Staking ratio reaches 69%; validator operational conditions should also come into focus. Bitwise’s new report reminds me that network security must consider both capital and operational conditions. ① On October 20, Bitwise released its Q4 2026 Staking Report. Here, Q4 refers to the report version; the Solana section primarily describes conditions at the end of the third quarter and should not be interpreted as an immediate measurement after Alpenglow’s launch. ② According to the report’s metrics, approximately 69% of supply is staked, with a gross yield of 5.99%, down from the previous 6.38%. Gross yield is not the net return individual users receive, nor is it the current platform-promised APY. ③ The same report notes a decline in the number of validators from 696 to 659, and discusses pressure from operational costs. When interpreting such data, it’s important to distinguish between validator records, active voting accounts, and independent operational entities to avoid conflating different metrics. ④ These end-of-quarter figures occurred prior to the activation of the new consensus, so they cannot be used to assert whether Alpenglow has improved or worsened current validator profitability; post-upgrade costs and participation levels require new data. My own view: A secure network requires sufficient staking as well as sustainable participation across operators of all scales. I will monitor subsequent staking concentration, operational barriers, and client distribution, avoiding judgments of network health based solely on a single yield metric. NFA / DYOR @Solana_zh @solana @Bitwise