Ethereum vs Solana staking hit records as yields fall: Bitwise
Bitwise's Q3 staking report: 43.8M ETH (36% of supply) and 440.5M SOL (69%) were staked at record levels, yet yields fell on both. The numbers compared.
CryptoGroup Newsroom · · 3 min read
Quick verdictBoth networks hit record staking in Q3, but more stakers means thinner yields, and most rewards on each chain still come from newly issued tokens.
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More ether and more SOL are staked than ever, but each staked coin is earning less, according to Bitwise's latest quarterly staking report, as summarised by The Block. At the end of September, 43.8 million ETH, nearly 36% of supply, was locked in staking, while Solana reached 440.5 million SOL, or 69% of supply. Both are records.
Ethereum and Solana side by side
| Q3 2026 | Ethereum | Solana |
|---|---|---|
| Staked at end of quarter | 43.8M ETH (~36% of supply) | 440.5M SOL (69% of supply) |
| Staking yield | 2.63% average, down from 2.81% | Gross yield down about 6% |
| Share of rewards from new issuance | More than 96% | About 90% |
| Network fees / revenue | About $40.6M, down from $63M | $76M, up 49% |
Why yields fall when staking grows
Rewards are shared across everyone who stakes. "As more ETH is staked, rewards are distributed across a larger pool, reducing the yield earned on each ETH," the Bitwise researchers wrote. On both chains, almost all of the reward still comes from new tokens rather than from users paying fees. On Ethereum, transaction tips and MEV, the revenue from ordering transactions, made up less than 4% of the yield. For the basics of how staking secures a network, see proof of work vs proof of stake.
Ethereum: institutions keep adding
- Net staking inflows were just under 2 million ETH in Q3, the sixth straight quarter of growth. Across the first nine months of 2026, inflows reached 7.96 million ETH.
- Bitwise highlighted Tom Lee's Bitmine, whose staked ETH rose from 410,000 in December to 5.07 million by Sept. 27. We covered its latest ETH purchases this week.
Solana: more activity, more fees
- The network processed 14.2 billion transactions, up 45% from Q2, while average transaction costs barely changed.
- Fees rose 49% to $76 million, mostly from memecoin trading.
- Trading volume in tokenized equities on Solana grew 45% to more than $6.9 billion.
Our verdict
Record staking, thinner yields
Staking demand is growing on both chains, led by institutions on Ethereum and by on-chain activity on Solana. Yet on both, most rewards are still paid in newly created tokens, so a higher staking rate mainly spreads the same issuance across more holders. New to the network? Read what Ethereum is.
This article is for information only and is not financial advice. Crypto assets are volatile; do your own research. Read our disclaimer
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