Bitwise Releases Q3 2026 Staking Report: Activity on Various Mainnets Rises but Revenue Generally Declines, Institutional Entry Becomes Core Theme

, According to the "2026 Q3 Staking Report" released by Bitwise, 2026 Q2 presented a divergent pattern of "rising on-chain activity, declining fee revenue," with the core driving factor being protocols actively reducing block space costs. In terms of core data for each chain, Ethereum's active staked amount hit a record high of 40.2 million ETH (accounting for 33% of total supply), network revenue decreased 51% year-over-year to $64 million, but rebounded quarter-over-quarter when denominated in ETH; Solana Q2 Real Economic Value (REV) dropped to $51 million, significantly shrunk compared to the peak of $812 million in 2025 Q1, but non-voting transaction volume reached 9.8 billion, and on-chain activity remained resilient; Hyperliquid Q2 protocol total revenue was $174.8 million, perpetual contract trading volume reached $652 billion, and the proportion of non-crypto assets (commodities, stock indices, etc.) rose to 32%; Avalanche C-Chain transaction volume increased approximately fourfold year-over-year to 236 million, but network revenue, due to a significant decrease in fees, remained only $330,000; NEAR, due to the collapse of Kai-Ching application activity, Q2 on-chain transaction volume plummeted 75% to 77.7 million, but Intents execution layer generated fees approximately 68 times that of the base chain. In terms of institutional adoption, BlackRock launched Ethereum Staking ETF (ETHB), Coin