- Blockchain network revenues fell 16% in September due to lower crypto market volatility.
- Ethereum, Solana, and Tron all reported lower revenue, with Tron’s drop influenced by a major fee cut.
- Volatility for major cryptocurrencies like Ether, Solana, and Bitcoin dropped between 16% and 40%.
- Tron led all networks in revenue over the past year, mainly from stablecoin transactions.
- The total market value of stablecoins surpassed $292 billion in October 2025.
Network revenues across the blockchain industry decreased by 16% from August to September, according to a report by asset manager VanEck. The drop followed a period of reduced volatility in major cryptocurrencies, which led to less transaction activity on multiple networks.
The report stated that Ethereum network revenue declined by 6%, Solana by 11%, and Tron by 37%. The Tron network’s sharp decrease was linked to a governance proposal in August that cut transaction (gas) fees by over 50%. Lower volatility meant fewer trading opportunities and, therefore, less demand for high network priority fees.
Analysts from VanEck said, “With reduced volatility for digital assets, there are fewer arbitrage opportunities to compel traders to pay high priority fees.” The report also showed that Ether’s (ETH) price volatility fell 40%, Solana’s (SOL) fell 16%, and Bitcoin’s (BTC) dropped 26% in September.
Network fees and revenues are important for measuring consumer activity and health within crypto ecosystems. According to Token Terminal’s data, Tron has generated $3.6 billion in revenue over the last year, the highest among crypto networks. Ethereum earned $1 billion in that period, despite a much larger market capitalization of about $539 billion, compared to Tron’s $32 billion.
Much of Tron’s revenue came from processing stablecoin settlements. Over half of all circulating Tether (USDT), a leading stablecoin, is issued on the Tron network. The overall market cap of stablecoins reached $292 billion in October 2025, based on RWA.XYZ data, and has steadily increased since 2023.
Stablecoins are digital tokens that track the value of traditional currencies. They are commonly used for cross-border transactions, offering fast settlement times, low fees, and 24/7 availability, without needing bank accounts or conventional financial services. Governments are also exploring stablecoins to make their currencies more accessible on blockchain networks.
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