Bitcoin, Ethereum, Solana: Who is really the most decentralized?

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Sep 3, 2026Rémy Rencurel

Why decentralization is not a binary issue but much more complex

Opposing "decentralized" and "centralized" networks is a convenient but false shortcut; not everything is black or white. Each blockchain thus sits on a spectrum, shaped by its various technical choices: block size, consensus model, hardware requirements, token distribution... The report The Decentralization Spectrum, published on September 1, 2026, by ARK Invest and Glassnode, offers a quantitative framework to position Bitcoin, Ethereum, and Solana on the decentralization spectrum.

The study is based on four design pillars of networks that we will address here (which are broken down into six sub-criteria for the final score of the complete study):

1. Auditability, that is, the ability to independently verify the blockchain;
2. Security, particularly the dispersion of block production power;
3. Governance, which is the process of modifying the rules and thus the code;
4. The distribution of ownership of the network's native units of account (BTC, ETH, and SOL here).

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Auditability: the cost to verify the blockchain independently

Auditability measures how easily any user can run a full node and independently validate transactions. And as we will see, this is where the gap is most striking.

On Bitcoin, a full node requires 753 GB of storage, with a total hardware cost of about $289. For the Ethereum network, this rises to 1.2 TB of storage and an estimated cost of $730. The Solana network, on the other hand, requires 3 TB of storage, 512 GB of ECC RAM, and about $21,478 for an operational node! Reconstructing the complete history of Solana with an archive node even approaches $94,000 over five years.

In other words, on Bitcoin, an individual can verify the blockchain at little cost, simply with a Raspberry Pi (microcomputer), for example. In contrast, on Solana, auditability is de facto reserved for professional actors.

The necessary equipment and its cost for a full node and for the complete history. (Glassnode and ARK Invest)

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Security: how many actors to compromise the network?

Security is measured notably by the Nakamoto coefficient: the minimum number of entities that must collaborate to exceed the critical control threshold of the network (51% for Bitcoin, 33% for Ethereum and Solana).

And there, a little surprise, the Bitcoin and Ethereum networks reach their critical threshold with only 3 entities each, compared to 19 for Solana. Indeed, on Bitcoin, the three largest mining pools, Foundry USA (27.27%), AntPool (17.06%), and F2Pool (16.96%), alone exceed 51% of the hashrate (the computing power) of the Proof of Work (PoW) consensus.

Similarly, on Ethereum, Lido alone concentrates 23.04% of ETH in staking for the Proof of Stake (PoS) consensus, followed by Binance (8.88%) and Kraken (6.91%). Together, they exceed 33% of all ethers in staking.

It should be noted that in practice, regarding Bitcoin, if the mining pools attempted this maneuver (which would be suicidal for their reputation), the independent miners who contribute their hashrate could easily switch to another pool as soon as they realize the maneuver.

In theory (as practice would be much more complex), if the three largest entities of Bitcoin and Ethereum were to collude, they could exceed the critical threshold of network control.

Governance: Three Opposing Philosophies

On governance, Bitcoin adopts a deliberately slow and contentious model. No official leader, an informal procedure via BIPs (Bitcoin Improvement Proposals), and debates that can last for years, as during the << block size war >> that gave birth to Bitcoin Cash (BCH) in 2017. This conservatism is also the source of the credibility of its monetary policy, with a cap of 21 million BTC that is nearly inviolable.

Ethereum coordinates its evolution through the All Core Devs calls and the Ethereum Foundation, with a multi-client culture that enhances resilience but slows down decisions. Solana, on the contrary, relies on a proactive Solana Foundation and a concentrated validator ecosystem, allowing it to patch a critical bug in a few hours, as in April 2025, but exposing the network to more vertical governance.

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Distribution of Ownership: The Great Divide

On token ownership, the fourth pillar of the report, the difference is significant between the two most valued cryptocurrencies on the market and Solana. First, the best result, Bitcoin, which scores 0.80 out of 1 for this dimension, with a relatively balanced distribution of supply among different wallet sizes (about 20 to 30% in each of the three intermediate groupings). This is the legacy of an organic distribution through mining since 2009.

Distribution of ownership by wallet sizes for Bitcoin.

Ethereum follows with a score of 0.74, with 23% and 33% of the supply concentrated in the two largest wallet sizes, nearly 56% combined. However, the distribution remains notable at intermediate levels, particularly thanks to the 7 years of mining before the << The Merge >> event that transitioned the network to Proof of Stake.

Distribution of ownership by wallet sizes for Ethereum.

Solana is lagging far behind, with a score of only 0.18. Nearly 59% of the supply is held by the largest wallet size (over 100,000 SOL), and about 80% by the two largest combined (adding wallets of 10,000 to 100,000 SOL).

Distribution of ownership according to wallet sizes for Solana.

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Overall Result and What It Means for Investors

The report from Glassnode and ARK Invest reminds us of a frequently overlooked truth: the blockchain trilemma, notably mentioned by Vitalik Buterin, is unavoidable. Decentralization, security, and scalability cannot all be maximized at the same time.

As a result, in the game of decentralization (see the graph below), it is indeed the invention of Satoshi Nakamoto, Bitcoin, that takes first place. Ethereum follows with a position that aims to balance performance and decentralization. And Solana trails behind, with several signals of centralization linked to its desire for high scalability and performance.

For investors, it is essential to distinguish the primary use targeted by the different blockchain networks. The price of Bitcoin partly reflects the premium placed on its neutrality and resistance to censorship, while Solana capitalizes on its operational efficiency (thousands of transactions per second). No network is "better" in absolute terms, but they do not serve the same functions.

Decentralization is not binary and requires multiple criteria to understand it. Bitcoin remains at the top on almost all of these criteria, often closely followed by Ethereum, while Solana falls short on several of them.

This summary of the 33-page study by Glassnode and ARK Invest cannot be as exhaustive as the latter, so feel free to consult it for details on each of the 6 sub-criteria across the 4 main pillars of decentralization discussed here.

👉 On the same topic -- Is Bitcoin really becoming digital gold?

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Source: Glassnode and ARK Invest
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Rémy Rencurel

39 articles
Already intrigued by Bitcoin and blockchain technology since 2013, I have professionalized in the sector by becoming, since 2018, a specialized writer in crypto news. I have followed the crypto sphere through its cycles, from amateur mining in the early days to the gradual structuring of the sector. Now independent, I cover crypto news, financial markets, and regulation.
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