Key Takeaways
- Ethereum, the largest smart contract network, saw its revenues dip by 6%, while Solana’s fell by 11%
- Despite the slowdown, VanEck noted optimism around Ethereum’s upcoming Fusaka upgrade, expected in December.
Revenue across major blockchain networks fell sharply in September as crypto markets turned quieter, leading asset manager VanEck reported. The total network income slid by 16% from the previous month, a decline attributed to muted volatility and fewer high-fee transactions, the firm’s report highlighted.
Ethereum, the largest smart contract network, saw its revenues dip by 6%, while Solana’s fell by 11%.VanEck said the downturn reflects calmer trading conditions across major tokens. Ether’s price volatility dropped 40% during the month, while Solana and Bitcoin saw declines of 16% and 26% respectively. “With lower volatility, traders aren’t competing for block space as aggressively, and that reduces priority fees,” the report explained.
The Tron network also experienced a major 37% reduction in network revenue during last month. This significant decline was primarily attributed to a governance proposal passed in August, which led to the reduction of gas fees by over 50%. This pushed daily network earnings for Tron’s Super Representatives to only $5 million on September 7, marking the lowest level in over a year.
Despite the slowdown, VanEck noted optimism around Ethereum’s upcoming Fusaka upgrade, expected in December. The upgrade will expand “blob capacity,” making Layer-2 rollups cheaper and enabling nodes to validate blocks through probabilistic sampling — a step toward greater scalability and cost efficiency.
Analysts cited in the report said these improvements could solidify Ethereum’s standing as the most robust Layer-1 network, even as competitors focus on cost reductions and throughput.
While the dip in network revenues may signal temporary cooling, the report pointed out that it could also mark a phase of consolidation ahead of the next wave of protocol upgrades and market activity.
Despite the drop in revenue for September, Tron generated a staggering $3.6 billion in revenue over the past year, fortifying its position as the leading blockchain network in terms of revenue
