Forward Industries has successfully staked its entire treasury of Solana tokens in a new validator, placing it among the top 10 validators on the network.

This launch was part of a broader initiative to enhance their involvement in the Solana ecosystem. The company revealed on Tuesday that their validator operates on DoubleZero’s fiber network, supported by Jump Crypto’s Firedancer, a new independent Solana validator client.

Kyle Samani, the chairman of Forward Industries, mentioned that this strategy enhances the resilience of Solana and positions it as the standard for institutional engagement in decentralized finance (DeFi).

Forward Industries manages the largest cryptocurrency treasury on Solana, valued at nearly $1.7 billion, and is backed by major players in the crypto space including Galaxy Digital, Jump Crypto, and Multicoin Capital, with aspirations to further integrate into the network’s ecosystem.

Corporate entities holding Solana tokens in their treasuries. Source: Strategic Solana Reserve

Forward Industries Enters Solana’s Top 10 Validators

With the launch of its validator, Forward Industries’ SOL stake has placed it among the largest validators by Solana tokens staked. As reported by Solana Beach, Forward’s holdings of approximately 6.8 million SOL tokens, valued just under $1.7 billion, are fully staked. This move has allowed it to eclipse established validators, such as Staking Facilities and Coinbase.

According to the ranking, top Solana validators include Binance staking, Helius, Figment, and Jupiter, all boasting over 10 billion SOL staked.

Top 10 validators by the amount of Solana staked. Source: Solana Beach

0% Commission on Staking

In addition to the stake size, validators are appraised based on their commission fees. Forward Industries’ 0% commission structure means all staking rewards go directly to stakers without reductions. In contrast, significant competitors like Binance Staking and Coinbase have commissions of 1% and 8% respectively, the latter significantly cutting into returns.

While the zero-commission could be a strategy to attract more stakers, industry experts note that maintaining a validator comes with operational costs, and companies may need to adjust commission rates later as their staked amounts increase.

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