Ethereum Staking Hits Record High as Blockchain Activity Climbs
Despite falling cryptocurrency prices, blockchain activity has continued to climb in the second quarter of this year. According to Bitwise's latest quarterly staking research, Ethereum (ETH) recorded an all-time high of 40.2 million ETH staked, equivalent to about 33% of its total supply.
This significant increase in Ethereum staking is largely attributed to institutional participation, with growing involvement from exchange-traded funds, corporate treasuries, and other large holders. The report also noted that the annualised staking yield for Ethereum was 2.84%, compared to 6.25% for Solana.
Meanwhile, network revenues have fallen sharply, even as usage increased. This decline in revenue is attributed to protocol upgrades expanding blockspace and reducing transaction costs, making it cheaper for users to interact with the networks. Weaker demand has also contributed to the decline in some cases.