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Reality Check / Solana
REALITY CHECK · PILOT · VERIFIED 7 OCT 2026

Solana SOL

Strong evidence Evidence 89%

100
Evidence score: what we could verify, not a forecast
What can be checked

Key facts

TeamPublic team
Why

Solana Labs, Inc. was founded in 2018 by Anatoly Yakovenko and Raj Gokal (CEO and COO per the SEC complaints). The Solana Foundation (non-profit, Zug, Switzerland) lists Lily Liu as President since 2022 on a secondary directory; current Foundation leadership was not re-verified. Core client development moved in 2024 to Anza Technologies, Inc. (CEO Jeff Washington) and Firedancer (Jump Crypto).

source source source
Legal entityIdentified
Why

Solana Labs, Inc., a Delaware corporation headquartered in San Francisco (per SEC complaints); Solana Foundation, a Swiss non-profit foundation (Stiftung) in Zug, supervised by the Swiss Federal Supervisory Authority for Foundations per a secondary directory (registry not read); Anza Technologies, Inc., Delaware, incorporated June 2024 (Fortune). 'Solana Labs' and 'the Solana Foundation' are named defendants in court cases below.

source source source
Independent auditPublished
Why

Neodyme AG audited the Firedancer validator client (v0.1, 2024-06-30: no critical issues, 2 high findings fixed or resolved; and a v0.4 report listed 2025-04-01). The Agave client itself: no audit report found on Neodyme's list or the repository page. Third-party firms (Asymmetric Research, Neodyme, OtterSec) reviewed security patches in 2025 per Solana Foundation's post mortem. A full audit of the core Agave validator was not found.

source source source
Control riskNot verified
Why

Not resolved to one category. Found: protocol upgrades are not stake-voted by default; per Helius, each feature gate has a private key owned by the core contributor associated with that feature, used to activate the feature manually after enough validators run the new release, and governance votes are 'nonbinding and advisory'. Validators still choose which software to run. Native SOL inflation (initial 8%, 15% yearly taper, 1.5% terminal) and a foundation inflation of 0 are read from the live RPC. No mint or freeze key for native SOL was found, but the feature-key arrangement and core-contributor influence were not verified against primary documentation, so no category is asserted. A separate older Solana docs page says feature IDs have no private key, which conflicts with Helius.

source source
New supply, next 12 months3.61%
Why

Staking inflation only: the live getInflationRate shows 3.6137% annualised total inflation (epoch 1051; 100% to validators/stakers, 0 foundation) under a published schedule (initial 8%, taper 15% per year, terminal 1.5%, from getInflationGovernor). The rate falls each year, so 3.61% is the current rate, not a precise 12-month total. NOT included: vesting/unlocking of the 46.29M SOL (7.29% of total supply) that the RPC reports as non-circulating; the vesting schedule for those accounts was not verified.

source
Revenue evidenceCheckable on-chain
Why

Transaction fees and burned base fees are visible on DefiLlama (fees about 238.8M USD, revenue about 27.5M USD, trailing year). These are network-level numbers; no company revenue was reviewed.

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Market context

Price beside proof

Market cap$68.35Brank 7 · 7 Oct 2026
Fully diluted value$73.72B
Annual fees (DefiLlama)$239M
How measured

DefiLlama trailing 1-year totals read 2026-10-07. Fees = transaction fees paid by users; revenue = base fees (the part burned) per DefiLlama methodology. SOL staking inflation paid to validators/stakers is not counted as revenue.

Market cap per $1 of fees286 x
Top 10 holders (not scored)8.65%
How counted

Ten largest accounts from the Solana RPC getLargestAccounts (slot 454347062, 2026-10-07) divided by total supply 635,382,298.5 SOL (getSupply): 10.57M, 8.12M, 7.41M, 5.65M, 4.53M, 4.08M, 3.92M, 3.59M, 3.56M, 3.56M SOL = 54.98M SOL = 8.65% (my calculation). Counts accounts, not entities: 7 of the 10 are stake accounts (owner Stake1111...) and 3 are system wallets; they are not in the RPC's non-circulating list. Owners of the accounts are not labeled, so exchange, custody or foundation holdings may be included.

Listed on KrakenYesKraken audit

Context only: not scored and not a valuation. Aggregator data as of 7 Oct 2026.

