Blockchain network revenues experienced a significant 16% month-over-month decline in September 2025, as reported by asset manager VanEck. This drop was primarily driven by reduced market volatility, which led to fewer high-fee transactions from traders seeking to capitalize on price swings.
Tron (TRX) emerged as the top revenue generator over the past year, accumulating $3.6 billion in earnings, largely due to its dominance in stablecoin settlements. Approximately 51% of circulating Tether (USDT) is issued on the Tron network, highlighting how utility-based activity can outweigh market capitalization in revenue terms. In contrast, Ethereum (ETH), with a market cap around $540 billion, recorded only $1 billion in revenue during the same period.
In September, specific networks saw varied declines: Ethereum's revenue fell by 6%, accompanied by a 40% drop in ETH volatility; Solana (SOL) experienced an 11% revenue decrease with a 16% volatility slide; and Tron's revenue plunged 37%, partly due to a governance proposal in August that reduced gas fees by over 50%. Bitcoin (BTC) volatility also decreased by 26%, contributing to the broader trend of lower fee income.
The stablecoin market continued to expand, with the total market cap crossing $290 billion in October 2025, reinforcing Tron's role in facilitating cheap, fast cross-border transactions. Despite the September downturn, Tron's revenue leadership underscores the importance of stablecoin-driven economic activity over speculative trading in blockchain ecosystems.
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