VanEck Says Lower Volatility May Explain September Network Revenue Drops as Tron Remains Top Earner

Blockchain network revenue fell 16% month-over-month in September as reduced crypto volatility lowered demand for high-priority transactions, driving network fees down across major chains such as Ethereum, Solana and ￰0￱ revenue fell 16% MoM in September Ethereum fees down 6%, Solana down 11%, Tron fees dropped 37% after a governance fee ￰1￱ fell sharply: ETH -40%, SOL -16%, BTC -26% — reducing arbitrage-driven fee ￰2￱ network revenue fell 16% in September due to lower crypto volatility; read the full analysis, data, and investor ￰3￱ how fees and fundamentals ￰4￱ manager VanEck attributed the broad decline in blockchain network revenue in September to lower volatility in the crypto ￰5￱ caused the decline in blockchain network revenue in September?

Blockchain network revenue declined 16% month-over-month in September primarily because lower crypto volatility reduced traders’ need to pay priority fees, decreasing total fees across major networks. VanEck’s analysis cites reduced arbitrage and fewer high-priority transactions as the main ￰6￱ reported that overall network revenues across the blockchain ecosystem dropped by 16% month-over-month in September, linked to diminished volatility and lower transaction fee ￰7￱ network revenue fell by 6% and Solana’s by 11%. The Tron network recorded a 37% reduction in fees, which VanEck attributes to a governance proposal that halved gas fees in ￰8￱ cryptocurrencies experienced reduced volatility in September.) volatility dropped about 40% in September, SOL volatility fell 16%, and BTC volatility declined 26%, according to VanEck’s ￰9￱ volatility means fewer rapid price moves and thus fewer priority transactions, translating directly into lower network revenue and smaller fee pools for validators and ￰10￱ did Tron lead revenue metrics despite lower fees?

Tron remains the top revenue-generating crypto ecosystem, producing roughly $3.6 billion over the last year, according to Token Terminal data cited in market ￰11￱ leadership stems largely from stablecoin activity — 51% of circulating Tether USDt supply is issued on the Tron network. A comparison of crypto network fees over the last year.) due to stablecoin settlement dominance; Ethereum earned ~$1B. Investor action: Monitor volatility, fee policy changes, and stablecoin flows to assess short- and long-term revenue ￰12￱ September’s 16% fall in blockchain network revenue reflects lower crypto volatility and targeted protocol changes that cut ￰13￱ should combine fee analytics with on-chain activity and stablecoin trends to evaluate ecosystem ￰14￱ network fundamentals regularly to inform allocation and risk decisions.