Solana Staking Reaches 69% of Supply as Network Fees Jump 49% in Q3

Solana staking reached a record 440.5 million SOL in the third quarter of 2026, equal to 69% of total supply, while network fees climbed to $76 million. The gains came as transaction activity and tokenized-equity trading expanded, although staking returns fell as rewards were distributed across a larger pool.

Solana staking and activity accelerate

Solana processed 14.2 billion transactions in Q3, a 45% increase from the second quarter, according to Bitwise’s latest quarterly staking report. Average transaction costs remained mostly flat, indicating that the network absorbed the additional activity without a comparable rise in per-transaction expense.

Gross staking yields declined by approximately 6% during the quarter. Newly issued SOL accounted for roughly 90% of staking returns, showing that emissions remained the primary source of rewards rather than fee-based network revenue.

Solana’s fee growth nevertheless outpaced Ethereum’s during the period:

• Solana: $76 million in Q3 transaction fees, up 49%.
• Ethereum: Approximately $40.6 million, down from $63 million in Q2.
• Solana tokenized equities: Trading volume exceeded $6.9 billion, up 45%.

Bitwise said memecoin trading drove much of Solana’s fee increase, making the result a measure of both expanding usage and the continued influence of speculative activity on network economics.

Ethereum reaches a staking record, but yields fall

Ethereum also posted record staking participation. By the end of September, 43.8 million ETH, nearly 36% of total supply, was locked in staking. Annualized yields averaged 2.63%, down from 2.81% in the prior quarter.

Ethereum recorded just under 2 million ETH in net staking inflows during Q3, its sixth consecutive quarter of positive flows. Institutional participation was a major contributor. Bitwise highlighted Bitmine, an Ethereum treasury company led by Tom Lee, whose staked holdings increased from 410,000 ETH in December to 5.07 million ETH as of Sept. 27—a rise of more than 1,000%.

More than 96% of Ethereum’s staking yield came from newly issued ETH, with the remainder generated by transaction tips and maximal extractable value, or MEV. The network’s revenue fell to approximately $40.6 million in Q3.

What This Means

The data points to a broader staking trade-off: record participation can strengthen network security and lock up supply, but it can also compress yields as rewards are shared among more assets. For Solana, rising fees, transaction counts and tokenized-equity volume offer evidence of growing demand, while the concentration of fee growth in memecoin activity underscores the need for more diversified sources of usage.

Investors may therefore distinguish between headline staking growth and the quality of underlying returns. Solana’s stronger Q3 fee performance gives it a favorable activity narrative, but its reliance on newly issued SOL for most staking rewards remains an important consideration.