Overview of the blockchain ecosystem revealed a 16% decline in network revenues for September month-over-month, primarily attributed to decreased volatility in crypto markets, as reported by asset manager VanEck.
Ethereum network revenue saw a 6% drop, Solana experienced an 11% decrease, while Tron recorded a significant 37% reduction in fees, following a governance proposal that slashed gas fees by over 50% in August, according to VanEck’s report.
The downturn in revenue across other networks was linked to a fall in crypto market volatility and the value of the tokens supporting those networks. Ether (ETH) saw a 40% reduction in volatility, SOL (SOL) decreased by 16%, and Bitcoin (BTC) fell by 26% in September.
“Reduced volatility in digital assets results in fewer arbitrage opportunities, leading traders to pay lower priority fees,” stated the report’s authors.
Monitoring network revenues and fees is essential for assessing economic activity within crypto ecosystems. Analysts, traders, and investors scrutinize these fundamentals to understand the overall health of specific ecosystems, individual projects, and the crypto sector at large.
Related: Ethereum revenue experienced a 44% drop in August despite ETH reaching an all-time high
Tron network maintains supremacy in revenue metrics
The Tron network holds the top position as the leading crypto ecosystem for revenue, generating $3.6 billion in the past year, according to data from Token Terminal.
In contrast, Ethereum produced only $1 billion in revenue over the same timeframe, despite ETH reaching all-time highs in August, and a market capitalization of around $539 billion—over 16 times the market cap of TRX (TRX), which stands slightly above $32 billion.
Tron’s impressive revenue is largely due to its involvement in stablecoin transactions, with 51% of all circulating Tether USDt (USDT) supply issued on the Tron network.
The stablecoin market cap surpassed $292 billion in October 2025, displaying consistent growth since 2023, based on data from RWA.XYZ.
Stablecoins represent a key application of blockchain technology, as governments seek to enhance the usability of their fiat currencies by integrating them into the crypto ecosystem.
Blockchain systems facilitate the movement of currencies across borders with fast settlement times, low fees, 24/7 trading availability, and do not necessitate a bank account or traditional infrastructure for access.
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