Data Revealed: Who Holds SOL?

Original author: Ignas, DeFi researcher

Compiled by Odaily Planet Daily (@OdailyChina)

Translated by CryptoLeo (@LeoAndCrypto)

Just now, DeFi researcher Ignas wrote an analysis on the distribution of SOL tokens, including SOL in staking, locked staking SOL data, 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 held.Now it's SOL's turn.

Data shows: 88% of SOL's supply is in circulation, approximately 538.17 million.

It's 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 should stabilize at 1.5%.

Solscan data shows that 71% of SOL's circulating supply is being staked. (Compared to 30% for ETH.)

Solanacompass data shows, 6.7% of SOL is in locked staking, possibly actions by VCs/teams/insiders, but I couldn't identify who exactly 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 possibly sold in OTC trades).

So, what exactly are the 11.2% locked SOL tokens reported by Solanacompass and CMC?

4.7% of SOL's total supply.

Additionally, some institutions hold large amounts of SOL, with data 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 back to 20% of SOL's circulating supply data. Moreover, we can also use the data platform Dune to discover more SOL holding and staking entities.

The above image shows, besides 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, Kiln 1, Everstake, etc. Butmany wallets in the top 15 are unmarked.Surprisingly,only 6.6% of SOL comes fromliquid staking tokens LST, which limits DeFi's growth potential. If the native staking ratio of SOL were higher, with all staking coming from LST, the Solana DeFi ecosystem could grow by billions of dollars.

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According to AI-derived data, there are as many as 120 wallets holding more than 1 million SOL, totaling over 150 million SOL;

While the number of wallets holding less than 1,000 SOL exceeds 8.9 million;

On average, each wallet holds 16.8 SOL (skewed towards smaller holders).

Overall,

Concentration: 0.33% of wallets (30,220) control 54% of SOL's supply (but this includes CEXs, 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. Comments providing new data on SOL's current status and ownership are welcome.