TL;DR
- Ethereum Staking Record: Ethereum staking reached 43.8 million ETH, nearly 36% of total supply, with net inflows of almost 2 million ETH during the third quarter.
- Lower Yields: Average staking yields fell to 2.63% from 2.81% as rewards were distributed across a growing pool of staked ETH.
- Solana Growth: Solana recorded a staking high of 440.5 million SOL and processed 14.2 billion transactions, with transaction fee revenue rising 49% to $76 million.
Ethereum staking reached a new all-time high in the third quarter of 2026, according to Bitwise’s latest staking report. The milestone came even as staking rewards continued to decline, reflecting the growing number of participants competing for the same reward pool. By the end of September, 43.8 million ETH, representing nearly 36% of the total supply, had been committed to staking, highlighting continued demand despite lower returns.
Ethereum Staking Hits New Milestone
The report showed that annualized Ethereum staking yields averaged 2.63% during the quarter, down from 2.81% in the previous three months. Bitwise researchers attributed the decline to the increasing amount of ETH entering the staking ecosystem. According to the report, rewards are spread across a larger group of participants as more ETH becomes staked. As a result, each unit of Ethereum earns a smaller share of the available rewards.
Even with lower yields, Ethereum recorded net staking inflows of just under 2 million ETH during the quarter, marking its sixth consecutive quarter of positive flows. Institutional participation remained a significant factor behind the growth. Bitmine, described by Bitwise as the leading Ethereum treasury company led by Tom Lee, expanded its staking position by more than 1,000%. Its holdings increased from 410,000 ETH in December to 5.07 million ETH as of September 27.
Rewards Depend Largely on New ETH Issuance
The report also highlighted the makeup of Ethereum staking rewards. More than 96% of staking yield came from newly issued ETH. The remaining portion was generated through transaction tips and revenue linked to transaction ordering activity, commonly known as MEV. At the same time, Ethereum network revenue moved lower during the quarter. Revenue totaled roughly $40.6 million, compared with $63 million in the second quarter. The figures suggest that most staking returns continued to rely on token issuance rather than activity-generated revenue streams.
Solana Shows Similar Trend
Solana experienced a comparable pattern during the quarter. Active staking reached a record 440.5 million SOL, representing 69% of the network’s total supply. However, gross staking yields declined by around 6%, with newly issued tokens accounting for 90% of staking returns. Network activity continued to expand.
Solana processed 14.2 billion transactions during the quarter, a 45% increase from the second quarter, while average transaction costs remained largely unchanged. Transaction fee revenue climbed 49% to $76 million, driven mainly by memecoin trading activity. Meanwhile, tokenized equities trading volume rose 45% to more than $6.9 billion.
