Network revenues in the blockchain ecosystem fell 16% month-over-month in September, mainly due to reduced volatility in the crypto markets, according to asset manager Vaneck.
Ethereum Network revenue fell 6%, Solana dropped 11% and the TRON network recorded a 37% reduction in fees, due to a governance proposal that cut fees by more than 50% in August.
The decline in revenue in the other networks was attributed to reduced volatility in the crypto markets and the underlying tokens that fuel those networks. Ether (ETH) volatility fell 40%, SOL (SOL) volatility fell 16%, and Bitcoin (BTC) fell 26% in September.
Most cryptocurrencies experienced reduced volatility in September. Source: Vanck
“With reduced volatility for digital assets, there are fewer arbitrage opportunities to force traders to pay high priority fees,” the report authors explained.
Network revenue and fees are a crucial measure of economic activity in crypto ecosystems. Market analysts, traders and investors track network fundamentals to gauge the overall health of a given ecosystem, individual projects and the broader crypto sector.
Related: Ethereum revenues fell 44% in August amid ETH’s all-time highs
Tron Network continues to dominate revenue metrics
The TRON network has been ranked as the number one crypto ecosystem for revenue, generating $3.6 billion in the past year, according to data from Token Terminal.
Ethereum, by comparison, has generated just $1 billion in revenue over the past year, despite ETH highs in August, and a market cap of about $539 billion—more than 16x the TRX (TRX) market cap, which is just north of $32 billion.
A comparison of crypto network costs over the past year. Source: Token terminal
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 growing steadily since 2023, according to data from RWA.XYZ.
StableCoins are an important use case for blockchain technology, as governments seek to increase the salability of their fiat currencies by putting them on crypto rails.
Blockchain rails allow currencies to flow between edges, with near-instant settlement times, minimal fees, 24/7 trading and do not require a bank account or traditional infrastructure access.
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