Ethereum, Solana, Avalanche Boost Network Activity and Cut Costs, Yet Tokens Tumble 50% YoY

ETH-3.33%
SOL-3.50%
AVAX-4.47%
According to The Block and Bitwise's latest quarterly staking report released on July 28, Ethereum, Solana, and Avalanche saw increased network activity and lower usage costs over the past year, yet ETH, SOL, and AVAX prices all declined approximately 50% or more. Bitwise on-chain research head Kam Benbrik noted a stark disconnect between network fundamentals and market sentiment—on-chain activity is actually growing, but protocol design has made block space cheaper, causing protocol revenues to drop significantly. Ethereum staking reached 40.2 million ETH (one-third of total supply) by the end of Q2, with most new stakes coming from institutions. Ethereum's annualized staking yield stands at 2.84%, while Solana's reaches 6.25%.
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