Source: Cointelegraph Original: "{title}"
The total value of staked SOL, the native token of the Solana network, briefly surpassed that of Ethereum's ETH, sparking a debate in the market about whether this phenomenon is a positive or negative signal for Solana.
Blockchain data shows that there are currently over $53.9 billion worth of SOL staked on the Solana network, held by 505,938 independent wallet holders, with an annualized yield of 8.31%.
According to data from Beaconcha.in, on April 20, this figure briefly exceeded the staked market value of Ethereum. Currently, there are 34.7 million staked tokens on the Ethereum network, locked in at a value of $53.93 billion.
The strong price performance of SOL relative to ETH over the past two years is one of the key factors leading to this "turnaround." Data from CoinGecko shows that since June 12, 2023, the SOL/ETH price ratio has increased nearly tenfold from 0.0088 to 0.0866.
However, compared to Ethereum's 2.98% yield, the "risk-free" 8.31% staking yield offered by the Solana network may be attracting users away from DeFi activities, such as providing liquidity to automated market makers and lending protocols in exchange for token rewards.
JC, a developer at Builda Protocol and X user, stated, "The fact that 65% of Solana's market cap is staked means its tokens have no other use, which is actually a bearish signal."
DeFiLlama data shows that the value of liquid staked ETH tokens on Ethereum is $21.5 billion, while the value of liquid staked SOL on Solana is only $7.22 billion.
Tushar Jain, managing partner at Multicoin Capital, previously stated that the limited development of DeFi on Solana is due to the irrational choice of lower returns compared to "risk-free" investments.
In terms of total value locked in DeFi, Ethereum far surpasses Solana with $50.4 billion compared to Solana's $8.85 billion.
Industry insiders also pointed out that the number of validators on the Ethereum network has reached 1.06 million, far exceeding Solana's 1,243.
An Ethereum researcher noted that due to Solana's lack of mechanisms to penalize malicious behavior, its staking does not truly protect network security.
Ethereum researcher Dankrad Feist stated in an X platform post on April 20, "Calling it 'staking' without a penalty mechanism is very ironic. What exactly is being staked?"
Solana Labs stated that a penalty mechanism is currently in place, but it is not automatically enforced and can only penalize an attacker's assets by restarting the entire network.
According to Kyle Samani, managing partner at Multicoin Capital, Solana plans to launch a more comprehensive penalty solution later this year.
Solana Labs CEO Anatoly Yakovenko stated that he is pushing for the implementation of a "correlation penalty" mechanism, where the penalty will equal the square of the difference between a validator's erroneous staking and the median network staking over a cycle.
Meanwhile, Ethereum developers and researchers are exploring decentralized staking methods.
Due to the high threshold of requiring 32 ETH ($50,750) to run independent validators, many Ethereum stakers have turned to liquid staking protocols in recent years.
However, this shift has led to the Lido protocol capturing 88% of the Ethereum liquid staking market, raising new concerns about the centralization of Ethereum staking.
Related: Aptos community proposal seeks to cut staking rewards by nearly 50%
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