Staking Ethereum and Solana hit records, but rewards are shrinking. According to Bitwise, the amount of ETH locked for staking to earn rewards reached a record 43.8 million ETH by the end of September, nearly 36% of the total supply. Solana also set a record, with 69% of total SOL staked. However, with so many participants staking, rewards are being diluted. Ethereum’s staking yield decreased from 2.81% to 2.63% annually, while Solana’s yield dropped by approximately 6%. The majority of rewards on both networks still come from newly issued tokens, not transaction fees. In terms of network activity, Solana generated $76 million in transaction fees during Q3, driven by memecoin trading, while Ethereum earned only about $41 million.
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