Author: @DefiIgnas

Compiled by: J1N, Techub News

Data shows that 88% of the supply of SOL is circulating in the market.

However, please note that Solana has no upper limit on its total supply, with an inflation rate of 4.395% and an annual decline rate of 15%. The final inflation rate is expected to stabilize at 1.5%.

Surprisingly, 71% of Solana's circulating supply is being staked, while Ethereum has only 30%.

However, according to statistics from Solanacompass.com, the long-term locked staking of SOL accounts for the total staking. Are these locked users venture capitalists, insiders, or team members? I need to gain a deeper understanding of this.

However, I cannot directly find out who has engaged in long-term locked staking of SOL. According to Messari, 99.88% of the staking addresses have completed at least one redemption. Currently, the 600,000 SOL that have not been redeemed belong to FTX's assets.

In addition, who exactly owns the 11.2% of long-term locked staking SOL reported by Solanacompass and CMC? I will look for answers through on-chain data.

Who holds SOL?

According to Arkham Intelligence, Coinbase holds SOL worth $5 billion, accounting for 4.7% of the total supply of SOL.

Here are other major holders calculated by percentage of circulating supply.

• Binance - 3.97%

• Jito - 1.61%

• Upbit - 1.28%

• OKX - 1.19%

• Alameda - 0.92%

• Marinade Finance - 0.79%

• Robinhood - 0.74%

• Kraken - 0.53%

• Bybit - 0.49%

• Jump Crypto - 0.33%

• Crypto.com - 0.33%

• Wintermute - 0.14%

• Bitstamp - 0.13%

Arkham only counts holders that account for about 20% or more of the circulating supply. We can also find more holding entities through Dune's open-source database.

After removing duplicate addresses in Arkham, we also found that Helius holds 2.5% of the SOL supply.

Additionally, several cryptocurrency companies collectively hold 8.8 million SOL, including Galaxy, as well as Ledger, Figment, Kiln1, Everstake, and others.

To achieve network decentralization, the Solana Foundation has entrusted 35.6 million SOL (6.6% of the circulating SOL total) to 542 validators.

According to research by @0xEekeyguy, validators need to stake at least 50,000 to 75,000 SOL to be profitable.

Data shows that only 14.3% of the staked SOL is through LST protocols (accounting for 10.5% of the circulating supply). The LST staking protocol Jito has played an important role in this regard. If the natively staked SOL can be staked through LST, the Solana DeFi ecosystem could grow by billions of dollars.

SOL Retail Holders

Disclaimer: I attempted to input Dune's data into AI for analysis of the distribution of retail holders. This data is likely to be incorrect!

Analysis results:

• Institutional Users: The top 0.33% of wallets (approximately 30,220 addresses) actually control 54% of the SOL supply (including centralized exchanges, institutional custodians, etc.)

• Retail Users: About 97.4% of wallets hold 1K SOL, collectively owning 24.8% of the supply, with an average balance of 16.8 SOL for this group of holders.

Again, this analysis is for reference only, and caution is advised.

Translator: From on-chain data, 71% of Solana's circulating supply is staked, with 11.2% in long-term lock-up, while major exchanges, foundations, and a few institutional validators control a significant portion of the chips. This structure means that, despite Solana's breakthroughs in performance and ecosystem growth, the actual governance weight of the network remains highly concentrated in the hands of a few entities. This "claiming decentralization while being highly centralized" is precisely why many criticize Solana, a project once seen as an innovator in public chains, which now seems to be deviating from the decentralization principles advocated by Satoshi Nakamoto.

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