Ethereum ended the third quarter with 43.8 million ETH staked, representing nearly 36% of the total supply, after almost 2 million tokens entered staking over the three-month period. The annualized yield nevertheless fell from 2.81% to 2.63%, while the deposit queue stood at approximately 1.39 million ETH, compared with only 39,000 ETH in the exit queue. Bitwise highlighted the contribution of staking ETFs and corporate treasuries, notably BitMine, which holds more than 5 million ETH, or roughly 84% of its treasury, with an annual return estimated at more than $300 million. More than 96% of staking rewards currently come from newly issued ETH, and network revenue declined to approximately $40.6 million in the third quarter from $63 million in the preceding quarter. Developers are therefore debating proposals to change issuance incentives as the staking ratio approaches 50%, although demand remains supported by roughly 1.4 million ETH awaiting deposit.
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