A fair Nakamoto coefficient, a shrinking validator set, and a new second client.
Solana is more decentralized at the consensus layer than its critics suggest — a Nakamoto coefficient around 29 beats Ethereum’s headline number. But its validator count has fallen ~65% since 2023, high hardware requirements raise the barrier to entry, and only with Firedancer is it gaining real client diversity.
Nakamoto ~29 and a second client arriving — but a falling validator count and a high hardware bar.
Solana is mid-tier and improving on clients; the falling validator count and hardware cost are the things to watch.