Blockchain network revenues across several ecosystems dropped by 16% month-over-month in September. According to asset manager VanEck, the slide can be mainly attributed to a reduction in volatility in the digital asset markets.
Ethereum network revenue experienced a 6% drop, while Solana fell by 11%. The VanEck report also noted that the Tron network recorded a 37% reduction in fees. Notably, the main reason for this slide is the governance proposal that was submitted in August, which saw gas fees reduced by over 50%. According to reports, the total daily network fees for Tron’s block producers, known as Super Representatives, dropped to $5 million on September 7, the lowest in over a year.
Blockchain revenues drop by 16% in September
The drop in revenue in the other blockchain networks has been attributed to reduced volatility in the crypto markets and the underlying tokens powering these networks. Ethereum volatility experienced the biggest slide, dropping by 16%, followed by Bitcoin, which dropped about 26% in September. Solana made up the top three, experiencing a drop of about 16% in the month.
“With reduced volatility for digital assets, there are fewer arbitrage opportunities to compel traders to pay high priority fees,” the researchers explained in the report. Network revenues and fees are a critical metric to measure economic activity in crypto ecosystems. Market analysts, traders, and investors monitor the network fundamentals to ascertain the overall health of the ecosystem, individual projects, and the broader crypto market.
Meanwhile, the Tron network has maintained its number one place among the crypto ecosystem in terms of revenue. According to data from Token Terminal, the network generated $3.6 billion in the last year. Last month, Token Terminal reported that the network also exceeded the Ethereum’s revenues over the past 90 days, accruing $435 million in fees compared to Ethereum’s $365 million.
Tron experiences a rise in revenue
Tron founder Justin Sun highlighted the revenue performance at the time, noting that it exceeded Ethereum’s protocol revenue by 50%. “If this trend continues, Tron’s protocol revenue could even surpass $2 billion this year, making it the most profitable blockchain on Earth!” he said. On the other hand, Ethereum generated a revenue of about $1 billion over the past year. This happened despite the asset hitting all-time highs in August, and a market capitalization of $539 billion, which represented over 16x the TRX market cap, which is just around $32 billion.
Tron’s revenue has been attributed to its role in stablecoin settlements. About 51% of the circulating USDT supply was issued on the Ton network. The stablecoin market cap surpassed $292 billion in October 2025 and has been steadily rising since 2023, according to data from RWA.XYZ. Stablecoins have become a major case for blockchain technology, as governments attempt to increase the scalability of their fiat currencies by placing them on blockchains.
For instance, China has been discussing the likelihood of creating its yuan-backed stablecoins to bolster its internationalization. The country, which is known for its restrictive approach to digital assets, would be looking to reverse its earlier policies and allow its fiat to be on-chain. The report was released by Reuters, which noted that it got credible intel from sources familiar with the matter. If approved, it will mark a shift in the approach of the country, which banned crypto trading and mining in 2021.
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