Decentralization Showdown: Bitcoin, Ethereum, and Solana's Control Dynamics Revealed

A new study by ARK Invest and Glassnode has shed light on the decentralization of cryptocurrency networks, revealing striking differences between Bitcoin, Ethereum, and Solana.

The research found that in both the Bitcoin and Ethereum networks, it takes just three independent actors to coordinate their efforts and reach a critical threshold. However, this is not the case for Solana, which requires 19 organizations to achieve the same level of control.

In the Bitcoin network, researchers discovered that Foundry USA, AntPool, and F2Pool each have a significant share of hash power, with combined totals exceeding the critical 51% threshold. Yet, this does not necessarily mean these companies directly control the network.

Ethereum's Proof-of-Stake mechanism uses a different threshold, set at 33% of total stake amount. The study found that only three staking organizations have enough power to surpass this threshold, but this does not imply direct control by these entities.