Giant blockchain networks together with Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) have recorded notable will increase in on-chain exercise and reductions in transaction prices over the previous yr, whilst the costs of their native tokens skilled substantial declines.
This divergence between market costs and underlying community fundamentals was highlighted in Bitwise’s inaugural quarterly staking report overlaying the second quarter of 2026.
In response to the evaluation, Ethereum, Solana, and Avalanche tokens every dropped by roughly half or extra in comparison with ranges a yr earlier. But utilization metrics moved in the other way.
Ethereum processed 203.9 million transactions within the quarter, up sharply from 121.1 million in the identical interval of 2025.
Common throughput rose from 15 to 26 transactions per second following a rise within the block gasoline restrict.
On the identical time, the common value per transaction fell from about $1.08 to $0.31, whereas dollar-denominated community income declined 51 p.c to roughly $64 million.
When measured in ETH phrases, nevertheless, income truly elevated for the primary time in additional than a yr.Solana demonstrated comparable resilience.
The community dealt with roughly 9.8 billion non-voting transactions, close to all-time highs and above the 8.9 billion recorded a yr earlier.
Transaction prices dropped dramatically from round three cents to half a cent, contributing to a steep decline in total income from $272 million to $51 million.
Avalanche’s C-Chain noticed probably the most dramatic progress in quantity, processing 235.6 million transactions in contrast with simply 58 million beforehand—a rise of roughly 4 instances.
Prices per transaction plunged from about 2.7 cents to 0.14 cents, with income falling accordingly to $330,000.
Bitwise Head of Onchain Analysis Kam Benbrik described the sample clearly: there was a noticeable hole between community fundamentals and broader market sentiment.
Prices are decrease than in 2025, but blockchains have gotten each cheaper to make use of and extra energetic.
The report attributes a lot of the price discount to deliberate protocol enhancements that expanded accessible blockspace relatively than any broad weakening of demand.
Staking participation remained strong throughout the networks.
Ethereum reached a file 40.2 million ETH staked, representing about 33 p.c of complete provide, pushed largely by institutional inflows from staking ETFs, company treasuries, and different giant holders.
Excessive staking ratios have been additionally noticed elsewhere, with Solana close to 68 p.c and Avalanche round 41 p.c.
Institutional engagement prolonged past staking.
Tokenized belongings, real-world purposes, and funds exercise continued to develop on these chains.
Protocol roadmaps stay energetic, with upcoming upgrades geared toward additional enhancing scalability and user experience.
The data suggest that decrease token costs haven’t translated into lowered community utilization. As a substitute, larger effectivity and capability look like supporting greater ranges of exercise at decrease prices, pointing to underlying energy within the infrastructure even amid softer market situations.
