作宇：Oluwapelumi Adejumo，Cryptoslate

A report from Staked, a non-custodial staking platform owned by Kraken, shows that the average staking yield for the top 35 staking cryptocurrencies has hit a record low as investors’ average staking rates increased in the third quarter.

The average staking rate across the entire Proof-of-Stake (PoS) network increased significantly to 52.4%, causing the yield on these chains to drop to 10.2%, the lowest level ever.

For context, the consensus layer yield of Ethereum (ETH), the largest PoS network, fell to a low of 3.2% in the third quarter, while the percentage of staked assets as a percentage of total supply rose to an all-time high of 22%. The decline in Ethereum’s execution layer was more pronounced, falling to 1.3%, according to data from Staked.

“High staking rates and transaction activity moving from mainnet (L1) to various Ethereum layer 2 networks (Ls) resulted in a staking yield of 4.5% in Q3, the lowest level ever recorded for Ethereum. "

Despite the significant surge in Ethereum staking, overall deposit activity has slowed significantly over the three months. Stake hit a low of 1,300 in September.

Staking is crucial in PoS networks as it helps improve overall security. The process requires holding and locking a specific amount of cryptocurrency for a period of time to help facilitate the operation of the blockchain network in exchange for rewards.

The potential returns make this venture attractive to cryptocurrency investors, including institutional players seeking passive income from their digital asset holdings. Notably, despite its bankruptcy, FTX is investing $150 million in ETH and Solana tokens to generate additional revenue, a move consistent with its commitment to compensate customers.

Importantly, however, staking activities are subject to intense regulatory scrutiny in the United States. The U.S. Securities and Exchange Commission (SEC) classified the activity as a security in a legal action against cryptocurrency exchange Coinbase and fined Kraken $30 million for failing to register its staking product as a security offering.

Meanwhile, Stake yields have been declining since peaking at 15.4% last March. With the exception of two proof-of-stake networks, Polkadot (15.1%) and Cosmos (18.9%), which currently yield above 7.5%, staking rewards have been steadily declining across chains. This trend could have significant implications for individual investors and the broader cryptocurrency market.