Ethereum Staking Extends Its Growth Streak
Ethereum’s staking balance increased for the sixth consecutive quarter, extending a sustained period of growth in the assets committed to securing the network. Approximately 2 million ETH in net inflows were recorded during the third quarter. Bitwise cited institutional investors as a significant driver of the increase, highlighting institutional demand as an important factor in Ethereum’s latest staking expansion.
The growth in staked ETH occurred alongside a decline in Ethereum network revenue. Revenue fell from $63 million in the second quarter to approximately $40.6 million, even as the staking balance continued to rise. The figures show that greater participation in Ethereum staking did not automatically translate into stronger near-term revenue for the network.
Newly Created ETH Dominates Staking Revenue
More than 96% of Ethereum staking revenue came from newly created ETH. That concentration left only a limited role for other components of MEV revenue, including transaction tips and queuing within blocks. In other words, newly issued ETH remained the central contributor to the economics of Ethereum staking during the reported period.
Ethereum’s revenue mix also provided a contrast with the expansion in its staking balance. While the number of staked assets increased for another quarter, network revenue contracted from the preceding three-month period. The combination of rising inflows, institutional participation and lower revenue illustrates why staking growth should be assessed separately from overall network performance.
Solana Combines High Staking Participation With Strong Activity
On Solana, 440.5 million SOL were staked, representing 69% of the token’s total supply. This level of participation placed Solana alongside Ethereum in reporting substantial staking volume, although the networks differed in the scale and share of their respective supplies committed to staking.
Solana also recorded higher transaction fees and elevated network activity during the period. Transaction fees increased by 49% to $76 million, while the total number of transactions reached 14.2 billion. The figures show continued demand for blockspace alongside a large staked position, with transaction fees providing a notable source of network activity.
Why This Matters
The record staking volume reported across the two networks could support their economic security. A larger base of staked assets can strengthen the financial commitment underlying network participation, while the 69% share of Solana’s supply already staked demonstrates the scale of its staking participation. Ethereum’s six-quarter growth streak points in the same broad direction, reinforced by institutional investors acting as a significant source of net inflows.
More staking and higher network activity do not, however, guarantee better returns for every token. The data shows that reward rates remain under pressure, making it important to distinguish between growth in the amount staked and the economics available to participants. Ethereum’s falling network revenue and limited MEV contribution from transaction tips and block queuing further underscore that distinction. The metrics to watch include future institutional flows, changes in staking rewards and whether network revenue begins to recover alongside continued growth in staked assets.
This is not investment advice.
Frequently Asked Questions
How much ETH entered Ethereum staking in the third quarter?
Ethereum recorded net staking inflows of approximately 2 million ETH in the third quarter. Its overall staking balance also grew for the sixth consecutive quarter, with Bitwise identifying institutional investors as a significant driver.
How much of Solana’s supply was staked?
Solana had 440.5 million SOL staked, equal to 69% of its total supply. Its transaction fees increased 49% to $76 million, while transaction volume reached 14.2 billion.
Does higher staking participation guarantee higher token returns?
No. Increased participation does not guarantee higher returns for each token, and the reported data shows that reward rates remain under pressure despite substantial staking volumes on Ethereum and Solana.
