In-depth Analysis of Solana Token Distribution

Recently, researchers conducted an in-depth analysis of the distribution of Solana (SOL) tokens. Currently, 88% of the total supply of SOL is in circulation, amounting to approximately 605 million coins. Solana adopts an unlimited supply model, with a current inflation rate of 4.395%, decreasing by 15% each year, ultimately stabilizing at 1.5%.

It is worth noting that 71% of the circulating supply of SOL is in active staking, a proportion that is much higher than Ethereum’s 30%. However, there is some controversy regarding the data on locked tokens. Some data sources indicate that 6.7% of the staking amount is in a locked state, while other sources suggest that 99.88% of SOL tokens have been unlocked, with only 600,000 possibly still in a locked state. This contradiction needs further clarification.

In terms of holder distribution, major trading platforms and institutions account for a significant share. Data shows that a well-known trading platform holds approximately 4.7% of the total supply of SOL, valued at about $5 billion. Other major holders include several trading platforms, liquidity providers, and fintech companies, with a total holding exceeding 20% of the circulating supply.

To promote network decentralization, the Solana Foundation allocated 35.6 million SOL (6.6% of the circulating supply) to 542 validators. It is worth mentioning that validators need to stake between 50,000 and 75,000 SOL to achieve profitability.

In terms of liquid staking, only 14.3% of staked SOL comes from liquid staking tokens (LST), which somewhat limits the growth potential of DeFi on Solana. If more native staked SOL is transferred to LST, the scale of Solana’s DeFi ecosystem could significantly expand.

For individual holders, the data shows a highly uneven distribution. About 0.33% of wallets (30,220) control 54% of the SOL supply, but this includes large institutions such as exchanges and custodians. Meanwhile, 97.4% of wallets hold less than 1000 SOL, together accounting for 24.8% of the supply. The average balance of SOL wallets is 16.8 SOL, but this figure is somewhat skewed by small holders.

Overall, the distribution of Solana’s tokens shows a high proportion held by institutions and an uneven distribution among individual holders. As the ecosystem continues to develop, this distribution pattern may change. In the future, how to achieve a broader token distribution while maintaining network security will be an important issue for Solana.