In September, network revenues throughout the blockchain ecosystem saw a 16% decline month-over-month, largely attributed to diminished volatility in the cryptocurrency markets, as reported by asset manager VanEck.
Specifically, Ethereum’s network revenue decreased by 6%, Solana’s by 11%, and the Tron network experienced a 37% drop in fees, attributable to a governance proposal that cut gas fees by over 50% in August, according to VanEck’s report.
The revenue decreases in other networks were linked to lower volatility in the crypto markets and the foundational tokens of those networks. Ether (ETH) volatility dropped by 40%, SOL (SOL) fell by 16%, and Bitcoin (BTC) fell by 26% in September.
“Due to decreased volatility for digital assets, there are fewer arbitrage opportunities compelling traders to pay high-priority fees,” the authors of the report noted.
Network revenues and fees are crucial indicators of economic activity within crypto ecosystems. Analysts, traders, and investors observe network fundamentals to assess the overall health of specific ecosystems, individual projects, and the wider crypto landscape.
Related: Ethereum revenue fell 44% in August amid ETH all-time high
Tron network leads in revenue generation
The Tron network ranks as the top crypto ecosystem for revenue, generating $3.6 billion in the past year, according to data from Token Terminal.
In contrast, Ethereum generated $1 billion in revenue over the last year, despite ETH reaching all-time highs in August and having a market capitalization of about $539 billion—over 16 times that of TRX (TRX), which is just over $32 billion.
Tron’s revenue stems from its role in stablecoin settlements, with 51% of the total circulating Tether USDt (USDT) supply issued on the Tron network.
The stablecoin market cap surpassed $292 billion in October 2025 and has been consistently growing since 2023, according to data from RWA.XYZ.
Stablecoins represent a significant application of blockchain technology, as governments work to enhance the viability of their fiat currencies by utilizing crypto infrastructure.
Blockchain technology facilitates currency movement across borders with nearly instant settlement times, minimal fees, 24/7 trading, and eliminates the need for a bank account or traditional infrastructure for access.
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