethereum recorded $4.5 million in revenue in April, less than half of Tron’s monthly earnings. Despite its TVL of $70.6 billion, the highest among all blockchain networks, Ethereum saw lower user activity.
Data from the same period showed that Ethereum had 311,300 active addresses over 24 hours, while Tron registered 2.2 million. The wide gap in daily user participation appears to be a central driver behind Tron’s stronger revenue output, suggesting that transaction volume and user activity may overtake TVL as a key revenue determinant.
Base, Solana, and Arbitrum Follow Behind in Earnings
Base, Solana, and Arbitrum rounded out the top five revenue-generating blockchains for the month. Base earned $1.8 million, Solana brought in $1.5 million, and Arbitrum recorded $972,000. While these numbers place them well behind Tron and Ethereum, they still signal a growing share of the overall blockchain revenue landscape.
Among the three, Solana stood out for its network usage. It recorded 3.3 million active addresses within 24 hours, the highest among all chains included in the dataset. However, Solana’s TVL stood at $14 billion, which, while higher than Base’s $2.8 billion and Arbitrum’s $2.1 billion, still fell well short of Ethereum’s holdings.
Lower-Tier Networks Also Contribute to Monthly Revenue
Below them, several other networks recorded slightly lower but equally impressive revenues. BNB Chain was at the top, through April the project raked $867K, followed by the Internet Computer Protocol with $415k. Sui recorded $197,000 while Injective’s OP Mainnet generated $153,000 of revenues. Ton reached $118,000 over the same period.
Other chains in the ranking include Avalanche, Near, Polygon, and Linea. Each of these chains earned between $56,000 and $118,000 in revenue, showing how the Phystec space has differentiated itself and is competitive both in Layer 1 and Layer 2.
Revenue Doesn’t Always Mirror TVL
The report also highlighted the disconnect between revenue generation and total value locked. Ethereum, for instance, holds the largest TVL at $70.6 billion, yet its revenue fell well behind Tron’s, which maintains just $5 billion in TVL. Solana’s $14 billion TVL is also higher than Tron’s, yet it recorded less monthly revenue.
The April 2025 revenue rankings add to the growing complexity of evaluating blockchains. While Ethereum maintains a strong position due to its TVL and established ecosystem, Tron’s lead in revenue suggests user activity and network throughput are becoming more critical factors in assessing blockchain performance.
The increased activity level and the high revenue rate hint at the fact that Tron is already on the way to become one of the leaders in terms of monetization of a blockchain platform. The middle and upper tiers also show Base, Solana, and Arbitrum networks that imply that efficiency and adoption are driving forces in the competition.
