VanEck Report Highlights Slowdown in On-Chain Economic Activity
Global blockchain network revenues declined 16% month-over-month in September, signaling a temporary slowdown in crypto market activity. The drop was largely attributed to reduced volatility across major cryptocurrencies, according to a new report from asset manager VanEck.
The report showed that Ethereum, Solana, and Tron — the three largest smart contract platforms by network activity — all saw significant decreases in fee-based revenue. Analysts noted that with lower market volatility, traders and arbitrage bots paid fewer priority fees, leading to a reduction in overall network income.
“With reduced volatility for digital assets, there are fewer arbitrage opportunities to compel traders to pay high priority fees,” the report explained.
Ethereum, Solana, and Tron See Revenue Drop
According to VanEck’s data, Ethereum network revenue fell 6% in September, while Solana’s declined by 11%. The Tron network saw the steepest drop — a 37% reduction in fee revenue — largely due to an earlier governance proposal that slashed gas fees by over 50% in August.
The decline coincided with a notable reduction in token volatility:
- Ether (ETH) volatility dropped 40%
- Solana (SOL) volatility fell 16%
- Bitcoin (BTC) volatility decreased 26%
This trend reflects a cooling period in the broader crypto markets, where both trading activity and on-chain transactions slowed after months of heightened volatility earlier in the year.
Tron Still Leads in Network Revenues
Despite the recent decline, Tron continues to dominate global blockchain revenue metrics. Over the past year, Tron has generated $3.6 billion in network revenue, surpassing Ethereum’s $1 billion in the same period, according to data from Token Terminal.
Tron’s dominance is driven primarily by its stablecoin transaction volume, as it remains the leading blockchain for Tether (USDT) transfers. Currently, over 51% of all circulating USDT supply — the world’s largest stablecoin — is issued on the Tron network.
This positioning has made Tron a key component of the global stablecoin settlement infrastructure, particularly in regions where blockchain-based remittances and cross-border payments are growing rapidly.
Stablecoins Remain a Core Blockchain Use Case
The stablecoin market cap surpassed $292 billion in October 2025, marking continued growth since 2023, according to RWA.xyz data. Stablecoins remain one of the most critical and scalable use cases for blockchain technology, offering instant cross-border settlement, low transaction fees, and 24/7 accessibility without reliance on traditional banking infrastructure.
Governments and institutions are increasingly exploring how to leverage blockchain rails for fiat currency settlement — a shift that could further integrate crypto infrastructure with the traditional financial system.
While the September slowdown suggests a temporary cooling phase in blockchain network activity, analysts view it as a natural response to market stabilization after a period of heavy volatility.
As tokenization, payments, and DeFi activity continue to expand, long-term network revenue growth is expected to resume, with Ethereum and Tron maintaining leadership and Solana steadily capturing institutional and retail attention.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.