Bitwise says Q2 staking market saw higher on-chain activity but lower fee revenue

News Editor

2026-07-24 00:29:29

Bitwise’s Q3 2026 staking report said the second quarter of 2026 was defined by a split between rising on-chain activity and falling fee revenue, as protocols deliberately pushed down the cost of blockspace. Ethereum led in staking participation, with active staked ETH reaching a record 40.2 million ETH, equal to 33% of supply, while network revenue fell 51% year over year to $64 million, though it recovered on a quarter-over-quarter basis in ETH terms. Solana’s real economic value, or REV, dropped to $51 million from its $812 million peak in Q1 2025, even as non-vote transactions hit 9.8 billion. Hyperliquid posted $174.8 million in protocol revenue and $652 billion in perpetuals volume, with non-crypto assets such as commodities and equity indexes rising to 32% of activity. Avalanche C-Chain recorded about 236 million transactions, roughly four times higher than a year earlier, but network revenue fell to $330,000 as fees dropped sharply. NEAR’s transaction count fell 75% to 77.7 million after activity in the Kai-Ching app collapsed, while fees generated by its Intents execution layer were about 68 times those of the base chain. The report also highlighted institutional adoption through BlackRock’s ETHB, HYPE staking by Coinbase and Circle, spot HYPE ETFs from Bitwise, 21Shares and Grayscale, and early payment volume on Tempo used by Deel.

BitwiseStakingEthereumSolanaHyperliquidAvalancheNEARInstitutional Adoption

According to ChainCatcher, Bitwise said in its Q3 2026 Staking Report that the second quarter of 2026 showed a clear split: on-chain activity increased while fee revenue declined. The report said the main driver was that protocols actively reduced the cost of blockspace.

Ethereum staking hit a record while revenue fell

Ethereum’s active staked amount reached an all-time high of 40.2 million ETH, equal to 33% of total supply, the report said. Network revenue, however, fell 51% year over year to $64 million, although it rose quarter over quarter when measured in ETH terms.

Solana activity stayed resilient even as REV dropped

Solana’s real economic value, or REV, fell to $51 million in Q2 2026, down sharply from its peak of $812 million in Q1 2025. Even so, non-vote transactions reached 9.8 billion during the quarter, showing continued resilience in on-chain activity.

Hyperliquid posted strong revenue and derivatives volume

Hyperliquid generated $174.8 million in total protocol revenue in Q2 and recorded $652 billion in perpetual futures trading volume. The report added that non-crypto assets, including commodities and equity indexes, accounted for 32% of activity on the platform.

Avalanche C-Chain processed more transactions but made less money

Avalanche C-Chain transaction volume rose about fourfold from a year earlier to 236 million. Still, network revenue dropped to just $330,000 because fees fell sharply.

NEAR volumes slumped after Kai-Ching activity collapsed

On NEAR, on-chain transactions fell 75% in Q2 to 77.7 million after activity in the Kai-Ching app collapsed. At the same time, the Intents execution layer generated fees worth about 68 times those of the base chain.

Institutional adoption spanned ETFs, staking and payments

On the institutional side, the report said BlackRock launched the Ethereum staking ETF ETHB. Coinbase and Circle each staked 500,000 HYPE, while Bitwise, 21Shares and Grayscale rolled out spot HYPE ETFs.

The stablecoin payments chain Tempo, incubated by Stripe and Paradigm, processed $386 million in transfer volume in its first quarter after launch. Global payroll platform Deel used the chain to pay about $30 million to 7,200 contractors.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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