According to Asset Manager’s Vaneck, network revenues across the blockchain ecosystem fell 16% per month in September, mainly due to lower volatility in the crypto market.
Vanek reports that revenue from the Ethereum Network fell 6%, Solana fell 11%, and Tron Network recorded a 37% fee cut in August with a governance proposal that cuts gas fees by more than 50%.
The decline in revenue from other networks was attributed to lower volatility in the crypto market and the underlying tokens powered by those networks. Ether (ETH) volatility decreased by 40%, SOL (SOL) volatility decreased by 16%, and Bitcoin (BTC) fell by 26% in September.
Most cryptocurrencies experienced a decline in volatility in September. sauce: Vaneck
“Because digital assets volatility decreases, there is less opportunity for arbitrages to force traders to pay high priority fees,” the report writer explained.
Network revenues and fees are key indicators of economic activity in crypto ecosystems. Market analysts, traders and investors monitor the network’s fundamentals and assess the overall health of a particular ecosystem, individual projects, and the broader crypto sector.
Related: Ethereum revenue fell 44% in August, despite its record high ETH
Tron Network continues to dominate revenue metrics
Tron Network ranks as the number one crypto ecosystem in revenue, generating $3.6 billion last year, according to Token Terminal data.
By comparison, Ethereum generated only $1 billion in revenue last year despite ETH’s highest ever high in August, a market capitalization of TRX (TRX), which is around $53.9 billion, which is just over 16 times the market capitalization of $32 billion.
Comparison of crypto network prices from last year. sauce: Token terminal
Tron’s revenues stem from its role in the stablecoin settlement. 51% of all Circulating Tethered USDT (USDT) supply is issued on the Tron network.
According to data from RWA.xyz, Stablecoin’s market capitalization exceeded $292 billion in October 2025, and has been steadily growing since 2023.
Stablecoins is a major use case for blockchain technology, as governments seek to improve the sales potential of Fiat currency by placing it on crypto rails.
Blockchain rails allow currency to flow between borders. There are payment times near the boundary, minimal fees, 24/7 transactions, and you don’t need a bank account or traditional infrastructure to access.
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