The number of Solana validators returns to 2021 levels: deep challenges faced by the ecosystem

According to Odaily’s report, the average number of active validators on the Solana network has dropped below 800, a level consistent with the network’s 2021 performance. This change reflects a significant shift in the Solana ecosystem over the past three years, especially in validator participation, which has seen a notable decline.

Historic Retreat in Validator Scale

Data shows that the number of Solana validators has experienced dramatic fluctuations. In early 2023, the number of active validators peaked at around 2,500, but now has fallen below 800, representing a decrease of over 65% in less than three years. This sharp decline indicates a clear cooling of ecosystem engagement. Meanwhile, the volume of voting transactions by validators has also plummeted from approximately 300,000 per day to 170,000, a 40% reduction, further confirming the contraction trend in validator activity.

Looking at the time span from 2021 to now, Solana has returned to its early validator base, and this new level seems to suggest that the network is undergoing structural adjustments. In contrast, most other blockchains have been expanding their validator counts during this period, making Solana’s situation more unusual.

Impact of Adjustments to Economic Incentives

The primary driver behind the sharp decline in validator numbers is changes to the economic incentive system. The Solana Foundation Delegation Program has undergone significant policy shifts regarding delegation and rewards, particularly with the gradual reduction of voting cost subsidies and adjustments to staking support policies. These policy changes have directly undermined the economic viability for independent validators to continue operating, prompting many small and medium validators to exit the network.

This redesign of incentives reflects the Solana Foundation’s reassessment of the network’s development priorities. By reducing subsidies for validator activities, the platform may be aiming to achieve validator structure optimization through natural selection, retaining only those with genuine strength and commitment.

User Transaction Activity Remains Stable

Despite the pressure on validator scale, actual user transaction activity has not been severely affected. Non-voting transactions initiated by users, such as DApp interactions and token transfers, remain at about 100 million per day, maintaining relative stability. This indicates that user reliance on Solana’s core functionalities has not diminished, and the network’s basic operational capacity remains intact.

This phenomenon highlights a disconnect between validator scale and user transaction volume; even with fewer validators, it does not necessarily mean the network’s overall performance is declining. However, in the long term, a decrease in validator diversity could pose potential risks to the network’s decentralization and resistance to censorship.