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AVAX 
ETH 
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NEAR 
SOL Bitwise report: Pledges on various networks hit a record high
Bitwise released a report saying that the pledged volume of Ethereum reached a record 40.2 million ETH, and institutional investors continued to increase their participation. Solana led the way with a pledge participation rate of 68%, while Hyperliquid, Near and Avalanche also recorded strong pledge activity. Although agreement fee revenue has declined due to lower transaction costs, network usage of major blockchains is still increasing.
Ethereum pledges climbed to new high
According to Bitwise's quarterly report, Ethereum pledged a record 40.2 million ETH in the quarter, accounting for 33% of network circulation supply. The report points out that institutional investors have driven most of the recent growth. Despite weakening market prices, pledged exchange-traded funds, corporate coffers and other large players continue to increase their holdings in ETH.
At the same time, trading activity in Ethereum has increased significantly. Quarterly transaction volume increased from 121.1 million to 203.9 million, and throughput increased from 15 transactions per second to 26 transactions. However, Ethereum's expense revenue fell 51% year-on-year to approximately US$64 million. Bitwise analysis believes that the decrease in fees reflects a deliberate reduction in block space costs and more abundant block capacity, rather than weakening demand.
Solana leads in pledge participation rate
Outside of Ethereum, Bitwise found that all networks it analyzed maintained high pledge participation rates. Solana ranked first with a pledge ratio of 68%, followed by Near (45%), Hyperliquid (44%) and Avalanche (41%). The report also highlights the growing involvement of institutions in emerging networks. According to Bitwise, Coinbase and Circle each recently pledged 500,000 HYPE tokens on Hyperliquid.
In addition, Solana maintained high network usage during the reporting period, with 9.8 billion non-voting transactions. Bitwise also noted that trading volume of tokenized stocks on Solana has soared from $1.34 million to $3.32 billion in the past 12 months.
Activity increases, fees fall
Bitwise said that networks show a clear trend: activity and pledge volumes continue to grow, while agreement fee revenue generally declines. The report shows that Avalanche processed four times the volume of transactions in the same period last year, reaching 236 million transactions on its C-chain. The company attributed the overall revenue decline to protocol upgrades aimed at reducing transaction costs.
This first quarterly report, co-authored by Kam Benbrik, Head of On-Chain Research at Bitwise, and Rafal Klich, Protocol Researcher, notes that institutional pledges continue to expand and network usage remains resilient across mature and emerging proof-of-stake networks.
