Solana's pledge rate has reached 74.6%, and 18 verifiers hold veto power: What can you do now

索纳网络质押深度解析：收益、锁定期与税务考量

在流通中的约 5.887 亿枚 SOL 中，有 4.3897 亿枚处于委托质押状态。这一比例高达 74.6%。以周五中午 110.20 美元的价格计算，这部分被锁定的价值约为 484 亿美元。该数据源自我们对第 1052 纪元（Epoch）索拉纳主网的直接查询，而非来自第三方数据提供商的披露。它回答了投资者当前必须厘清的三个核心问题：实际委托质押能带来多少收益？资金将被锁定多久？以及究竟有多少验证者真正决定了你托付 SOL 的网络安全性。

当前真正被锁定的 SOL 数量

活跃质押量是指分配给验证者投票账户的所有 SOL 总和。通过查询索拉纳节点上的 getVoteAccounts 方法，我们可以直接获得这一数据，而无需经过数据提供商的中介。截至周五中午，该数值为 438,973,557 枚 SOL，分布在 674 个活跃的验证者节点上另有 8 个验证者被标记为滞后（delinquent），即未能及时完成投票；它们仅持有 31,896 枚 SOL，占比微乎其微。

The key is the frame of reference you choose. The total supply of SOL is 635.46 million units, of which 46.76 million units are non-circulating (e.g., stored in locked accounts) according to network statistics. Compared with the total supply, active pledges accounted for 69.1%; compared with the circulation supply, the proportion was 74.6%. Both numbers are correct, but answer different questions. In the revenue calculation below, we use the circulation supply as the benchmark, because only SOL in circulation will participate in the competition for reward distribution.

The pledge rate of 74.6% is high. As more SOL is pledged, fewer token units are flowing freely on exchanges and wallets. This reduces the amount of supply that could hit the market at any time and lengthens the time it takes to execute selling decisions. The combination of these two factors leads to increased price volatility: when a large amount of capital must first pass the lock-in period, the market reaction becomes more intense.

Risks revealed by Nakamoto Coefficient

Nakamoto Coefficient refers to the minimum number of verifiers needed to prevent the network from operating. On the Sora network, the blocking threshold is one-third of the amount of active pledges, because a group reaching this proportion can prevent blocks from being confirmed. Our analysis shows that only 18 validators are needed to constitute this blocking force. The ten largest validators held a total of 107.92 million SOLs, accounting for 24.6% of the total.

这一数字既非丑闻，也非完全的安心剂，而是一个数量级概念。674 个验证者中有 18 个意味着仅约 2.7% 的验证者掌握了阻断多数票。如果你选择委托质押，一个具体的考量随之而来：将你的质押量交给十大最大运营商之一，会加剧这种集中度；若交给中型验证者，则能略微降低集中度，但需接受稍高的停机风险，因为小型运营商通常较少运行冗余硬件。

质押收益率源于通胀与质押率

索拉纳通过新创建的 SOL 支付质押奖励，而非来自固定利率的资金池。在第 1052 纪元，年度通胀率为 3.6117%，且全部归验证者所有，基金会份额为零。这两个数值足以计算出毛收益率，无需任何预测：新创建的 SOL 分摊到已委托的 SOL 上，因此用 3.6117% 除以 0.746，结果为每年 4.84%。

同样的计算逻辑解释了为何随着更多人参与质押，收益率会下降。新 SOL 的数量是固定的，而索取者数量在增加。如果质押率为 60%，收益率将为 6.02%；若为 85%，则仅为 4.25%。因此，沿用去年收益率数据的做法几乎总是错误的。其背后的机制详见索拉纳开发者文档关于委托和奖励的部分。

验证者佣金对收益的影响

Of the 4.84% gross return, the verifier will deduct its commission. Among all 674 active verifiers, the median commission rate is 5%. After deduction, the annual net income was approximately 4.60%. For a EUR 10,000 position, the pre-tax gross return is approximately EUR 460, which is approximately EUR 24 less than the theoretical gross return.

However, commissions vary significantly. There are verifiers with zero commission, and there are verifiers with 100% commission (at this time, the principal cannot get any income). The 100% commission is not a data error, but an allowed setting and it does exist. Therefore, it is important to check the rate for a specific validator before commissioning, rather than the average. To compare the revenue of different channels, you can refer to our pledge platform comparison; you need to pay attention to distinguishing between verifier commissions and additional fees charged by the exchange.

An era currently runs for approximately 32 hours, rather than two days

SOL after delegated is not immediately available. To withdraw funds, you must wait until the end of the current era; the amount will only be released later. Solana's era covers 432,000 slots. The duration depends on the actual slot time and is not a fixed value.

