Figment’s Q3 2025 Ethereum Validator Report - Figment

Figment’s Q3 2025 Ethereum Validator Report

Published: October 16, 2025

This report covers all of Figment’s active Ethereum validators throughout July, August, and September of 2025. On Ethereum, we are one of the largest independent protocol staking providers. Unless otherwise stated, all of the data utilized in this report is powered by Figment’s Data team.

In order to gain a complete understanding of a validator’s performance, it is crucial to consider various factors and evaluate their performance over an extended time frame. Comparing performance across validators or groups of validators is a nuanced exercise that requires controlling for randomness or luck. For example, validators can be chosen to perform specific higher-reward duties, like proposing blocks or participating in the sync committee, more frequently than expected. They can also be lucky if they are chosen to propose a block during times of higher demand for blockspace and thereby receive higher execution layer rewards.

Q3 Metrics:

• ~30% of ETH Total Supply Staked
• Figment’s average SRR Rate throughout Q3 was 2.94%, on par with the network average
• 0 Double-sign Slashing Events on Figment validators
• Figment Ethereum validators participation rate in Q3 was 99.9%

What are Risk-Adjusted Rewards?

As Ethereum stakers navigate the landscape of staking rewards, it is crucial to understand Figment’s definition of risk-adjusted rewards and what they mean in real terms.

Risk-adjusted rewards refer to the rewards earned by stakers after taking into account the level of risk and potential consequences involved in achieving said rewards. At Figment, we focus on risk-adjusted rewards rather than rewards in isolation to ensure our customers can optimize their staking rewards while minimizing exposure to potential hazards.

Security & Risk Management

Figment remained secure and fully operational throughout Q3.

On September 8, 2025, two unrelated security events ( an NPM supply-chain attack and the SwissBorg breach) occurred in the ecosystem. While Figment was not impacted, during the aftermath of this breach, Kiln subsequently chose to involuntarily exit 100% of its ETH validators out of caution. Because Kiln represents ~4% of all staked ETH, this decision pushed Ethereum’s exit queue to record highs and created ripple effects for exit/activation timelines and reward realization for affected validators.

Key Takeaways:

• Figment infrastructure and client assets remained secure and unaffected by the Sept 8 NPM supply-chain and SwissBorg incidents.
• Figment operates a non-custodial model with separation of duties and a Safety-Over-Liveness philosophy; we have zero double-signing slashing incidents on Ethereum.
• Kiln’s forced exit of 100% of its ETH validators (4% of staked ETH; ~$7B) materially impacted Ethereum’s exit and activation queues, creating potential reward timing effects for stakers re-entering.
• Figment is supporting institutions with 1:1 guidance and queue-aware strategies to optimize risk-adjusted rewards through this period.

Figment’s security practices include multi-cloud and bare-metal infrastructure, zero-trust access, hardened key management, multi-party change controls, rigorous vendor risk reviews, and continuous monitoring/testing, with SOC 2 Type II controls in place.

Ethereum Rewards

When staking Ethereum, validators receive both consensus layer (CL) and execution layer (EL) rewards. CL rewards account for the majority of the rewards at ~93% in Q3, compared to ~7% for EL rewards.

Consensus Layer Rewards

CL rewards are allocated to validators for attesting, proposing blocks, and participating in the sync committee. Figment’s performance in Q3 for median CL rewards was 0.002029 ETH per validator per day, slightly higher than the network median of 0.002027.

Execution Layer Rewards

In Q3, when Figment validators were selected to propose blocks, they received a median of 0.0176 ETH, over 4% higher than the network median of 0.0168 ETH.

Participation Rate

Every epoch validators attest to the state of Ethereum. Participation Rate is a measure of how often a validator successfully attests when it is selected. In Q3, Figment performed with an average Participation Rate of 99.9%, which is on par with the network average.

Slashing

Figment’s performance throughout Q3 2025 remained strong, with no slashing penalties. Slashing is a large risk to validator performance and has a significant negative impact on rewards.

Stake ETH with Figment

Figment is the leading provider of staking infrastructure. Figment provides the complete staking solution for over 1000+ institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets.

When it comes to Staking Ethereum, Figment offers:

• Risk-Adjusted Rewards: Optimizes risk-adjusted rewards for customers.
• Multi-Client Infrastructure: Supports both the Lighthouse and Prysm Ethereum clients.
• Click-to-Stake: Experience the best staking interface for ETH with the Figment app.
• Optimized Rewards Reporting: Access detailed and comprehensive rewards statements in various formats.

Figment offers point-and-click staking, insights dashboards, rewards tracking, and statements providing a seamless Ethereum staking experience. Individuals maintain control with true non-custodial staking while institutions benefit from Figment’s robust infrastructure that provides security and optimized rewards.