CoinDesk
Ethereum and Solana attracted more staked tokens in Q3 even as gross annualized yields declined. Ethereum added 1.99 million ETH in net staking inflows, with 43.8 million ETH staked, or 35.9% of supply. Solana’s active stake reached 440.5 million SOL.
Why it matters
The figures show staking adoption and staking returns moving in opposite directions. Ethereum’s average gross yield fell to 2.63% from 2.81% in Q2. Solana’s slipped to about 6% from 6.38%. On both networks, issuance remains the main source of rewards, while a larger pool of staked tokens spreads those rewards across more capital.
Institutional access through custodians, exchanges and staking products is helping make staking a more familiar part of holding crypto. But participation depends on more than yield: Ethereum withdrawals can take weeks, making liquidity planning important for funds that may need to meet redemptions quickly.
Market impact
Network activity has not yet offset weaker staking economics. Ethereum processed 199.3 million transactions in Q3, up 35.3% year over year, but fees and transaction-ordering revenue averaged 198 ETH per day, down 40.2% from Q2. Solana’s activity and fees increased, yet lower issuance and a larger staking base still pulled down its yield.
Payward’s John Zettler expects Ethereum yields to fall further as more ETH is staked. For investors and operators, the balance between rewards, exit access and infrastructure costs will shape how much capital keeps flowing into staking.
Frequently asked questions
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How much ETH was staked by the end of Q3?
Ethereum had 43.8 million ETH staked, equal to 35.9% of its total supply.
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Why did staking yields fall on Ethereum and Solana?
A larger staking base spreads rewards across more capital. Lower issuance also weighed on Solana’s yield, while issuance remained the main reward source on both networks.
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How did Ethereum staking yield change in Q3?
Ethereum’s gross annualized staking yield averaged 2.63% in Q3, down from 2.81% in Q2.
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Why can ETH withdrawal delays matter to institutional investors?
Unstaking ETH can take weeks, while funds may need to pay sellers within a day or two. That can lead institutions to keep some assets liquid rather than stake them.
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What role can liquid staking tokens play in managing liquidity?
A liquid staking token such as stETH can be sold instead of waiting for the underlying ETH to exit staking. The alternative depends on market liquidity and price.
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