我们在周五中午连续三分钟的测量显示，每时隙耗时 269.3 毫秒，吞吐量约为每秒 3,900 笔交易。据此计算，完整纪元耗时约 32.3 小时。许多指南仍按每时隙 400 毫秒计算，得出 48 小时的结论。近 16 小时的差异在下跌市场中至关重要，因为它决定了卖出可能的最早时间点。测量时，当前纪元尚余 24,869 个时隙，即不到两小时。

流动性质押转移风险，并未消除风险

有一种方法可以绕过等待时间：通过流动性质押，你可以获得代表已委托 SOL 的可交易凭证，无需等待纪元结束即可随时出售。但其代价是额外的风险：你不再持有 SOL，而是持有协议代币，其价格可能低于底层 SOL 的价值。这在市场动荡、多人同时退出时尤为常见。

此外还存在合约风险。流动性质押协议本质上是软件，软件可能存在漏洞。选择此路线是将可计算的期限风险转换为难以量化的技术风险。对于短期持有或许合理；但对于旨在长期持有的头寸，直接质押路线更为简单。

德国税务处理：质押收入被视为其他收入

Tax treatment is divided into two parts, and confusing the two is the most common mistake. According to the German tax authorities, the reward itself belongs to "other income" as defined in Article 22, paragraph 3, of the Income Tax Act. Taxes should be paid in the year in which they are received, personal tax rates apply, and a tax exemption of € 256 per year applies. The tax exemption is not a deduction: once it exceeds € 256 (e.g. € 257), the full amount will be taxed, not just the excess.

The key price point is the price when the reward is received, not the year-end price. Due to daily distribution, this means multiple separate valuations, which is where tax filings are prone to errors in practice. The valuation can be processed automatically using tax tools or portfolio trackers; manual operations require receiving history from a verifier or exchange.

The second part deals with SOL itself. According to Article 23 of the Income Tax Law, the one-year rule applies: profits are exempt from tax after holding for more than one year. There have long been concerns that pledges would extend this period; but the tax authorities denied this in a circular on cryptocurrency processing. A tax exemption of € 1,000 applies for profits over a year.

The Bundestag today decided to retain the holding period requirement

On Friday, the Bundestag rejected a motion to abolish the one-year holding period by a vote of 445 to 132. This means that for Solana holders the tax advantage of direct holding is retained, which also constitutes a decisive difference between it and SOL exchange-traded products (which do not apply to the one-year rule). Please refer to our relevant analysis for the specific details of this vote and why the deadline has not been permanently guaranteed.

For delegated planning, the one-year rule and the era deadline are two different clocks. The 32-hour era deadline is about availability, and the one-year rule is about tax. If you withdraw SOL after ten months, although the assets become available, if you sell them immediately, you will lose the tax exemption advantage. Continuing to hold SOL and simply terminating the commission will not affect the holding period because the commission is not considered a disposal.

Summary of Key Data

The length of an era changes the fastest by one line. Slot times fluctuate with network load and have declined in recent months. If you need an accurate deadline, recalculate it on the day of the decision, rather than using data from old text.

Friday's market price

At noon Friday, SOL was quoted at $110.20, compared with $109.52 in the previous 24 hours. The euro price was 98.55 euros, compared with 97.71 euros the previous day. The intraday trading range in the euro zone (94.08 to 100.86 euros) was much wider than the daily gain, suggesting that a calm close was formed by two movements in opposite directions. The trading volume of the US dollar pair reached 660,387 SOLs, and the euro pair was 168,522 SOLs; data came from the Kraken Exchange.

However, for commission decisions, the price of the day is not the most important item of data above. The 32-hour lock-in period and a one-year tax deadline are relatively stable amounts and will not change due to a morning's price fluctuations. What really matters is the pledge rate, commissions and era length.

Solana Pledge Summary: 4.60% net return and 32-hour lock-in period

To apply the above data to your personal positions, please follow the following three steps:

1. Calculate the net return for your specific validator: Instead of using the median, use the 4.84% gross return minus its commission rate. See our pledge platform for the provider terms, and the exchange fee will be charged in addition to the verifier's commission.
2. Record reward receipt: 当 256 欧元免税额接近时，立即以日期和价格记录奖励接收。税务工具会自动按当日价格评估每一笔接收；手动操作则需要验证者的历史记录。
3. 在规划中区分两个截止日期：32 小时用于资产可用性，十二个月用于免税获利。如果在一年前卖出，将放弃周五联邦议院投票刚刚确认的优势。

（截至 2026 年 10 月 9 日。本文不构成投资建议。价格和费用结构会发生变化；购买前请与提供商核实条款。税务信息仅为一般性信息，不替代税务顾问的专业建议。）