Asset manager VanEck attributed the broad decline in blockchain network revenue in September to lower volatility in the crypto markets.
Network revenues across the blockchain ecosystem declined by 16% month-over-month in September, mainly due to reduced volatility in the crypto markets, according to asset manager VanEck.
Ethereum network revenue fell by 6%, Solana’s fell by 11%, and the Tron network recorded a 37% reduction in fees, due to a governance proposal that reduced gas fees by over 50% in August, according to VanEck’s report.
The revenue drop in the other networks was attributed to reduced volatility in the crypto markets and the underlying tokens powering those networks. Ether (ETH) volatility dropped by 40%, SOL (SOL) volatility fell by 16%, and Bitcoin (BTC) fell by 26% in September.
“With reduced volatility for digital assets, there are fewer arbitrage opportunities to compel traders to pay high priority fees,” the writers of the report explained.
Network revenues and fees are a critical metric for economic activity in crypto ecosystems. Market analysts, traders, and investors monitor network fundamentals to gauge the overall health of a particular ecosystem, individual projects, and the broader crypto sector.
Ethereum, by comparison, only generated $1 billion in revenue over the last year, despite ETH hitting all-time highs in August, and a market capitalization of about $539 billion — over 16x the TRX (TRX) market capitalization, which is just north of $32 billion.
Tron’s revenue is attributed to its role in stablecoin settlements. 51% of all circulating Tether USDt (USDT) supply has been issued on the Tron network.
The stablecoin market cap crossed $292 billion in October 2025 and has been steadily growing since 2023, according to data from RWA.XYZ.
Stablecoins are a major use case for blockchain technology, as governments attempt to increase the salability of their fiat currencies by placing them on crypto rails.
Blockchain rails allow currencies to flow between borders, with near-instant settlement times, minimal fees, 24/7 trading, and do not require a bank account or traditional infrastructure to access.
