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Ernest & Young Solana blockchain ethereum

Only 18 Validators Can Combine To Censor Solana Transactions: Will This Change?

Dalmas Ngetich
by Dalmas Ngetich
8 months ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Solana continues to grow, as evidenced by the number of transactions processed, the quality of partners and technology firms looking to tap into their technology, and the explosion in meme coins.

Solana Powered By 18 “Super Minority” Validators Including Binance And Coinbase Wallets

Yet, amid this impressive growth, there is a ticking decentralization time bomb. Onchain data shows that only 18 “super minority” validators control over 33.3% of the network stake.

Related Reading: FTX Secures Massive $228 Million Agreement To Withdraw Assets From Crypto Exchange Bybit

Solana supports SOL staking to be energy efficient, where an operator has to operate a node, connect it to the consensus layer, and allow it to process submitted transactions. Like in all public ledgers, those who get lucky and approve a block receive block rewards and the associated transaction fees.

Solana super minority validators | Source: Solana Beach
Solana super minority validators | Source: Solana Beach

The latest data shows that Solana supports 1,392 validators. However, only 18 are from the super minority, a huge decentralization concern.

As expected, some of these special validators include a Coinbase wallet with over 11.8 million SOL staked, Binance staking with over 7.2 million SOL, and Galaxy locking over 12.6 million SOL. Others include Helius, which boasts over 12.8 million staked SOL, and Figment, with more than 10.7 million locked in.

Comparing this small subset of validators to the total number of connected nodes means that only 1.2% of validators can take over the platform, reversing transactions, should they band.

While the possibility of this happening is low, it cannot be discounted, even if the Solana Foundation subsidizes its validators. Should it happen, this small set of super minority validators will join hands, initiating a majority attack. This dreaded attack permits them to roll back transactions and steal funds from users, a disaster for Solana.

SOL price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView
SOL price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView

A majority attack on the sector’s leading smart contracts platform would be a massive blow. However, even with this, it would still highlight the industry’s fragilities and the need for security decentralization.

When Will Solana Decentralize?

Compared to Solana, Ethereum is secured by over one million validators distributed worldwide. To operate an Ethereum node, operators must stake at least 32 ETH. However, those without the 32 ETH can still earn Ethereum rewards via platforms like Rocket Pool or Lido Finance.

Related Reading: Bitcoin Taps $69,000 With ‘Bullish Setup’ As US Elections Near: New ATH Soon?

Like Ethereum, Solana offers similar options. DeFiLlama data shows that Jito is the largest by total value locked (TVL), permitting SOL holders to help secure the network in return for a yield.

Solana DeFi protocols | Source: DeFiLlama
Solana DeFi protocols | Source: DeFiLlama

For now, it remains to be seen whether exchanges and other centralized platforms will race to become the super minority validators. Ideally, if more validators enter the network, this cohort will be thinned out, spread preferably across thousands of validators, improving decentralization.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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