Notes on Methodology
This report covers Figment’s active Ethereum validators throughout April, May, and June 2026. 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.
Q2 Metrics
Ethereum’s Q1 2026 was its most active quarter on record, and Q2 carried that momentum forward — stablecoin supply on Ethereum continued to grow, L2 networks now account for approximately 95% of total Ethereum throughput, and the network’s gas limit has continued to expand. For institutional stakers, sustained onchain activity has a direct bearing on execution layer rewards, which made up roughly 6% of total validator rewards this quarter. On Ethereum, Figment continues to be one of the largest non-custodial staking providers by share of stake.
Highlights:
- ~33% of all Ethereum supply staked
- 6.26% share of staked ETH held by Figment validators
- Figment’s average Q2 2026 Staking Rewards Rate (SRR): 2.82% (vs. network average SRR of 2.81%)
- 0 double-sign slashing events on Figment validators
- 99.99% participation rate across Figment validators
The State of Ethereum Staking Rewards, Mid-2026
Roughly 94% of Q2 rewards came from the consensus layer: protocol-issued rewards that are largely uniform across the network. That’s why Figment’s 2.82% average SRR sits within a basis point of the network’s 2.81%.
While validator performance has consolidated to a tighter cluster over time, they still carry different levels of underlying risk to deliver those rewards. Risk-adjusted rewards are still the right lens for comparing ETH staking service providers.
Slashing risk is inherent to running a validator and can be minimized but never eliminated. Two providers can report the same SRR while carrying very different amounts of risk to achieve it, and that gap is what institutions should be evaluating with staking providers. More detail below in “Infrastructure and Risk Management”.
Where Q2 Rewards Came From
Ethereum staking rewards come from two protocol layers with different mechanics, risk profiles, and variability. Consensus layer (CL) rewards are protocol-issued and relatively predictable, earned 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, and they are variable and market-driven.
In Q2, CL rewards accounted for approximately 94% of total validator rewards, with EL comprising the remaining ~6%. CL rewards provide a reliable floor; EL rewards introduce the variability, moving most during periods of elevated onchain activity or major market events. For a full breakdown of how these reward streams work, see our latest article here.
For a validator with 32 ETH, Figment’s Q2 median CL reward was 0.001955 ETH per validator per day, on par with the network median. Validators selected to propose blocks also receive EL rewards: in Q2, Figment validators proposing blocks received a median of 0.011158 ETH, higher than the network median of 0.010938 ETH. Given proposal randomness, this figure will fluctuate quarter to quarter.
Infrastructure and Risk Management
Not all reward outcomes are equal if one provider achieves similar returns while exposing clients to higher slashing risk, validator downtime, or compliance risk. Figment’s infrastructure is designed around this principle: minimizing risk exposure while maintaining consistent validator performance.
Figment operates a non-custodial infrastructure model. We do not custody client assets or control customer funds. Clients retain full control of their keys; Figment focuses exclusively on running secure validator infrastructure. Central to this approach is Figment’s “Safety Over Liveness” philosophy: slashing avoidance and security take priority over marginal uptime or short-term performance gains.
Q2 reflected that posture. Participation rate, which measures how often a validator successfully attests when selected, is a reliable indicator of uptime and stability; Figment’s Q2 average was 99.99% against a network average of 99.76%. Figment recorded zero double-sign slashing penalties in Q2, while the network also saw zero slashing events over the same period. Slashing carries a significant negative impact on rewards. Figment also offers coverage to mitigate losses in the event of a slashing incident.
Looking Forward: Glamsterdam
Ethereum’s next major protocol upgrade, Glamsterdam, is on track for Q4 2026. For institutional stakers, two changes are worth watching.
The first is ePBS (EIP-7732), which separates block proposing from block building at the protocol level. In practice, this reduces validator dependence on external MEV-Boost relay infrastructure — though opting into the new market is voluntary, and adoption is still uncertain.
The second is a change to exit mechanics (EIP-8061): current modeling puts exits at roughly 4.8x faster and consolidations at roughly 2.4x faster than today, meaningfully cutting wait times for validators leaving the active set. These figures are based on today’s staked ETH levels and will shift as that changes. Figment is tracking implementation details and will publish an analysis once timelines are finalized.
With protocol-issued rewards near-uniform and ePBS set to influence the more volatile execution layer rewards, validator selection on Ethereum is increasingly an exercise in reliability: participation consistency, slashing record, and disciplined handling of execution layer rewards.
For institutional stakers, EIP-8061 likely has the most direct impact. ePBS is the most consequential upgrade — changing the structure of the beacon block, separating block choice from payload verification and potentially reducing reliance on third-party relay infrastructure. However, opting into this market for blocks is voluntary, so it is unclear what adoption will be. Figment is actively monitoring implementation details and will publish a dedicated analysis as finalization timelines become clear.
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 integrations with multiple OFAC-compliant relays
- 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 know how Figment can assess your staking performance on Ethereum? Schedule a meeting with us to understand how we provide detailed insights and strategies to help you maximize your rewards.
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