The Marinade DAO analyzed the staking performance of Solana funds associated with FTX. The active staking portfolio of 15,912,644 SOL is distributed over 1,335 validators with an effective yield of 5.97% APY. If switched to an automated delegation strategy, FTX would yield 7.92% APY (+33%), resulting in an additional 310,297 SOL ($46,544,484) staking rewards when compared to the current performance. In addition to that there is 8,600,874 SOL not staked at all, losing additional 681,189 SOL in staking rewards ($102,178,383).

Withdraw authority

• EhYXq3ANp5nAerUpbSgd7VK2RRcxK1zNuSQ755G5Mtxx

Staking performance

• Data points
  • The total stake of 24,513,518 SOL
  • Google sheet with details and commands used for data analysis
  • SOL = $150
  • Projected APY used for unrealized rewards: 7.92%
• Inactive stake: 8,600,874 SOL is not delegated to a validator
  • 0% APY
  • Unrealized rewards per year: 681,189 SOL ($102,178,383)
• Active stake: 15,912,644 SOL is actively delegated to a validator
  • Table: Active stake breakdown by validators commission

  • 10% commission validators stake: 3,187,290 SOL

    • 0.05% APY
    • Unrealized rewards per year: 250,840 SOL ($37,625,958)
  • ≤10% commission validators stake: 12,725,354 SOL
    • 7.45% APY
    • Unrealized rewards per year: 59,809 SOL ($8,971,375)

Recommendation

Assign Marinade’s stake automation delegation bot for the stake authority to handle FTX SOL staking delegation.

It is as easy as running the following Solana CLI command for all stake accounts:

solana stake-authorize \\
	--keypair current_stake_authority.json \\
	STAKE_PUBKEY \\
	--new-stake-authority stWirqFCf2Uts1JBL1Jsd3r6VBWhgnpdPxCTe1MFjrq

Marinade Native: The smart SOL staking choice for venture capital and institutions