Large blockchain networks including Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) have recorded notable increases in on-chain activity and reductions in transaction costs over the past year, even as the prices of their native tokens experienced substantial declines.
This divergence between market prices and underlying network fundamentals was highlighted in Bitwise’s inaugural quarterly staking report covering the second quarter of 2026.
According to the analysis, Ethereum, Solana, and Avalanche tokens each dropped by approximately half or more compared to levels a year earlier. Yet usage metrics moved in the opposite direction.
Ethereum processed 203.9 million transactions in the quarter, up sharply from 121.1 million in the same period of 2025.
Average throughput rose from 15 to 26 transactions per second following an increase in the block gas limit.
At the same time, the average cost per transaction fell from about $1.08 to $0.31, while dollar-denominated network revenue declined 51 percent to roughly $64 million.
When measured in ETH terms, however, revenue actually increased for the first time in more than a year.Solana demonstrated similar resilience.
The network handled approximately 9.8 billion non-voting transactions, near all-time highs and above the 8.9 billion recorded a year earlier.
Transaction costs dropped dramatically from around three cents to half a cent, contributing to a steep decline in overall revenue from $272 million to $51 million.
Avalanche’s C-Chain saw the most dramatic growth in volume, processing 235.6 million transactions compared with just 58 million previously—an increase of roughly four times.
Costs per transaction plunged from about 2.7 cents to 0.14 cents, with revenue falling accordingly to $330,000.
Bitwise Head of Onchain Research Kam Benbrik described the pattern clearly: there has been a noticeable gap between network fundamentals and broader market sentiment.
Prices are lower than in 2025, yet blockchains are becoming both cheaper to use and more active.
The report attributes much of the fee reduction to deliberate protocol improvements that expanded available blockspace rather than any broad weakening of demand.
Staking participation remained robust across the networks.
Ethereum reached a record 40.2 million ETH staked, representing about 33 percent of total supply, driven largely by institutional inflows from staking ETFs, corporate treasuries, and other large holders.
High staking ratios were also observed elsewhere, with Solana near 68 percent and Avalanche around 41 percent.
Institutional engagement extended beyond staking.
Tokenized assets, real-world applications, and payments activity continued to expand on these chains.
Protocol roadmaps remain active, with upcoming upgrades aimed at further improving scalability and user experience.
The data suggest that lower token prices have not translated into reduced network utilization. Instead, greater efficiency and capacity appear to be supporting higher levels of activity at lower costs, pointing to underlying strength in the infrastructure even amid softer market conditions.
