After months of heightened trading and record inflows, September brought a sharp slowdown for the blockchain industry.
According to asset manager VanEck, total network revenues across major crypto ecosystems fell by 16% as volatility drained from the market.
The shift marks one of the quietest months of 2025 for on-chain activity. Analysts say the market’s calm tone has reduced speculative trading, throttling the fees that power blockchain economies.
Ethereum, Solana, and Tron Hit by Decline
Ethereum’s gas fees dropped by 6%, while Solana’s on-chain revenue slipped 11%. Tron, which has long benefited from its dominance in stablecoin transfers, saw the steepest decline – a 37% reduction following a governance change that halved gas costs in August.
The data shows a pattern that’s become familiar during periods of low market movement. “When prices stabilize, traders have less incentive to pay premiums for faster transactions,” VanEck explained. “The result is a direct hit to network revenues.”
At the same time, the three largest assets – Bitcoin, Ethereum, and Solana – saw volatility collapse by 26%, 40%, and 16%, respectively, as markets entered consolidation after a bullish summer.
Tron Still Tops the Charts
Despite the drop, Tron remains the most lucrative network in crypto. Over the past 12 months, it generated roughly $3.6 billion in fees, according to Token Terminal data – far ahead of Ethereum’s $1 billion during the same period.
That dominance stems from its tight link to the stablecoin economy, with over half of all Tether (USDT) supply now circulating on the Tron network. Its efficiency and low-cost infrastructure have turned it into the preferred settlement layer for dollar-pegged tokens, especially across Asia and emerging markets.
Stablecoins Keep the Market Afloat
Stablecoins have quietly become the backbone of the crypto economy, serving as both payment tools and liquidity anchors for trading. Their combined market capitalization crossed $292 billion in October, continuing a steady climb that began in 2023, according to RWA.XYZ data.
As trading volume slows, these tokens remain the industry’s lifeline, driving consistent network activity even when speculation wanes. Analysts believe that while volatility may return, the long-term shift toward stablecoin-based usage is redefining what blockchain profitability looks like.
In VanEck’s view, the September pullback isn’t necessarily a warning sign – it’s a reflection of maturity. “Less volatility and more utility signal that crypto markets are evolving beyond hype,” the report noted.
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Source: https://coindoo.com/vaneck-report-shows-decline-in-ethereum-solana-and-tron-revenues/