How Decentralized These Layer1s Are?

Scored out of 100
$DOT : 74
$GRAM : 63
$AVAX : 50
$ADA : 47
$SOL : 46
$EGLD : 45
$ALGO : 44
$ICP : 43
$SUI : 40
$XTZ : 37
$APT : 36
$ETH : 35
$NEAR : 35
$IOTX : 31
$BNB : 25
$BTC : 22
$CRO : 20
$XLM : 16
$KSM : 9
Everyone ranks these chains by market cap and calls it decentralization.
Do it by Nakamoto Coefficient and validator spread instead, and the list flips on its head.
Nakamoto Coefficient tells you how many entities you'd need to compromise a chain.
Validator count alone doesn't tell you much if most of those validators sit under a handful of custodians.
Weighted NC at 65% and validator count at 35% on a log scale here, since NC ranges from 1 to 168 while validator counts range from 45 to over a million.
Straight averaging would have let that gap swallow the whole score.
$ETH lands in the middle of the pack despite 1.28 million validators, because its Nakamoto Coefficient is 1.
One entity, likely a liquid staking provider or a cluster of exchanges, sits close enough to a third of stake to matter.
$BTC sits even lower, an NC of 4 despite the highest hashrate in the dataset, which tracks with how concentrated mining pools have gotten.
$KSM finishes last for the same NC=1 problem, just with far fewer validators backing it up.
Raw validator count made these chains look more distributed than they are.
Which entry here surprised you more, Ethereum's spot or Bitcoin's?