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Leon Waidmann | Onchain Insights
@leon-waidmann
🔥 Solana’s staking market cap ($58.7B) recently matched Ethereum’s ($61B). Does this mean Solana's security now rivals Ethereum's? Let's explore this because staking market cap alone doesn't determine network security. Here's my take 🧵👇 🔹 Both ETH and SOL share theoretical thresholds: 33% stops block generation. 51% creates a chain fork. 67% enables double-spending. 🔹 Node Decentralization Is Crucial: On Ethereum, each validator stakes exactly 32 ETH. To achieve a 51% attack, an attacker would need about 1.187 million nodes, which is practically impossible. Solana’s stakes are concentrated. Controlling just the top 43 validators crosses the 50% threshold, raising centralization concerns. 🔹 Economics and Participation: Ethereum’s more accessible 32 ETH staking threshold encourages broad participation, enhancing decentralization. High operating costs for Solana validators limit participation, inadvertently leading to centralization risks.
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Danny
@mad-scientist
Solana doesn't have slashing. That's not PoS, as nothing is at stake. That's just share-based right to produce blocks. There is no meaningful economic security behind it (not to say there is no economic security in solana, there is, it's just not coming from staking). But even if there was, security is always about the weakest link. You have block producers coordinating on discord to push updates they haven't had time to review (because of downtime or any other reason). Solana security is deeply in the "trust me bro" era. It's fine for some apps, and maybe it will change in the future, but that's where we are today.
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Danny
@mad-scientist
People asked me what does secure solana. It's basically reputation. The actors that can rug gain more (long term) by not rugging (also they are not criminals). It's also why decentralization has significant risks for solana (similar to L2s). That security is actually fine for trading $50 of racist memecoins. But if you're a big player, and you know that (1) someone can rug (2) the US government can make them change the rules (let's face it, the guys that coordinate the state transitions live mostly in the US), that's no go. I'd apply similar logic to long-term holdings, but that's just me.
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Leon Waidmann | Onchain Insights
@leon-waidmann
💯
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