Bitwise Releases Q3 2026 Staking Report: Activity on Various Mainnets Rises but Revenue Generally Declines, Institutional Entry Becomes Core Theme
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Bitwise Releases Q3 2026 Staking Report: Activity on Various Mainnets Rises but Revenue Generally Declines, Institutional Entry Becomes Core Theme
, According to the "2026 Q3 Staking Report" released by Bitwise, 2026 Q2 presented a divergent pattern of "rising on-chain activity, declining fee revenue," with the core driving factor being protocols actively reducing block space costs. In terms of core data for each chain, Ethereum's active staked amount hit a record high of 40.2 million ETH (accounting for 33% of total supply), network revenue decreased 51% year-over-year to $64 million, but rebounded quarter-over-quarter when denominated in ETH; Solana Q2 Real Economic Value (REV) dropped to $51 million, significantly shrunk compared to the peak of $812 million in 2025 Q1, but non-voting transaction volume reached 9.8 billion, and on-chain activity remained resilient; Hyperliquid Q2 protocol total revenue was $174.8 million, perpetual contract trading volume reached $652 billion, and the proportion of non-crypto assets (commodities, stock indices, etc.) rose to 32%; Avalanche C-Chain transaction volume increased approximately fourfold year-over-year to 236 million, but network revenue, due to a significant decrease in fees, remained only $330,000; NEAR, due to the collapse of Kai-Ching application activity, Q2 on-chain transaction volume plummeted 75% to 77.7 million, but Intents execution layer generated fees approximately 68 times that of the base chain. In terms of institutional adoption, BlackRock launched Ethereum Staking ETF (ETHB), Coin
Navigating Web3 tides with focused insightsTechFlow news, July 24, according to the "Q3 2026 Staking Report" released by Bitwise, Q2 2026 presented a divergent pattern of "rising on-chain activity and declining fee revenue," with the core driving factor being protocols proactively reducing block space costs.
In terms of core data for each chain, Ethereum's active staked amount reached a historic high of 40.2 million ETH (33% of total supply), network revenue decreased 51% year-over-year to $64 million, but rebounded quarter-over-quarter when denominated in ETH; Solana Q2 Real Economic Value (REV) dropped to $51 million, significantly shrinking from the Q1 2025 peak of $812 million, but non-voting transaction volume reached 9.8 billion, maintaining on-chain activity resilience; Hyperliquid Q2 total protocol revenue was $174.8 million, perpetual contract trading volume reached $652 billion, and the proportion of non-crypto assets (commodities, stock indices, etc.) rose to 32%; Avalanche C-Chain transaction volume increased approximately fourfold year-over-year to 236 million, but network revenue dropped significantly due to lower fees, remaining at only $330,000; NEAR, due to the collapse of Kai-Ching application activity, saw Q2 on-chain transaction volume plummet 75% to 77.7 million, but the Intents execution layer generated fees approximately 68 times that of the base chain.
In terms of institutional adoption, BlackRock launched an Ethereum staking ETF (ETHB), Coinbase and Circle each staked 500,000 HYPE, and Bitwise, 21Shares, and Grayscale sequentially launched HYPE spot ETFs. Additionally, Tempo, a stablecoin payment chain incubated by Stripe and Paradigm, processed $386 million in transfer volume in its first quarter of launch, and global payroll platform Deel distributed approximately $30 million to 7,200 contractors through this chain.
