Asset manager VanEck attributed the broad decline in blockchain network revenue in September to lower volatility in the crypto markets.

Network revenues across the blockchain ecosystem declined by 16% month-over-month in September, mainly due to reduced volatility in the crypto markets, according to asset manager VanEck.

Ethereum network revenue fell by 6%, Solana’s fell by 11%, and the Tron network recorded a 37% reduction in fees, due to a governance proposal that reduced gas fees by over 50% in August, according to VanEck’s report.

The revenue drop in the other networks was attributed to reduced volatility in the crypto markets and the underlying tokens powering those networks. Ether (ETH) volatility dropped by 40%, SOL (SOL) volatility fell by 16%, and Bitcoin (BTC) fell by 26% in September.