[Bitwise Releases 2026 Q3 On-Chain Staking Report: Q2 On-Chain Activity Continues to Grow, but Protocol Revenue Declines] According to a report by Jinse Finance, on July 24, Bitwise released its 2026 Q3 on-chain staking report. The report indicates that in Q2 2026, there was a significant divergence between market sentiment and the underlying fundamentals of public blockchains. All public blockchains covered in this report exhibited the same characteristics: declining block space costs, increased on-chain activity, but a simultaneous drop in total fee revenue. The core driver of declining revenue is the scalability designs of various blockchain protocols—block space supply has significantly increased, and unit costs have continued to decrease. Only a few sectors experienced weakened demand, which is not a widespread phenomenon across the industry. While fees continue to decline, the scale of network usage keeps climbing. After Ethereum raised its Gas limit, transactions per second (TPS) increased from 15 last year to 26. Solana processed nearly 10 billion non-voting transactions in Q2, surpassing any quarter in 2025. Avalanche C-Chain transaction volume rose from 58 million to 236 million. In short, lower block space costs do not equate to shrinking market demand.