Bitwise Q3 2026 Staking Report: Chain Activity Rises, Revenue Falls, Institutional Adoption Gains Momentum

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Bitwise released its Q3 2026 Staking Report based on on-chain data, showing increased on-chain activity but declining revenue across major blockchains. Ethereum’s active staked ETH reached 40.2 million, or 33% of the total supply, while network revenue fell 51% to $64 million. Solana’s revenue dropped to $51 million, though non-vote transaction volume reached 9.8 billion. Hyperliquid earned $174.8 million in Q2, with 32% of volume coming from non-crypto assets. Avalanche C-Chain volume quadrupled to 236 million, but revenue declined to $330,000. NEAR’s Q2 on-chain transaction volume fell 75% to 77.7 million. BlackRock launched an Ethereum staking ETF called ETHB.

According to Bitwise’s Q3 2026 Staking Report, Q2 2026 exhibited a divergence characterized by rising on-chain activity and declining fee revenue, primarily driven by protocols proactively reducing block space costs. Key chain metrics: Ethereum’s active staking volume reached a record high of 40.2 million ETH (33% of total supply), while network revenue fell 51% year-over-year to $64 million, though it rebounded环比 in ETH terms; Solana’s Q2 Real Economic Value (REV) dropped to $51 million, a significant decline from its Q1 2025 peak of $8.12 billion, yet non-voting transaction volume reached 9.8 billion, demonstrating resilient on-chain activity; Hyperliquid’s Q2 protocol total revenue was $174.8 million, with perpetual contract trading volume hitting $652 billion, and the share of non-crypto assets (commodities, indices, etc.) rising to 32%; Avalanche C-chain transaction volume surged approximately fourfold year-over-year to 236 million, but network revenue plummeted to just $330,000 due to sharply reduced fees; NEAR experienced a 75% drop in Q2 on-chain transactions to 77.7 million due to a collapse in Kai-Ching app activity, yet the Intents execution layer generated fees roughly 68 times higher than the base chain. Institutional adoption: BlackRock launched the Ethereum Staking ETF (ETHB), Coin...

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