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OVERVIEW

SOL This Looks Weird

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SOLANA
Why Are 54% of Jupiter Stakers Claiming Less Than $10?

Solanafloor had a great article today highlighting some oddities with Jupiter’s second round of Active Staking Rewards (ASR). The ASR distribution went live on October 21, promising a hefty distribution of $JUP and $CLOUD tokens to active stakers. 🤔 

While over $43 million was claimed in two days, some numbers raise questions—particularly the sheer number of small claims, suggesting that something fishy might be happening.

Is this a classic case of sybil farming to make Jupiter (and Solana) look busier than it actually is? Let’s dive into the data. #️⃣ 

Key Data Points to Know:

• Claimant percentage: Only 36% of wallets eligible for ASR actually claimed their rewards, leaving nearly 390,000 wallets unclaimed.

• Small claimers: A whopping 54% of claimants took home less than $10 worth of rewards. That’s more than half of the stakers!

• Small stakers dominate: 86.72% of all wallets claimed less than $100, showing that smaller accounts are by far the most active in the ASR event.

• Whale activity: In contrast to all the small wallets, whale addresses holding between 10 million and 100 million $JUP added 180 million tokens over the past eight days, while those holding 1 billion+ $JUP accumulated 1.44 billion tokens.

• Unclaimed stashes: Over 17% of the total ASR reward pool, worth millions, remains unclaimed as of the last report.

What’s Going On Here?

The abundance of small claims raises a red flag, hinting that this could be a case of sybil farming. By spreading their $JUP holdings across multiple wallets, participants could inflate the number of claimants to make it look like the protocol—and by extension, Solana—is seeing more activity than it really is. 😐️ 

This might explain why the majority of wallets are raking in such tiny rewards.

Whale Activity vs. Small Wallets

While the small wallets are clearly stacking pennies, the whales are quietly dominating in the background. Their accumulation of billions of tokens shows that the real control is still concentrated in a few massive accounts, with smaller wallets either strategically farming rewards or just passively participating for small gains. 👨‍🌾 

What's Next?

But Solanafloor’s article is just one of many instances that have popped up recently where the activity on Solana itself and its DeFi/DEX space is a little suspicious.

There’s much more like this in today’s Litepaper - read on. 📰 

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