September Sees 16% Drop in Blockchain Network Earnings, Reports VanEck
The decline in blockchain network revenues during September is linked to decreased market volatility, according to a report by asset manager VanEck.
Blockchain Network Revenues Declined 16% in September
According to asset manager VanEck, network revenues across the blockchain ecosystem dropped by 16% month-over-month in September. This decline is primarily attributed to lower volatility in the cryptocurrency markets.
Ethereum network revenue experienced a 6% decrease, while Solana’s revenue fell by 11%. The Tron network saw a significant 37% reduction in fees, influenced by a governance proposal that cut gas fees by over 50% in August, as reported by VanEck’s September report.
Further revenue downturns in other networks were linked to decreased volatility in the crypto markets, with Ether (ETH) volatility declining by 40%, SOL by 16%, and Bitcoin (BTC) by 26% during September.
Most cryptocurrencies experienced reduced volatility in September. Source: VanEck
“With reduced volatility for digital assets, there are fewer arbitrage opportunities to compel traders to pay high priority fees,” stated the report’s authors.
Network revenues and transaction fees are considered vital indicators of economic activity within crypto ecosystems. Analysts, traders, and investors closely observe these metrics to assess the health of particular ecosystems as well as the overall crypto market landscape.
Related: Ethereum revenue dropped 44% in August amid ETH all-time high.
Tron Network Maintains Revenue Dominance
The Tron network remains the leading crypto ecosystem for revenue, generating $3.6 billion in the past year based on Token Terminal data.
In contrast, Ethereum managed to generate $1 billion in revenue during the same period, despite ETH reaching all-time highs in August, while its market cap peaked near $539 billion, over 16 times higher than TRX’s market cap, which stands slightly above $32 billion.
A comparison of crypto network fees over the last year. Source: Token Terminal
Tron’s revenue surge is largely due to its significant role in stablecoin settlements, with 51% of all circulating Tether USDt (USDT) supply issued through the Tron network.
As of October 2025, the stablecoin market cap exceeded $292 billion and has been steadily increasing since 2023, as per data from RWA.XYZ.
Stablecoins serve as a vital application for blockchain technology as authorities seek to enhance the usability of their fiat currencies by implementing them on blockchain infrastructure.
Blockchain solutions facilitate seamless currency movements across borders, enabling near-instant settlement, minimal cost, and round-the-clock trading without needing conventional bank accounts or infrastructure.
