Network revenues within the blockchain ecosystem saw a 16% decrease month-over-month in September, primarily due to diminished volatility in the cryptocurrency markets, as reported by asset manager VanEck.
Ethereum’s network revenue dropped by 6%, Solana’s decreased by 11%, while the Tron network experienced a substantial 37% cut in fees, following a governance proposal that halved gas fees in August, according to VanEck’s report.
The decline in revenue across the other networks was linked to lower volatility in the cryptocurrency markets and the foundational tokens driving those networks. Ether (ETH) volatility fell by 40%, SOL (SOL) decreased by 16%, and Bitcoin (BTC) saw a 26% drop in September.
“With diminished volatility in digital assets, there are fewer arbitrage opportunities prompting traders to pay higher priority fees,” the authors of the report noted.
Network revenues and fees serve as a vital metric for evaluating economic activity within crypto ecosystems. Market analysts, traders, and investors scrutinize network fundamentals to assess the overall health of specific ecosystems, individual projects, and the broader cryptocurrency landscape.
Related: Ethereum revenue fell 44% in August amidst ETH all-time high
Tron network continues to lead in revenue metrics
The Tron network is the top-grossing crypto ecosystem, bringing in $3.6 billion in the past year, according to data from Token Terminal.
In comparison, Ethereum generated only $1 billion in revenue over the past year, even with ETH achieving all-time highs in August, alongside a market capitalization of approximately $539 billion—over 16 times that of TRX (TRX), which is slightly above $32 billion.
Tron’s revenue is largely due to its involvement in stablecoin settlements, with 51% of all circulating Tether USDt (USDT) supply issued on the Tron network.
The stablecoin market capitalization surpassed $292 billion in October 2025 and has been consistently growing since 2023, as per data from RWA.XYZ.
Stablecoins represent a significant application of blockchain technology, as governments strive to enhance the liquidity of their fiat currencies through crypto channels.
Blockchain channels facilitate currency movement across borders, offering near-instant settlement times, low fees, 24/7 trading, and eliminating the need for a bank account or traditional infrastructure for access.
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