Price and a what-if

Today's price, and what it would take

Price$116.03snapshot 7 Oct 2026
Last 30 days

Snapshot from the aggregator on 7 Oct 2026. The live price loads from CoinGecko when your browser allows it.

What-if lens: which price does a multiple of fees imply?

Pick a multiple of the last 12 months of fees. The tool shows the token price that multiple would imply with today's supply. The multiple is your assumption, not our estimate. The market pays 286 x annual fees today.

Implied price

Fees are what users pay, not what holders receive: how much reaches token holders depends on the design (burns, treasury, fee switches, validators). The result ignores issuance, risk, growth and time. A lens to ask questions, not a valuation or advice.

Score breakdown

Where the points come from

Accountability15 / 15
Team publicly identified: yes; Legal entity or foundation identified: yes
Code and audits20 / 20
Independent audit published: yes; Latest audit: 2025-04-01; Source code public: yes
Control risknot scored
Admin control not verified (unscored)
New supply10 / 10
New supply entering circulation in the next 12 months: up to 3.61% of supply
Verifiable revenue10 / 10
Fees can be checked on-chain
Security record15 / 15
Worst incident in the last five years scored: 15 of 15
Compliance record15 / 15
3 regulator or court action(s) recorded
Track record

Incidents and legal actions

Incidents

  • 2026-08-12 Routing failure at infrastructure provider Teraswitch (Miami) knocked about 90 validators offline (28.83% of stake, close to the 33.34% level at which finality would stop) for roughly 33 minutes. Outcome: No loss of user funds reported; validators lost about 333 SOL in rewards. Reported by Tangem (secondary source); no Solana Foundation or validator postmortem was read. Infrastructure event, not a protocol exploit; included because it had a quantified validator loss. No user funds lost source

Regulator and court actions

  • 2023-06-06 SEC v. Coinbase (S.D.N.Y., 23-cv-4738) and SEC v. Binance (D.D.C., 23-cv-01599, filed 2023-06-05) both allege SOL is the native token of a blockchain created by Solana Labs, Inc. and list SOL among crypto assets the SEC called securities. The defendants were the exchanges, not Solana Labs or the Foundation. Outcome: Coinbase: SEC filed a joint stipulation to dismiss on 2025-02-27, stating the dismissal does not reflect an assessment of the merits. Binance: parties filed a joint stipulation to dismiss with prejudice on 2025-05-29 (per SEC press release page); The Defiant reported in July 2024 that the SEC intended to amend the Binance complaint to drop the third-party-securities claims including SOL. No fine, no finding that SOL is a security. Dismissed or closed, no merits finding source
  • 2022-07-01 Young v. Solana Labs, Inc. et al., No. 22-cv-03912 (N.D. Cal.): putative class action by a SOL buyer against Solana Labs, the Solana Foundation, Anatoly Yakovenko, Multicoin Capital Management, Kyle Samani and FalconX alleging unregistered sale of securities (Securities Act sections 5, 12(a)(1), 15 and California law). Outcome: On 2024-09-03 the court denied defendants' motion to compel arbitration and denied their motions to dismiss without prejudice (can be refiled); the case was paused at the pleading stage. Later status not verified, so no final outcome is stated. Private civil suit, no finding source
  • 2025-01 Class action (S.D.N.Y., docket 25-cv-880, Burwick Law) originally against Pump.fun's parent Baton Corporation and its founders over memecoins FRED and GRIFFAIN; Solana Labs and the Solana Foundation were later named, with Securities Act, unjust enrichment and RICO claims. Outcome: Order dated 2026-08-31 dismissed all claims against Solana Labs, the Solana Foundation and five named executives, per Solana Compass (secondary source). Whether the dismissal was with prejudice or on the merits was not stated; the court's order itself was not read. Dismissed or closed, no merits finding source
Limits

What we could not verify

Not verified: (1) admin_control left null, see detail (conflicting sources on feature-gate keys). (2) Foundation jurisdiction and leadership come from a secondary directory; current Foundation leadership not re-checked. (3) No full audit of Agave found; Firedancer v0.4 audit date comes from Neodyme's list page only. (4) Vesting/unlock schedule for the 46.29M non-circulating SOL not found; the 3.61% figure is staking inflation only. (5) Top-10 accounts are unlabeled, so exchange/custody/foundation share is unknown; one other holder site read (CoinCarp) was discarded because its balances did not match the chain. (6) Outcome of Young v. Solana Labs after 2024-09-03 not found. (7) The 2025-02-27 Coinbase dismissal and 2025-05-29 Binance dismissal are from SEC pages; SOL-specific amendment of the Binance complaint is from The Defiant only. (8) Burwick-case dismissal and the August 2026 outage come from single secondary sources. (9) FDV shown as 73.723B in the CoinGecko statistics table vs 73,717,848,157 in its FAQ; entered the stats-table value.

