This report covers the Ledger by Figment Solana validator and its activity throughout the months of July, August, and September in 2024. On Solana, we are one of the largest independent protocol staking providers. All of the data utilized in this report is powered by Figment’s Data team unless otherwise stated.
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)
- The Ledger by Figment validator average Staking Rewards Rate (SRR) throughout Q3 was 7.14%, 13% higher than the network average SRR of 6.25%
- Proposer effectiveness: 98.4%. 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: 99.5%
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 showcases all three types of rewards: inflationary, and MEV. Learn more about the different types of Solana rewards here.
The Ledger by Figment validator performance during this quarter was positive, with an average SRR of 7.14%, surpassing the network average of 6.25% by 13%. The Ledger by Figment validator’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, The Ledger by Figment 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 8.5% of the total rewards, higher than the network average of 7.92%.
The substantial contribution of MEV rewards highlights the effectiveness of the Ledger by Figment validator strategy in adopting the Jito client. By participating in the MEV marketplace, the Ledger by Figment validator has been able to capture additional value for its delegators beyond the standard inflationary rewards. This boost from MEV played a role in helping the Ledger by Figment validator achieve a 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.
Stake SOL with Ledger
Staking your Solana (SOL) with the Ledger by Figment validator offers a unique combination of security, simplicity, and network support. By leveraging Ledger’s renowned hardware wallet technology and Figment’s trusted validation services, you can put your SOL to work while maintaining full custody of your assets.
The partnership between Ledger and Figment ensures that you’re not just passively holding your Solana but actively contributing to the network’s speed and efficiency. Through the user-friendly Ledger Live app, managing your staked SOL becomes a seamless experience.
Figment is the leading provider of staking infrastructure. 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. To learn more about staking Solana with Figment, contact us here.