Solana

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Staking  2025
Report

A data-driven analysis of Solana’s staking transformation

415 million SOL staked, pushing supply participation to 75%.

2025 marked a turning point for Solana staking. The growth trajectory accelerated in Q3 2025 with an estimated $530 million in institutional inflows, pushing weekly transactions to around 600 million during peak periods. Unlike previous cycles dominated by liquid staking, 2025 saw native staking gain significant ground, with protocols like Marinade’s native staking TVL surging 21% quarter-over-quarter to 5.3 million SOL, surpassing even their liquid staking product mSOL for the first time.
Improved network stability (99.99% uptime vs 99.5% in 2024)
Enhanced validator economics through SIMD-96 (100% priority fees to validators)
Institutional demand for yield and infrastructure exposure
Innovation in unstaking liquidity removing traditional lockup concerns

Capital Efficiency vs Risk

Native vs Liquid Staking

Solana’s staking landscape in 2025 was defined by a clear split between native staking and liquid staking, each serving different user needs. Liquid staking tokens (LSTs) remained the default choice for DeFi users seeking composability and rehypothecation, while native staking increasingly became the preferred route for institutions and risk-aware long-term holders.

The key shift in 2025 was not that liquid staking disappeared—it didn’t—but that native staking closed the usability gap. With instant exit solutions and improved interfaces, delegating directly from self-custody wallets no longer meant sacrificing flexibility. For many participants, especially those with regulatory or custody constraints, native staking became the “clean” way to access SOL yield without added smart contract layers.

Risk Profile

Native: protocol-level risk only (consensus + validator)
Liquid: protocol + smart contract + liquidity risk

Capital Efficiency

Native: yield only
Liquid: yield + DeFi collateral + rehypothecation

User Segments

Native: institutions, long-term holders, conservative stakers
Liquid: DeFi users, traders, on-chain leverage participants

Trend in 2025

Native: staking share rising vs prior years
Liquid: staking stabilizing as a specialized, not default, option

Staker Behavior

Who Actually Stakes SOL?

Behind the headline staking ratio lies a diverse mix of participants: small “shrimp” wallets staking a few SOL, mid-sized retail and crypto-native funds, and large institutional or custodial staking pools. In 2025, the number of unique staking wallets continued to grow, but the distribution of stake remained top-heavy, with a relatively small number of large entities controlling a significant share of total staked SOL.

Behaviorally, 2025 saw a shift from “set and forget” staking to more active delegation strategies. Some delegators rotated stake in response to performance, MEV policies, or downtime events, while others stuck to curated staking products that abstract validator selection entirely.

Distribution of staked SOL

Small holders (0–5 SOL): 430,102 wallets
Retail (5–500 SOL): 108,860 wallets
Crypto native funds and prosumers (500–50000 SOL): 11546 wallets
Institutions and whales (50000+ SOL): 654 wallets

Stake per wallet

Median stake per wallet: 1.11 SOL
Mean stake per wallet: 395.18 SOL
The large gap shows that most wallets are small, revealing a high concentration of stake among big holders despite broad participation.

Growth in number of unique staking wallets YOY

Beginning of the year (Epoch 720): 552 637 wallets
Current (Epoch 884):
660,350 wallet

+20%

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