Epoch Report #741: Staking Ratio Hits New High

Solana's staking ratio climbed to 68.52% this epoch — an all-time high that reflects growing conviction from both institutional treasuries and retail delegators.

Higher staking ratios mechanically reduce individual reward rates, since fixed inflation is spread across more staked SOL. Real reward rate settled at 7.42%, down 31bps from last epoch.

Nakamoto coefficient improving

Decentralization metrics continued to improve. The Nakamoto coefficient rose to 32, driven by delegation flows away from the largest superminority validators toward mid-sized independent operators.

What to watch

With SIMD-228's market-based issuance now fully absorbed, expect reward rates to track validator performance more closely than raw inflation. Validator selection matters more than ever.