Solana hits 409M staked SOL ATH as validators drop 68% and RWA holders hit 115K

Solana reached an all-time high of 409 million staked SOL, according to Blockworks, strengthening security while raising decentralization questions. The Solana Foundation cut delegated SOL from 85 million to 23 million, and validator count fell 68% from 2,500 to 800. RWA holders surpassed 115K, yet Q4 2025 net flows were $216 million versus over $1 billion for BNB Chain and Ethereum.