Original author: Ignas, DeFi researcher
Compiled by | Odaily Planet Daily (@OdailyChina)
Translator | CryptoLeo (@LeoAndCrypto)
Recently, DeFi researcher Ignas wrote an analysis of the distribution of SOL tokens, including the SOL being staked, the data on locked staking SOL, and the proportion of wallets holding SOL, which Odaily Planet Daily has compiled as follows:
Last year, I wrote about the distribution of ETH, and Eekeyguy created a great public dashboard to check where ETH is stored. Now it's SOL's turn.
Data shows: 88% of the SOL supply is in circulation, approximately 538.17 million tokens.
It is important to note that Solana's total supply has no cap (like ETH), with an inflation rate of 4.395%, an annual deflation rate of 15%, and the final inflation rate expected to stabilize at 1.5%.
Solscan data shows that 71% of the circulating supply of SOL is being staked. _ (while ETH is 30%.) _
Solanacompass data indicates that 6.7% of SOL is being locked in staking, possibly due to venture capital/team/insider actions, but I cannot determine who specifically holds this portion of SOL.
According to Messari data, 99.88% of SOL has been unlocked. Currently, only 600,000 SOL tokens are "locked," held by FTX (or have been sold in over-the-counter transactions).
So, what exactly are the 11.2% of locked SOL tokens reported by Solanacompass and CMC?
Institutional SOL Holders
According to Arkham Intelligence data, Coinbase holds $5 billion worth of SOL, accounting for 4.7% of the total SOL supply.
In addition, several institutions also hold large amounts of SOL, as follows:
Binance - 3.97%
Jito - 1.61%
Upbit - 1.28%
OKX - 1.19%
Alameda - 0.92% (or part of the locked tokens mentioned by Messari)
Marinade Finance - 0.79%
Robinhood - 0.74%
Kraken - 0.53%
Bybi - 0.49%
Jump Crypto - 0.33%
Crypto.com - 0.33%
Wintermute - 0.14%
Bitstamp - 0.13%
In summary, Arkham can trace 20% of the circulating supply of SOL. Additionally, we can discover more SOL holding and staking entities through the data platform Dune.
The above image shows that, in addition to the previously mentioned Binance and Coinbase, Helius holds 3.7% of the active staking supply. Additionally, Galaxy has 8 million staked SOL delegated, along with Ledger, Figment, Kiln1, Everstake, etc. However, many wallets among the top 15 are marked. Surprisingly, only 6.6% of SOL comes from liquid staking tokens (LST), which limits the growth potential of DeFi. If the native staking ratio of SOL were a bit higher, with all staking coming from LST, the Solana DeFi ecosystem could potentially grow by billions of dollars.
Independent SOL Holders
Next, I will use AI to calculate the data of SOL holders. _ (This may be incorrect, and the data is not completely accurate.)_
According to the data derived from AI, there are as many as 120 wallets holding more than 1 million SOL, with a total holding of over 150 million SOL;
While the number of wallets holding less than 1,000 SOL exceeds 8.9 million;
The average wallet holds 16.8 SOL (leaning towards smaller holders).
Overall,
Concentration: 0.33% of wallets (30,220) control 54% of the SOL supply (but this includes CEX, custodians, etc.);
Retail dominance: 97.4% of wallets hold less than 1,000 SOL, accounting for 24.8% of the supply.
Disclaimer: This article is still being updated, and comments are welcome to provide new data regarding the current status and ownership of SOL.
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