Fidelity Report Praises Solana Resilience While Flagging Concentration Risks

Solana has gone more than two years without a major mainnet outage, according to a new report from Fidelity’s Center for Applied Technology. The study also identifies several structural risks, including concentrated validator stake, hosting infrastructure, geography and client software.

Strong Uptime and Growing Activity

The report, titled “The State of Solana: Network Health and Resilience,” was written by Mia Galvin and Kevin Kelly and published on October 16, 2026. Fidelity says the network has not experienced a major mainnet outage since February 6, 2024.

Solana’s vote success rate was approximately 99.7% in 2026, according to the report. Validators use votes to confirm blocks, making the metric an indicator of how consistently the network’s consensus activity is completing.

The report also points to capacity improvements from shorter slot times. Slots are the brief windows during which validators produce blocks, so reducing their length can help Solana process more transactions as usage increases.

On-chain activity has expanded alongside the network’s reliability. Fidelity reported that tokenized real-world assets on Solana grew from approximately $1 billion to $4.4 billion year over year. Stablecoin activity increased even faster, with the network processing more than $2 trillion in stablecoin volume during the first quarter of 2026.

Concentration Across Four Layers

Fidelity’s central warning is that validator counts alone do not fully describe network resilience. The report highlights four areas where control or exposure is concentrated:

• Validator stake: About 18 validators collectively control enough stake to halt finality, which requires one-third of total stake.
• Hosting: A single hosting provider accounts for nearly 29% of total stake, a level the report says exceeds acceptable limits set by the Solana Foundation.
• Geography: Approximately 40% of stake is located in Frankfurt and Amsterdam, creating a concentration risk if either region experiences a major disruption.
• Client software: Roughly 63% of stake runs Jito-Solana and about 26% runs Harmonic.

Although Jito-Solana and Harmonic are separate client implementations, Fidelity notes that both are linked to the dominant Agave codebase. A vulnerability in shared underlying code could therefore affect a large portion of the network simultaneously.

What This Means

The report presents Solana as a network with strong recent operating performance but incomplete decentralization across key infrastructure layers. High uptime, rising stablecoin volume and expanding tokenized assets support the case for continued adoption, while concentrated stake and shared dependencies create potential single points of failure.

For users, developers and institutions, the findings suggest that resilience should be assessed through the distribution of stake, hosting providers, locations and client implementations together. Solana’s next challenge is not only maintaining performance, but broadening the infrastructure base that makes that performance possible.