Solana Rich List 2023: The Top Holders of the Eco-Friendly Chain

Solana, a Layer-1 blockchain, is known to be an eco-friendly chain that combines proof-of-stake consensus. In November 2021, Solana reached its record high of $260.

At the time of publication, Solana has averaged out at the $100 mark but remains almost 60% down from its all-time high. At this time, we look at the top holders of Solana in 2023. 

Also Read: Solana Price Prediction: Should You Enter $SOL at $100 Dip?

SOL’s wealth concentration

Based on data by CoinCarp, the top ten addresses on the Solana rich list collectively hold approximately 49.66 million SOL. This represents a significant 9.69% of SOL’s total circulating supply as of November 2023.

Meanwhile, the chain’s top 20 holders control 14.87% of the supply. This concentration increases further with the top 50 holders possessing 24.93% of the tokens, and the top 100 holders collectively owning 33.41%, as per CoinCarp data. 

Solana’s 10 top holders: Source: CoinCarp

On the top holder list is an address holding over 11.16 million SOL, amounting to 2.18% of the total supply. This address, identified as 9WzDXwBbmkg8ZTbNMqUxvQRAyrZzDsGYdLVL9zYtAWWM, sits at the top of the rich list. Following in the ranks are other addresses, each securing a stake ranging from 0.71% to 1.09% of the total SOL in circulation.

FTX major holder of  Solana

The on-chain analytics firm Spot On Chain recently revealed that about 27% of FTX’s Solana (SOL) holdings, roughly 15.3 million SOL, are now accessible. The defunct entities have around 2 million SOL, valued at nearly $192 million, ready for potential sale.

This scenario, where a few players hold a large portion of a cryptocurrency, is becoming common with a few large cryptos. It’s a concern for those advocating for decentralization, as concentrated ownership can lead to significant price swings if these major holders decide to move their assets.

Solana holder concentration: Source: CoinCarp

In the DeFi front, with its 121 active protocols, the chain has a Total Value Locked (TVL) of around $1.4 billion. Based on figures by DefiLlama, Solana dominates 2.65% of the overall $50 billion TVL.

Also Read: Solana (SOL) Price Rally Is Unstoppable, Expect 100% Gains In 2024

The post Solana Rich List 2023: The Top Holders of the Eco-Friendly Chain appeared first on CoinGape.