Validators process transactions and receive fees from users (supply-side fees).

Solana is a smart contract platform for decentralized applications (a blockchain). Solana was founded by Anatoly Yakovenko, Greg Fitzgerald, Raj Gokal, etc. and launched in 2020.

SOL holders own and govern the protocol. They currently take a cut of the transaction fees paid by users (revenue). Solana’s investors include Polychain Capital, ParaFi capital, Passport capital, etc.

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Blockchains (L1)

Solana

# Solana Staking market cap Methodology

## 1. Overview

Staking market cap measures the total value of SOL assets currently locked in native stake accounts to secure the Solana network. It represents the economic security of the blockchain and the total capital commitment from validators and delegators. This metric includes both the original principal deposited into stake accounts and any accrued rewards that remain staked within those accounts.

## 2. Data sources

- **Blockchain events**: `Initialize` and `InitializeChecked` instructions from the `Staking` program, and native SOL balance changes, covering Solana
- **External data**: End-of-day price feeds for the native SOL asset

## 3. Step-by-step calculation

### Component A: Stake account identification

- **Purpose**: Identify all native stake accounts created on the Solana blockchain.
- **Logic**: Native stake accounts are identified by parsing `Initialize` and `InitializeChecked` instructions from the `Staking` program. A distinct list of these accounts is maintained to ensure all unique staking entities are tracked for subsequent balance calculations.
- **Key fields**: `block_timestamp` (timing), `stake_account` (account identification)

### Component B: Balance tracking and fill-forward

- **Purpose**: Calculate the daily end-of-day balance for every identified stake account.
- **Logic**: Daily balances are extracted from native balance changes for all identified stake accounts. Because balance changes are only recorded when on-chain activity occurs, a fill-forward mechanism is applied to ensure that the last known balance for an account is carried over to all subsequent days where no new activity is detected. This maintains a continuous record of the SOL held in each account.
- **Key fields**: `timestamp`, `stake_account`, `balance`

### Component C: Staked supply calculation and adjustment

- **Purpose**: Aggregate total staked SOL and account for historical data limitations.
- **Logic**: Daily balances for all captured stake accounts are summed to determine the total observed stake. A constant offset of 143,000,000 SOL is added to this daily sum to account for stake accounts created before July 2021 that have remained dormant and are not captured in current balance change datasets. This adjustment ensures that the total staked supply accurately reflects both active participants and long-term dormant stakers.
- **Key fields**: `total_staked_lamports`, `assets_staked`

### Component D: USD conversion and aggregation

- **Purpose**: Normalize the total staked value to USD for reporting.
- **Logic**: The adjusted total staked SOL supply is normalized by decimal precision. These values are then multiplied by end-of-day price feeds for the native SOL asset. Final values are aggregated with daily granularity using UTC day boundaries.
- **Key fields**: `staking_market_cap`, `daily_timestamp`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of native tokens currently staked to secure a proof-of-stake network.

SolanaSOL

Staking market cap

Staking market cap

Competitive landscape