Guide to Figment’s September 2026 4.2% ETH solo staking

The regulatory shift and yield gap

The SEC recently shifted its stance after its Division of Corporation Finance stated in May that certain blockchain staking activities do not involve the offering of securities. This movement follows the SEC’s request for S-1 filings from Solana ETF issuers and a commitment to a 30-day review period. While US Ethereum ETFs currently provide only spot exposure, the potential inclusion of staking rewards creates a distinction from Bitcoin products. However, ETF investors face lower net yields because issuers must hold liquid reserves to handle Ethereum’s nine to fifty day unbonding period. These net yields for ETF investors range from 1.9 to 2.2 percent, whereas direct staking yield remains around 2.68 percent.

I find the lower ETF yield disappointing for those seeking maximum protocol exposure. The SEC’s Division of Corporation Finance stated in May that certain blockchain staking activities do not involve the offering of securities, which fueled a significant surge in demand from institutional clients who want direct exposure to protocol rewards. Ethereum ETFs recently recorded a 19-day streak of positive net flows as the market anticipates these new capabilities. The Ethereum staking ratio reached 28.91 percent of the total supply in early 2026, with 35,859,802 ETH secured by 1,100,000 active validators. BlackRock’s ETHA fund continued a 22-day run of inflows during recent market activity. The network’s economic security reached approximately $112 billion as of January 6, 2026.

Figment performance and security

Figment operates a non-custodial infrastructure and holds a 5.8 percent share of staked ETH. For the first quarter of 2026, Figment validators maintained a 99.9 percent participation rate, which beat the network average of 99.7 percent. I would recommend Figment for those wanting to avoid the technical burden of running a node while keeping control of private keys. Figment’s infrastructure uses a "Safety Over Liveness" philosophy to minimize slashing risk. During Q1 2026, Figment recorded zero double-sign slashing events, while the network saw 33 such events. You should check your withdrawal address multiple times because an incorrect entry results in a 100% loss of your ETH deposits.

Figment’s Q1 median Consensus Layer reward reached 0.002003 ETH per validator per day, slightly exceeding the network median of 0.002002 ETH. Additionally, Figment’s Execution Layer rewards averaged 0.010827 ETH, which sits 7% above the network median of 0.010017 ETH. Figment also supports both Lighthouse and Prysm clients to reduce dependency on a single codebase. Figment’s interquartile range for daily rewards remains tighter than its peers.

Protocol mechanics and risks

To participate, you must deposit 32 ETH to activate a single validator. Since the Pectra upgrade activated in May 2025, the maximum validator effective balance cap rose from 32 ETH to 2,048 ETH, allowing for better economies of scale for those managing large amounts of assets through a single validator. Figment’s fees consist of a 10% charge, which applies to 30% of Execution Layer rewards while Consensus Layer rewards remain free. Consensus Layer rewards provide 93% of the total validator rewards, whereas Execution Layer rewards account for the remaining 7%. I find the fee structure slightly steep compared to direct participation. Do you really need a middleman to manage your keys?

The Pectra upgrade, which activated in May 2025, reduced slashing penalties by 128 times, moving them from 1/32 to 1/4,096 of the validator’s balance. A slashing event triggers an immediate penalty of approximately 1 ETH, or 1/32 of the validator’s effective balance. Once slashed, the validator enters an exit queue for about 36 days and loses rewards during that time. The validator software and hardware require a machine with at least a 4 TB NVMe SSD, 64 GB of RAM, a multi-core CPU, and an internet connection of 50 Mbps download and 25 Mbps upload.