This report covers Figment’s active Ethereum validators throughout January, February, and March 2026. On Ethereum, Figment is one of the largest non-custodial protocol staking providers by share of staked ETH. Unless otherwise stated, all data is sourced from Figment’s internal analytics.
Comparing validator performance is a nuanced exercise. Validators can be randomly selected for higher-reward duties (block proposals, sync committee participation) more or less frequently than expected. Execution layer rewards also vary with demand for blockspace. These factors introduce variance that must be controlled for when evaluating performance over time.
Q1 Metrics
- ~32% of all Ethereum supply staked
- 5.8% share of staked ETH held by Figment validators
- Figment’s average Q1 2026 SRR: 2.92% (vs. network average of 2.91%)
- 0 double-sign slashing events on Figment validators
- 99.9% participation rate across Figment validators
Risk-Adjusted Rewards
Risk-adjusted rewards involve balancing performance and bleeding-edge engineering optimizations with consistency and reliability. Not all reward outcomes are equal if one provider achieves similar returns while exposing clients to higher slashing risk, validator downtime, or concentration in a single client implementation.
Figment’s infrastructure is designed around this principle: minimizing risk exposure while maintaining consistent validator performance. Learn more about what risk-adjusted rewards are, and their significance in Ethereum staking.
Security and Risk Management
Institutional participation in Ethereum staking is growing. For these participants, risk management, operational discipline, and infrastructure assurance matter as much as headline reward rates.
Non-Custodial, Safety-First Architecture
Figment operates a non-custodial infrastructure model. We do not custody client assets, operate wallets with signing authority, or control customer funds. Clients retain full control of their keys; Figment focuses exclusively on running secure, high-performance validator infrastructure.
Our systems are architected with separation of duties: validator operations, key management, and governance controls are intentionally isolated to reduce correlated risk.
Central to this approach is Figment’s “Safety Over Liveness” philosophy: a deliberately conservative stance toward upgrades, configuration changes, and dependency updates. The priority is slashing avoidance and capital protection over marginal uptime or short-term performance gains.
Reward Consistency at Scale
Source: Figment Internal Data
Median SRR can be used as a staking reward rate benchmark, but it only tells part of the story. A provider can post a strong median while delivering highly variable results, meaning a client’s actual experience could differ meaningfully from the headline number.
Figment’s Q1 2026 data shows both strong median performance and the narrowest distribution in the comparison set. Figment’s interquartile range (IQR) (the spread of daily SRR from the 25th to 75th percentile) is tighter than its peers.
Ethereum Reward Components
Ethereum staking rewards come from two distinct protocol layers with different mechanics, risk profiles, and variability.
Consensus Layer (CL) rewards are protocol-issued and relatively predictable. Validators earn them by attesting to the state of the chain, proposing blocks, and participating in sync committees.
Execution Layer (EL) rewards come from user priority fees and MEV at the time of block proposals. They are variable and market-driven.
In Q1 2026, CL rewards accounted for approximately 93% of total validator rewards, with EL comprising the remaining ~7%. CL provides a reliable floor; EL introduces variability that moves meaningfully during periods of elevated on-chain activity or major market events.
For institutions evaluating staking performance, this distinction matters. Week-to-week reward variance is most often a function of EL timing and market conditions, not a signal of validator underperformance. For a full breakdown of how these reward streams work, see our latest article here.
Source: Figment Internal Data
Q1 26 Consensus Layer Performance
Figment’s Q1 median CL reward: 0.002003 ETH per validator per day (vs. network median of 0.002002 ETH). Validators selected to propose blocks also receive EL rewards.
Q1 26 Execution Layer Performance
In Q1, Figment validators proposing blocks received a median of 0.010827 ETH, over 7% above the network median of 0.010017 ETH. Given EL’s randomness, this figure will fluctuate quarter to quarter.
Participation Rate
Each epoch, validators attest to the state of Ethereum, including the beacon block root, source checkpoint, and target checkpoint. These attestations accrue votes for new blocks, achieving consensus and finalization.
Participation rate measures how often a validator successfully attests when selected. Missed attestations can result from downtime, misconfiguration, or other operational issues, making participation rate a reliable indicator of uptime and stability.
Figment’s Q1 average participation rate: 99.9% (vs. network average of 99.7%).
Source: Figment Internal Data
Slashing
Figment recorded zero double-sign slashing penalties throughout Q1 2026. By comparison, the network saw 33 slashing events during the same period.
Slashing carries a significant negative impact on rewards. Figment’s “Safety Over Liveness” approach to validator infrastructure is designed specifically to minimize this risk. Figment also offers coverage to mitigate losses in the event of a slashing incident.
Stake ETH with Figment
Figment operates one of the largest non-custodial Ethereum staking infrastructures, serving institutional clients including asset managers, exchanges, wallets, foundations, and custodians.
What Figment offers for Ethereum staking:
- Risk-adjusted rewards: MEV-Boost integration with multiple OFAC-compliant relays
- Multi-client infrastructure: Supports both Lighthouse and Prysm clients, reducing dependency on a single codebase and the impact of any client-specific issue
- Figment App: Stake, unstake, view positions in real time, track portfolio across networks, and download detailed reward reports
- Rewards reporting: Detailed statements in multiple formats
Staking rewards are variable and not guaranteed. Past performance is not indicative of future results.
Want to learn more about staking Ethereum? Schedule a meeting with us.
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