The Bitwise Staking Report (Q4 2026) (Bitwise)

Summary

• Ethereum ETH held by active validators reached an all-time high of 43.80 million ETH in Q3 2026, representing 35.9% of the total ETH supply.p.6
• Solana active stake grew to a record 440.5 million SOL (69% of total supply), while non-vote transactions processed reached 14.2 billion in Q3 2026.p.18
• Hyperliquid generated $228.1 million in fees and reserve income in Q3 2026, while total trading volume reached $730.1 billion.p.39
• Robinhood Chain processed 870.2 million transactions and generated $51.11 million in gross transaction fees during its first quarter after launching on July 1.p.49
• NEAR Intents volume rose 67% QoQ to $10.41 billion in Q3 2026, generating $14.43 million in gross fees across 9.6 million swaps.p.57

Key insights

1. Bitwise initiated a validator consolidation process on Lido Core that reduces approximately 8,000 Bitwise-operated Ethereum validators to 125.p.9
2. A Teraswitch networking incident on August 12, 2026, caused about 90 validators representing almost 29% of Solana active stake to go dark simultaneously.p.23
3. TradeXYZ generated $258.84 billion in Q3 volume, accounting for 98.9% of all HIP-3 market-deployer volume on Hyperliquid.p.44
4. Morpho and Uniswap together account for approximately 98% of Robinhood Chain's $1.03 billion in total DeFi TVL.p.52
5. Confidential Intents TVL grew 463% from $28.6 million at the end of June 2026 to $160.9 million at the end of September 2026.p.62