Bitwise releases its 2026 Q3 staking report: activity rises across major chains, but revenue declines across the board, with institutional participation emerging as the core theme

Deep Tide TechFlow news: On July 24, according to Bitwise’s 《2026 Q3 Staking Report》, 2026 Q2 showed a split landscape of “rising on-chain activity and falling fee revenue,” with the core driver being that each protocol proactively reduced block space costs.

In terms of key data across major chains, Ethereum’s active staked amount hit a new all-time high of 40.2 million ETH (33% of total supply). Network revenue fell year over year by 51% to $64 million, but rose month over month when denominated in ETH. Solana’s Q2 Real Economic Value (REV) dropped to $51 million, down sharply from the $812 million peak in 2025 Q1. However, non-voting transaction volume reached 9.8 billion, keeping on-chain activity resilient. Hyperliquid’s Q2 protocol total revenue was $174.8 million, with perpetual futures contract transaction volume of $652 billion; the share of non-crypto assets (commodities, stock indexes, etc.) rose to 32%. Avalanche C-chain transactions grew about fourfold year over year to 236 million, but network revenue fell sharply due to lower fees, leaving just $330k. NEAR saw Kai-Ching app activity collapse: Q2 on-chain transaction volume plunged 75% to 77.7 million, but the Intents execution layer generated fees about 68 times that of the base chain.

On institutional adoption, BlackRock launched an Ethereum staking ETF (ETHB). Coinbase and Circle each staked 500k HYPE. Bitwise, 21Shares, and Grayscale subsequently launched spot HYPE ETFs. In addition, Tempo, a stablecoin payments chain incubated by Stripe and Paradigm, processed $386 million in transfers in its first quarter after launch. Deel, a global payroll platform, distributed about $30 million to 7,200 contractors via that chain.