BNY and BlackRock both route institutional staking services through Galaxy’s infrastructure, making the same provider the operator for multiple major Wall Street players. BNY oversees roughly $62.6 trillion in assets under custody and administration, while Galaxy is one of three approved validators for Ethereum staking within BlackRock’s iShares Staked Ethereum Trust, a fund that can stake 70% to 95% of its holdings under normal conditions. Approximately 33% of total ETH supply is currently staked, meaning routing just 11% of total ETH supply through a single provider would reach the one-third threshold of staked ETH, beyond which an actor can disrupt chain finalization. Solana’s Nakamoto coefficient stood at 10 as of August 5, indicating the minimum number of validators needed to control a one-third share of delegated stake, the threshold at which a coordinated minority can impair voting on new blocks.
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