Solana Decentralization Report — July 2026

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Summary

This month's Solana Decentralization Report covers 23 key metrics across validator concentration, geographic and client diversity, and stake movement trends for July 2026. Read on for the full breakdown, chart by chart.

Net Stake Change by Validator Size

Net staked SOL increased by ~4.8M SOL over the past 15 epochs (≈30 days). Validators holding between 3M and 10M SOL led net inflows at ~4.5M SOL, while deactivated validators saw the largest net outflow at ~2.1M SOL.

Solana Stake Distribution Lorenz Curve

Solana's Gini coefficient is 0.7350 at epoch 1007, meaning stake is highly concentrated among a small number of validators. Over the past 15 epochs (~30 days), the coefficient remained stable, moving from 0.7355 to 0.7350 on a scale from 0 to 1, where 0 means perfect equality and 1 means total concentration.

Solana Stake Control Thresholds

Solana's Nakamoto coefficient dropped from 19 to 18 over the last 15 epochs, indicating weaker decentralization as fewer validators are now needed to disrupt the network. The supermajority threshold also dropped from 77 to 75 validators, showing a minor decrease in the stake needed to control consensus.

Stake Concentration: Herfindahl-Hirschman Index (HHI)

Unlike the Gini coefficient, which measures inequality in the distribution, HHI reflects effective concentration, capturing how many validators meaningfully contribute to the total stake. From epoch 993 to 1007, the HHI fluctuated between 98.27 and 101.9, indicating a broad validator base with active stake across the network. As of epoch 1007, the stake distribution is equivalent to having 98 validators with equal stake.

Stake Share by Top Staked Validators

At epoch 1007, the top staked validator holds 3.92% of total stake (16.8M SOL), the top 10 account for 24.35% (104.4M SOL), and the top 100 for 73.08% (313.1M SOL).

Stake Share by Top Staked Validators per Epoch

Over epochs 993–1007, stake concentration among the top staked validators showed an upward trend across all tiers. The top staked validator increased its share from 3.68% to 3.92%, the top 10 from 23.68% to 24.35%, and the top 100 from 72.56% to 73.08%.

Validator Count by Epoch

Validator count dropped from 718 to 694 (-3.3%) over epochs 994–1007. The steepest decline hit epoch 999 (-2.5%).

Number of Validators Gaining, Losing and Stable Stake by Epoch

Across epochs 993–1007, stake increased by 4,848,073 SOL. On average, 59.81% of validators gained stake, while 32.18% experienced losses and 8.01% remained stable.

Stake Inflow, Outflow & Churn Rate by Epoch

Epoch 997 saw the strongest inflow at 4.3M SOL, while epoch 1002 recorded the largest outflow at -5.3M SOL. Churn rate, the stake movement relative to total network stake, ranged from 0.56% to 1.87%, declining over the period indicating reduced stake movement. On average, 1.09% of total network stake moved per epoch, corresponding to 69.7M SOL of cumulative stake flow over the period. This reflects healthy delegator activity, with stake flowing naturally across the network.

Spearman Rank Persistence by Epoch

Spearman Rank Persistence measures how stable the validator ranking by stake is epoch to epoch. Over epochs 993–1007, values ranged from 0.9810 to 0.9994, indicating high stability in validator positions, most validators maintained similar relative rankings across epochs.

Validator Distribution by Stake Balance

As of epoch 1007, the 3M – 10M SOL range leads stake concentration with 30.56%, held by 26 validators, followed by the 1M – 3M SOL range at 28.65% across 68 validators.

Median validator stake declined from ~163,485 to ~160,837 SOL across epochs 993–1007, indicating that the typical validator is shrinking in size.

Validator Distribution by Stake Balance by Epoch

Between epochs 993 and 1007, validators in the 3M – 10M SOL range (from 28.31% to 30.56%) posted the largest gain, while validators in the 1M – 3M SOL range (from 29.92% to 28.65%) saw the steepest decline.

Solana Validator Client Distribution

As of Epoch 1006, Agave client holds 365M SOL (85.7%) across 623 validators of total stake, followed by Frankendancer at 50M SOL (11.6%) across 60 validators and Firedancer at 11M SOL (2.6%) across 5 validators. Breaking down by client-scheduler combination, Agave (JitoBam) accounts for 142M SOL (33% of total stake) across 382 validators, while Agave (Jito) represents 89M SOL (21%) across 137 validators. Stake distribution by client is highly concentrated, with an HHI of 7,493 at epoch 1006, above the 2,500 threshold. Compared to 7,530 at epoch 993, concentration has decreased over the period.

