Ethereum and Solana Staking Hit Records in Q3 as Yields Fall: Bitwise

Staking records for Ethereum and Solana, but smaller yields

Ethereum and Solana staking reached record levels in the third quarter of 2026, while the yields paid to people who lock up their tokens fell, according to Bitwise's latest quarterly staking report. Staking means holding tokens in a network to help it operate, in exchange for rewards.

On Ethereum, 43.8 million ETH was locked in staking at the end of September, equal to nearly 36% of the total supply. Annualized staking yields averaged 2.63%, down from 2.81% in the previous quarter. Bitwise researchers said that as more ETH is staked, rewards are spread across a larger pool, which reduces the yield earned on each ETH.

On Solana, active staking rose to a record 440.5 million SOL, or 69% of the total supply. Gross staking yields fell by around 6%, with newly issued tokens making up 90% of returns.

Key numbers from the report

• Ethereum staking inflows totaled 7.96 million ETH in the first nine months of 2026.
• Ethereum recorded net staking inflows of just under 2 million ETH in the third quarter, its sixth straight quarter of positive flows.
• Ethereum network revenue fell to roughly $40.6 million in the third quarter, from $63 million in the second.
• Solana transaction fees rose 49% to $76 million, while Ethereum's fell to roughly $41 million.
• Solana processed 14.2 billion transactions, up 45% from the second quarter, with average transaction costs staying mostly flat.

Where the rewards come from

Newly issued ETH accounted for more than 96% of Ethereum's staking yield per Bitwise, with the rest coming from transaction tips and revenue from ordering transactions, known as MEV. On Solana, newly issued tokens made up 90% of returns.

Institutional staking behind Ethereum's inflow streak

Bitwise pointed to institutional staking as a major driver of Ethereum's inflows. It highlighted Bitmine, described in the report as the leading Ethereum treasury company led by Tom Lee, whose staking rose more than 1,000% from 410,000 ETH in December to 5.07 million ETH as of Sept. 27.

Solana activity lifted by memecoin trading

Solana's fee growth was driven mostly by trading in memecoins, which are tokens based on internet jokes or trends. Tokenized equities trading volume on Solana climbed 45% to more than $6.9 billion.

Why staking records matter for token holders

The report shows that record amounts of ETH and SOL are committed to securing their networks, but that the reward rate for doing so is shrinking as those pools grow. For Ethereum, rewards also depend heavily on new token issuance, rather than fees paid by users, as network revenue declined quarter over quarter.

Sources

• The Block
• Bitwise quarterly staking report, as cited by The Block