CryptoSlate
ARK Invest and Glassnode published a joint scorecard on Sept. 1 measuring the smallest group of block-production entities that would need to coordinate to cross each chain's capture threshold. The result: three entities for Bitcoin, three for Ethereum, and 19 for Solana. Bitcoin topped the composite decentralization ranking. Solana's higher count reflects many independent validators, but it coexists with a near-monoculture client stack and concentrated hosting among the top data-center providers.
Why it matters
The 19-vs-3 result measures one form of risk: deliberate collusion. ARK and Glassnode break out a wider matrix covering hardware ownership, client diversity, geographic distribution and exit speed. A 92% stake concentration on Agave/Jito in April 2025 means a single shared codebase could take down the chain even if no coalition of 19 entities ever formed. On Bitcoin, the seven-day snapshot on Sept. 6 attributed 59.04% of block templates to Foundry USA, AntPool and F2Pool, yet miners can redirect that hash rate in roughly 30 seconds by switching pools, a mobility that limits the persistence of any concentration. Ethereum adds its own variation: Rated Network's Sept. 6 view showed Geth at 50.17% of execution clients, with Lido, SSV and Binance holding the top three staking slots at 21.17%, 16.56% and 7.77% respectively.
Market impact
The scorecard lands as more institutions treat Solana as settlement infrastructure. Solana's live Nakamoto coefficient ranged from 18 on Solana Compass (Sept. 6) to 19 in the ARK/Glassnode report and 20 in the Solana Foundation's June 2025 health report using April 2025 data, a single number that can swing meaningfully week to week as stake delegation shifts. For institutions running node selection or custody decisions, the framework argues the right read is per threat: censorship risk reads off the consensus coefficient, correlated-failure risk reads off client and hosting share, and capture risk reads off ownership and exit mechanics. The 19 alone is not the answer. It is one number on a map that includes who supplies the stake, where the machines run, which software they share and how quickly participants can leave.
Frequently asked questions
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What is the critical resilience threshold the ARK/Glassnode scorecard measures?
It is the smallest group of block-production entities that would need to coordinate to cross each chain's protocol-relevant control threshold. The Sept. 1 scorecard put the result at three entities for Bitcoin and Ethereum and 19 for Solana.
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Why does Bitcoin top the composite ranking when its threshold is only three entities?
Bitcoin's higher ranking reflects the framework's wider matrix, including ownership dispersion, auditability, geographic resilience and exit fluidity. Its three-entity threshold measures pool concentration, while miners can redirect roughly 30 seconds of work by switching hardware.
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What is Solana's Nakamoto coefficient and how is it calculated?
Solana Compass defines it as the fewest validators whose combined stake reaches 33.4% of voting power. The Sept. 6 reading was 18, while the ARK/Glassnode report put it at 19 and the Solana Foundation's June 2025 report using April 2025 data recorded 20.
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How concentrated is Solana's client software?
The Solana Foundation's June 2025 report, using April 2025 data, counted about 92% of stake on Agave/Jito and about 7% on Firedancer or the hybrid Frankendancer. That single-codebase exposure is a correlated-failure risk separate from deliberate collusion.
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How quickly can Bitcoin miners exit a mining pool?
The ARK/Glassnode report estimates a miner could leave a 1% Bitcoin position in roughly 30 seconds by switching off hardware. That mobility means pool concentration matters for short-term censorship and template selection rather than ultimate control over the machines.
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