Staking Divergence: Main-Chain Activity Surges Amid Revenue Decline
Bitwise Asset Management has released its Q3 report on staking, showing that while main-chain activity has increased, revenue has declined across the board. The core driving factor behind this trend is a deliberate effort by various protocols to lower blockspace costs.
In terms of core data, Ethereum's staked ETH volume reached an all-time high of 40.2 million units (valued at $1,862.74) in Q3, accounting for 33% of the total supply. Despite a 51% decrease in network income to $64 million year-over-year, the price of ETH has seen a rebound when measured in terms of volume.
On the other hand, Solana's real economic value (REV) dropped significantly from its peak of $812 million in Q1 2025 to just $51 million in Q2. However, non-voting transaction volumes on the network remained robust at 980 billion units.
Hyperliquid saw protocol-wide income of $174.8 million in Q2, with perpetual contract trading volume reaching 652 trillion units. Notably, non-cryptocurrency assets (including commodities and stock indices) accounted for a significant 32% of total transactions on the platform.