Solana Tokenomics

The circulating supply is the amount of SOL that is currently circulating across exchanges, DEXes and user wallets, and includes both staked SOL (eg activated and delegated to a validator), and unstaked SOL..

Note that 'Locked' in the context of Solana means the account is frozen until a specific date. The majority of staked SOL is unlocked, however once it is delegated to a validator there is a deactivation / 'cool-down' period of up to one epoch (about a day) before it can be withdrawn. The activation + deactivation process - or warm up / cool down - is a separate concept to 'locking'.

Non circulating supply takes two main forms:

1. SOL that is locked in a stake account. Usually staked, this SOL is generally the result of an investment in SOL or a grant by the Solana foundation. Each stake account has its own unlock date, with some arrangements vesting regularly over time.
2. SOL that is owned by Solana Labs or the Solana Foundation. This is also kept in stake accounts but is not locked. A large chunk of this is used by the foundation for their delegation program, where stake is delegated to over 2,000 validators to aid decentralization. This stake may be frequently redelegated amongst validators based on performance.

Solana's annual inflation rate is currently 3.562% and falls by 15% each year until it reaches a 1.5% floor. Validators voted in August 2026 (SGP-0002) to double that taper to 30% a year, which would bring the floor forward from about 2032 to about 2029, but the change has passed and is not yet active. The schedule runs in protocol years, so the rate you see in practice drifts slightly with slot times.

All of that new SOL goes to stakers. Because not every SOL is staked, each staker's share of issuance is larger than the headline rate, and rewards compound every epoch, which is why what you earn by delegating sits above the inflation rate. You can model it for your own SOL over several years, including how the taper changes it.

In effect, holders who don't stake pay those who do. Fees offset part of it: half of every base fee is burned, while priority fees go entirely to the validator that built the block. As issuance falls, fees are expected to make up a bigger share of what validators earn.

SOL that is staked earns rewards based on the current inflation rate, network performance and the performance of the validator it is delegated to, so which validator you choose affects both your returns and how evenly stake is spread across the network. Undelegated stake stops earning at the end of the current epoch, which now lasts about a day, and you can skip the wait by swapping it out instead.

Holders of unlocked stake accounts are free to delegate or undelegate at their leisure. Neither the Solana Foundation nor anyone else can postpone unstaking on stake they do not own. If more than 9% of active stake tries to activate or deactivate in one epoch, the network spreads the excess across later epochs to keep the stake weights stable.

Locked stake accounts can be undelegated, split into smaller accounts and redelegated to other validators, but they cannot be withdrawn or transferred to another wallet until the lockup period expires.

Alameda's locked stake: Currently 0 SOL in locked stake is owned by Alameda's wallets. This represents 0.0% of all locked stake. Given they are subject to Chapter 11 bankruptcy it is unlikely this stake will immediately move once unlocked, until the liquidation process is completed. Similar cases have taken as much as ten years to complete.

Upcoming Unlocks

Largest Holders Of Locked Stake

I have attempted to identify Alameda's locked stake based on the unlock dates and lockup size reported on Solana.com. These tagged withdraw authorities are the best match I have found, but I can't guarantee they are correct.

Unlocked, still staked: Please note that this only includes accounts that were never withdrawn. If a locked stake recipient withdraws their stake, then re-stakes it, it is not included here.

Avg Days To Withdrawal: This is the average number of days it took for a stake account to be withdrawn (eg deleted) after it's unlock date. Solana Compass does not have data prior to Epoch 170, so this only includes stakes that were deactivated after Epoch 170 (2021-04-13).