This report covers Figment’s main Solana validator and its activity throughout July, August, and September 2024. On Solana, we are one of the largest independent protocol staking providers. Unless otherwise stated, all of the data utilized in this report is powered by Figment’s Data team.
To gain a complete understanding of a validator’s performance, it is crucial to consider various factors and evaluate their performance over an extended time frame. Comparing individual validators over a brief period does not provide an accurate representation due to selective data, transaction fee volatility, and validator selection randomness.
Q3 Metrics:
- ~66% of the SOL Circulating Supply is Staked (source)
- Figment’s average SRR throughout Q3 was 7.12%, 13% higher than the network average SRR of 6.25%
- Proposer effectiveness: 98% – The percentage number of slots the validator successfully created a block versus their overall slot leader duties. (*over the past 30 days – source)
- Voting Effectiveness: 99% – The percentage of correct votes, modulated by its latencies. (*over the past 30 days – source)
Solana Rewards
Our focus will be on the period spanning from Epoch 636, which concluded on July 1st, to Epoch 677, ending on September 30th. This timeframe provides a comprehensive view of Solana’s staking rewards performance during Q3.
This timeframe provides a snapshot of Solana’s staking rewards performance during Q3, encompassing two types of rewards: inflationary and Jito MEV rewards. Learn more about the different types of Solana rewards here.
Figment’s validator performance during this quarter was positive, with an average Staking Reward Rate (SRR) of 7.12%, surpassing the network average of 6.25% by over 13%. Figment’s outperformance of the network can be partially attributed to MEV-Jito rewards, which we will explore in the next section.
MEV on Solana
During Q3 2024, Figment’s Solana validator continued to leverage the Jito MEV marketplace, resulting in a boost to overall staking rewards. Out of the total rewards earned by Figment in Q3, JitoMEV accounted for 8.22% of the rewards, higher than the network MEV average of 7.92%.
The substantial contribution of MEV rewards highlights the effectiveness of Figment’s strategy in adopting the Jito client. By participating in the MEV marketplace, Figment has been able to capture additional value for its delegators beyond the standard inflationary rewards. This boost from MEV played a role in helping Figment achieve higher average SRRs than the network throughout Q3.
This performance underscores the importance of MEV in the evolving landscape of Solana staking rewards and demonstrates Figment’s commitment to optimizing rewards for its delegators.
As the Solana network’s inflation rate decreases over time, Maximum Extractable Value (MEV) is becoming an increasingly significant component of validator rewards. In this evolving landscape, Figment is strategically positioned to capitalize on these changes.
Stake SOL with Figment
Figment provides the complete staking solution for over 500 institutional clients, including asset managers, exchanges, wallets, foundations, custodians, and large token holders, to earn rewards on their digital assets.
On Solana, Figment is one of the largest non-custodial staking providers of staked SOL. Institutional staking services from Figment include seamless point-and-click staking, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. This is just one part of Figment’s mission to support the adoption, growth, and long-term success of the digital asset ecosystem.
When it comes to Staking Solana, Figment offers:
- More Rewards: Figment supports the JitoMEV relay.
- Click-to-Stake: Experience the best staking interface for SOL with access to the Figment app. View your staking positions in real-time as well as stake, unstake, and view rewards. Track your portfolio across multiple networks and download detailed reports.
- Optimized Rewards Reporting: Access detailed and comprehensive rewards statements in various formats.
- Restaking: As Jito (Re)staking enters its audit and formal verification phase, we at Figment are gearing up to integrate this protocol into our suite of staking services.
Figment offers a seamless Solana staking experience. Individual users maintain control with true non-custodial staking while institutions benefit from Figment’s robust infrastructure that provides security and optimized rewards. Sign up now and start staking Solana.
