Ethereum staking reached a record high in the third quarter of 2026, with 43.8 million ETH locked into the network by the end of September.
That figure represents almost 36% of Ethereum’s total supply. However, as more ETH entered staking, the average annualised yield fell to 2.63%, compared with 2.81% in the previous quarter, according to Bitwise’s latest quarterly staking report.
“As more ETH is staked, rewards are distributed across a larger pool, reducing the yield earned on each ETH,” the researchers wrote.
Ethereum recorded net staking inflows of just under 2 million ETH during the quarter, extending its run of positive flows to six consecutive quarters.
Institutional participation was a significant factor behind the increase. Bitwise highlighted Bitmine, the leading Ethereum treasury company led by Tom Lee. Its staked holdings increased by more than 1,000%, rising from 410,000 ETH in December to 5.07 million ETH on 27 September.
Newly issued ETH generated more than 96% of Ethereum’s staking yield. The remaining returns came from transaction tips and revenue linked to the ordering of transactions, known as MEV.
Despite the increase in staking, Ethereum’s network revenue declined during the same period. It fell to approximately $40.6 million, down from $63 million in the second quarter.
Solana staking also reaches a new high
Solana’s staked supply rose to a record 440.5 million SOL in the third quarter, equivalent to 69% of its total supply.
The increase came alongside a fall in gross staking yields of about 6%, while newly issued tokens accounted for 90% of returns.
Solana processed 14.2 billion transactions during the quarter, a 45% increase from the second quarter. Average transaction costs remained largely unchanged.
Transaction fees nevertheless increased by 49% to $76 million. Bitwise attributed most of that growth to trading in memecoins.
Trading in tokenised equities also expanded, with volume rising by 45% to more than $6.9 billion.
