Publicly traded Solana treasury company Forward Industries launched its first institutional-grade validator node on the Solana blockchain as part of its broader strategy to deepen its role within the Solana ecosystem.
The company announced the launch on Tuesday, saying that the validator runs on DoubleZero’s fiber network, which powers the validator and uses Jump Crypto’s Firedancer, a new independent Solana validator client.
Kyle Samani, chairman of the board of Forward Industries, said the move allows them to fortify Solana’s resiliency and help ensure that it remains “the standard for institutional adoption” in decentralized finance (DeFi).
Forward Industries currently holds the largest Solana-based crypto treasury, valued at almost $1.7 billion. The company is backed by crypto giants Galaxy Digital, Jump Crypto and Multicoin Capital, and plans to be more involved in the network’s ecosystem.
Forward Industries joins Solana’s top 10 validators
Forward Industries’ validator launch immediately put the entity in the top 10 biggest validators by Solana (SOL) tokens staked.
Block explorer Solana Beach showed that all of Forward’s SOL holdings, about 6.8 million SOL tokens worth almost $1.7 billion, were staked.
As a result, it managed to surpass long-standing players like Staking Facilities and Coinbase, whose validators rank behind Forward with 6.7 billion and 6.2 billion tokens, respectively.
According to Solana Beach, the largest Solana validators are Binance staking, Helius, Figment and Jupiter.
All of these entities have more than 10 billion Solana tokens staked, ranking them the highest in terms of the number of tokens staked.
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Forward launches validator with 0% commission
Validators are evaluated not only by the size of their stake but also by their commission rates. Commissions represent the percentage of staking rewards a validator keeps before distributing earnings to delegators.
Forward’s 0% commission means that all rewards go directly to stakers, while higher commissions reduce their yield.
By comparison, Binance Staking, the largest operator with 13.9 million SOL, charges delegators 1% commission, while staking providers Figment and Ledger by Figment charge 7%.
Among the top 10 validators, the most expensive belongs to Coinbase, which charges 8%, reducing delegator returns the most among the top validators.
However, 0% commission may be a growth tactic rather than a permanent figure. Running a validator requires infrastructure costs, and companies may raise their commission rates once they secure a big enough stake.
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