Editor notes

  • Private class action, no finding on the merits; shown, not deducted.

Facts as of 7 Oct 2026. Searches are not exhaustive. Report an error with a source: corrections policy. Education only, not investment advice.

Sources

  1. [1] CoinGecko Solana page (price, market cap, FDV, rank) accessed 2026-10-07
  2. [2] Kraken Solana price/listing page accessed 2026-10-07
  3. [3] DefiLlama fees API, Solana (fees and revenue) accessed 2026-10-07
  4. [4] SEC v. Binance complaint, 23-cv-01599 (D.D.C., filed 2023-06-05), SOL section accessed 2026-10-07
  5. [5] SEC v. Coinbase complaint, 23-cv-4738 (S.D.N.Y., filed 2023-06-06), SOL section accessed 2026-10-07
  6. [6] SEC press release 2023-101 (Binance), notes 2025-05-29 joint stipulation to dismiss with prejudice accessed 2026-10-07
  7. [7] SEC press release 2025-47: dismissal of Coinbase action (2025-02-27) accessed 2026-10-07
  8. [8] The Defiant: SEC amends Binance lawsuit, drops security claims for Solana accessed 2026-10-07
  9. [9] Young v. Solana Labs, No. 22-cv-03912 (N.D. Cal.), order of 2024-09-03 accessed 2026-10-07
  10. [10] Roche Freedman announcement of Young v. Solana Labs (filed 2022-07-01) accessed 2026-10-07
  11. [11] Solana Compass: Judge clears Solana Labs and Foundation from Burwick Law class action (order 2026-08-31) accessed 2026-10-07
  12. [12] Tangem: Solana network nearly halts after routing failure (2026-08-12) accessed 2026-10-07
  13. [13] agave repository (Apache-2.0) accessed 2026-10-07
  14. [14] Neodyme audit reports list (Firedancer v0.1 2024-06-30, v0.4 2025-04-01) accessed 2026-10-07
  15. [15] Neodyme: Security Audit Firedancer v0.1 accessed 2026-10-07
  16. [16] Solana RPC getSupply / getInflationRate / getInflationGovernor (api.mainnet-beta.solana.com, read 2026-10-07) accessed 2026-10-07
  17. [17] Solana RPC getLargestAccounts (public.rpc.solanavibestation.com, slot 454347062, 2026-10-07) accessed 2026-10-07
  18. [18] Interactive Crypto: Solana Foundation issuer profile accessed 2026-10-07
  19. [19] Helius: Solana governance, a comprehensive analysis accessed 2026-10-07
  20. [20] Fortune: Solana Anza new legal entity (2024-01-30) accessed 2026-10-07
  21. [21] NewsBTC: Drift Protocol 285M hack (2026-04-01), excluded as application-level accessed 2026-10-07
  22. [22] Solana Foundation post mortem: ZK ElGamal Proof Program bug (2025-05-02), not exploited accessed 2026-10-07
  23. [23] Anza: Agave network patch root cause analysis (2024-08-15), not exploited accessed 2026-10-07
Questions

Common questions about Solana

Is Solana a good investment?

This page does not say, and it is not investment advice. It shows what can be checked. In our pilot check, Solana shows strong evidence, score 100 out of 100, with 89% of the evidence verified. Price and market value are context, not a valuation. Use the key facts and sources above and decide for yourself.

Who controls Solana?

Control risk: Not verified. Details and sources are in the key facts above.

Has Solana been independently audited?

Independent audit: Published. Details and sources are in the key facts above.

How much new SOL supply is coming in the next 12 months?

New supply in the next 12 months: 3.61% of the current supply. Details and sources are in the key facts above.

Does Solana have revenue we can check?

Revenue evidence: Checkable on-chain. Details and sources are in the key facts above.