Solana Client Stake Distribution

Agave lost ground, up from 86.0% at epoch 993 to 85.7% at epoch 1006. Frankendancer gained share, from 11.3% to 11.6%, while Firedancer lost ground, from 2.7% to 2.6%. Agave with validators down from 630 to 623 and stake down 0.1% over the same period. Frankendancer with validators down from 72 to 60 and stake up 2.7%, while Firedancer with validators down from 7 to 5 and stake down 1.1%. From epoch 993 to 1006, Agave (Harmonic) posted the strongest growth at 19.3% in stake, reaching 85.4M SOL with validators up from 49 to 51. On the other end, Agave (Jito) saw the steepest decline at 11.2% in stake, closing at 89.3M SOL with validators down from 145 to 137. Frankendancer (JitoBam) entered as a new client-scheduler combination, reaching 85K SOL across 1 validator. n/Client-scheduler combinations with unidentified data are excluded from this summary.

SOL Supply Distribution by Epoch

Circulating supply grew by 2,343,465 SOL while non-circulating supply shrank by 554,287 SOL, netting an increase of 1,789,178 SOL in total supply over epochs 993–1007. As of epoch 1007, total supply stands at 630,995,883 SOL, with circulating supply making up 92.4% (582,979,796 SOL) and non-circulating supply 7.6% (48,016,086 SOL).

SOL Staking Ratio

As of epoch 1007, 428,473,331 SOL is actively staked, representing 67.9% of total supply.

Total Active Stake & Staking Ratio by Epoch

Total active stake grew from 426,759,883 to 428,473,331 SOL between epochs 993 and 1007, an increase of 1,713,448 SOL. The staking ratio rose from 67.8% to 67.9% over the same period.

Top 10 Stake Movements Between Cities

Over the last 15 epochs, the largest stake movement between cities was 83.2M SOL from Frankfurt to Frankfurt am Main across 109 validators, followed by 18.4M SOL from Šiauliai to Siauliai across 14 validators.

Top 10 Cities by Stake

Over the last 15 epochs, stake concentration by city remained low but increased, with the HHI rising from 1055 to 1189. Frankfurt am Main saw the largest stake increase at +62,727.2%, while Secaucus recorded the largest decline at -99.3%. Frankfurt am Main and Amsterdam hold the largest share of Solana's stake at 97.1M SOL and 85.9M SOL respectively, both gaining 62727.2% and 7.6%.

Top 10 Stake Movements Between Countries

Over the last 15 epochs, the largest stake movement between countries was 18.4M SOL from Republic of Lithuania to Lithuania across 14 validators, followed by 6.9M SOL from Germany to United States across 2 validators.

Top 10 Countries by Stake

Over the last 15 epochs, stake concentration by country increased from low to moderate, with the HHI rising from 1,482 to 1,583.

Spain saw the largest stake increase at +123.9%, while United Arab Emirates recorded the largest decline at -94.4%.

Germany and Netherlands hold the largest share of Solana's stake at 105.9M SOL and 95.5M SOL respectively, both gaining 1.7% and 11.6%.

Top 10 Stake Movements Between Organizations

Over the last 15 epochs, the largest stake movement between organizations was 6.9M SOL from Amazon.com, Inc. to Latitude.sh across 2 validators, followed by 4.1M SOL from TeraSwitch Networks Inc. to Limestone Networks, Inc. across 2 validators.

Top 10 Organizations by Stake

Over the last 15 epochs, stake concentration by organization remained low but declined, with the HHI falling from 1,350 to 1,245.

Priority Colo Inc saw the largest stake increase at +72,166.5%, while RockawayX Infra s.r.o. recorded the largest decline at -94.4%.

TeraSwitch Networks Inc. and UAB Cherry Servers hold the largest share of Solana's stake at 127.8M SOL and 42.4M SOL respectively, with UAB Cherry Servers gaining 6.8% while TeraSwitch Networks Inc. declined 6.4%.

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Disclaimer

This report is provided for informational purposes only and does not constitute investment, legal, or tax advice. Staking involves risk, including the risk of loss and slashing. Past performance is not indicative of future results. Please do your own research and consult a professional advisor before making financial decisions.