According to asset management firm VanEck, the blockchain sector’s revenue dropped by 16% in September, largely due to decreased volatility in cryptocurrency markets.
Individual Network Performance
- Ethereum’s revenue saw a 6% decrease.
- Solana faced an 11% drop.
- The Tron network experienced a staggering 37% fall in fees, attributed to a governance proposal that reduced gas fees by over 50% in August.
The report highlights that declining volatility in various cryptocurrencies affected the revenue across networks. Specifically, ETH’s volatility declined by 40%, SOL fell by 16%, and Bitcoin saw a 26% decrease.
“With reduced volatility for digital assets, there are fewer arbitrage opportunities to compel traders to pay high priority fees,” the report indicated.
Network revenues serve as critical indicators of economic activity within crypto ecosystems. Analysts and investors closely monitor these metrics to evaluate the health of different networks and the broader cryptocurrency market.
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Tron Network’s Dominance
Tron remains a leading crypto ecosystem for revenue, reportedly generating $3.6 billion over the past year, as shown by Token Terminal.
In contrast, Ethereum managed to generate only $1 billion, even with ETH prices reaching all-time highs in August, despite its market capitalization of approximately $539 billion, which is over 16 times that of TRX, valued just above $32 billion.
Tron’s revenue is largely due to its pivotal role in stablecoin transactions, with 51% of Tether USDt circulating from the Tron network. The total market cap for stablecoins surpassed $292 billion in October 2025, continuing its upward trend since 2023.
Stablecoins are vital to blockchain technology, aiding governments in increasing the usability of their fiat currencies by enabling them to utilize crypto frameworks for enhanced transaction efficiency and broader accessibility.
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