Bitwise issued the 2026 Q3 chain pledge report: Q2 chain activity continued to grow, but agreement revenue declined

On 24 July, Bitwise issued a pledge report on the third quarter of 2026, which showed a clear division between market sentiment and basics at the bottom of the public chain in the second quarter of 2026. All the public chains covered in the present report have the same characteristics: the space cost of blocks is down, the level of activity on the chain increases, but the total revenue from the fees declines simultaneously. The central incentive for low incomes is the expansion design of public-chain agreements — a significant increase in the supply of block space and a continuous decline in unit costs; only a few tracks have seen weak demand, not common in industry. The fees continue to go down, but the use of the network continues to rise. Following the lifting of the Gas ceiling, the number of transactions per second (TPS) rose from 15 last year to 26; the total number of non-voting transactions in Solana in the second quarter was nearly 10 billion, higher than in any quarter of 2025; and the volume of Avalanche C chain transactions increased from 58 million to 236 million. In short, the fall in the price of block space is not equivalent to a contraction in market demand。