Overview

• Ethereum revenue declined about 6% in September, while Solana slipped 11% and Tron dropped 37%, according to VanEck.
• Tron’s steep fall was largely policy-driven after an August governance vote roughly halved gas costs.
• Volatility retreated across major assets in September, with Bitcoin down 26%, Ethereum down 40%, and Solana down 16% by VanEck’s measures.
• Over the past 12 months, Tron generated roughly $3.6 billion in fees versus Ethereum’s roughly $1 billion, Token Terminal data show.
• Tron’s fee strength is linked to stablecoin settlement, with over half of Tether’s supply on the network and a stablecoin market cap topping about $290 billion in October, per RWA.XYZ.