Institutional Drive Fuels Record Blockchain Activity

Despite cryptocurrency prices falling, blockchain activity has continued to climb during the second quarter, according to a recent report by Bitwise. Ethereum staking reached record levels, with institutions driving most of the additional ETH entering the validator pool.

The report noted that protocol upgrades on leading blockchain networks reduced transaction costs and expanded network capacity, allowing activity to grow while revenue declined. This trend was observed across multiple chains, including Ethereum, Solana, and Avalanche.

Ethereum's annualised staking yield fell to 2.84%, while Solana's real economic value dropped to $51 million. The report highlighted that rising staking participation has reduced yields by spreading rewards across more participants.