State of the Network: September 2025

September 2025 State of the Network Report

September marked a month of recalibration for the Swarm network, following two strong months of growth in July and August. While total rewards and win values adjusted downward from August’s peak, the network maintained strong participation levels, and both active and reachable node counts remained stable. This steady participation suggests that while payouts have normalized, the network continues to sustain a broad and active operator base after the summer’s surge.

Network Total Monthly Rewards

This metric shows the total storage incentive rewards paid out across the entire network for each month.

Month	Total Network Rewards (xBZZ)
April	24,441
May	27,851
June	24,545
July	37,249
August	41,496
September	28,162

After two consecutive months of growth, total rewards in September settled at 28,162 xBZZ, returning closer to levels seen in spring. This reflects a normalization of incentives following the elevated payouts in July and August.

Monthly Median Win Values

This metric shows the median win amount for each win event, providing insight into the typical reward nodes can expect from a single win.

Month	Median Win Values (xBZZ)
April	7.21
May	8.12
June	7.38
July	10.00
August	11.07
September	8.33

Median win values declined from August’s high, landing at 8.33 xBZZ. This remains notably higher than earlier in the year, indicating more consistent per-win rewards compared to the spring months.

Monthly Average Win Values

This metric shows the average win amount for each win event, offering insight into how reward amounts are distributed across the network.

Month	Average Win Values (xBZZ)
April	7.51
May	8.24
June	7.44
July	11.07
August	12.28
September	8.60

Average win values followed a similar pattern to total rewards, declining from the August peak but remaining well above levels seen in the spring. This indicates payouts per win are still relatively strong, even with lower overall rewards.

Active Staking Node Monthly Average Earnings

This metric shows the average monthly earnings for an active staking node, with an "active node" defined as a node that has submitted at least one commit transaction during the month.

Month	Avg Total Earnings per Node (xBZZ)
April	4.88
May	5.28
June	4.97
July	10.79
August	11.33
September	7.73

Average earnings per active node decreased to 7.73 xBZZ in September but remained well above levels from earlier in the year, showing that node operators continue to earn more on average than during spring’s lower reward periods.

Total Active Staking Nodes by Month

This metric shows the total number of active staking nodes, defined as full nodes that have issued at least one commit transaction during the month. This is distinct from the "active node" count on Swarmscan, which includes all "nodes that can connect to and exchange protocol messages."

Month	Total Active Staking Nodes
April	5,008
May	5,277
June	4,934
July	3,453
August	3,663
September	3,643

Active staking node counts held steady at 3,643, almost unchanged from August. This stability suggests that recent fluctuations in rewards have not significantly impacted participation.

Total Reachable Full Nodes Regardless of Active Status

This metric counts the total number of unique full nodes (as determined by unique blockchain address) that were reachable at any point in the month, providing a broader picture of network activity beyond just active committers. This is more in line with the "active node" count found on Swarmscan.

Month	Total Reachable Full Nodes
April	12,054
May	9,371
June	8,473
July	9,753
August	7,097
September	7,063

Reachable full nodes remained stable at 7,063, essentially matching August’s count. After several months of fluctuation, this plateau may indicate a more consistent baseline level of network participation and connectivity.

Total Winning Nodes by Month

This metric tracks the number of unique staking nodes that won the redistribution game at least once during the month.

Month	Total Winning Nodes
April	2,197
May	2,052
June	2,197
July	1,806
August	1,738
September	1,701

The number of winning nodes declined slightly to 1,701, continuing the gentle downward trend observed since July. Despite this, participation levels remain broad, with a large share of nodes still winning at least once per month.

Total Active Staking Nodes by Country

This metric shows the total number of active staking nodes globally for the month of September 2025.

Country	Unique txSenders
China	1,909
Finland	1,669
Unknown	49
Hungary	5
Estonia	3
United States	3
Germany	2
Japan	1
Martinique	1
Russia	1

China and Finland remained the two dominant regions in September, together representing the vast majority of active staking nodes. Their relative shares were nearly balanced this month, with China maintaining a slight lead. Smaller but steady participation continued from a handful of other countries, illustrating that while the network is geographically concentrated, it still maintains a diverse operator base.

Conclusion

In summary, September saw rewards and win values return to more typical levels after the highs of July and August, while participation remained steady. China and Finland continued to anchor the network’s geographic distribution, reflecting a stable and engaged operator base that supports long-term network resilience.