I was toying around with finding how much the market values each node of a decentralized network...
Only considering "relay" like nodes, not validators.
To me, having Mcap/node > Bitcoin's means your network could be overvalued given current centralization/lack of decentralization. It could also mean that the market is pricing in future benefit/utility provided by a network despite its current lack of decentralization. Any of these networks could become more decentralized going forward, I'm not trying to knock them, although BNB is a bit concerning to me lol.
*Note: Solana numbers are from 2023, I could not find anything more current. I had to subtract consensus nodes from total nodes to derive the number of rpc nodes.
I could not find node counts for TON, ADA, AVAX, or LINK taht did not include validator counts, if anyone can point me to that information I would appreciate the help!
Here is an image of the table in case reddit decides to display it like shit: https://imgur.com/a/n5AxmIX
| Mcap Rank | Crypto | Mcap | source | Nodes | Mcap/Node |
|---|---|---|---|---|---|
| 1 | BTC | $ 1,199,513,069,542.00 | https://bitnodes.io/ | 18894 | $ 63,486,454.41 |
| 2 | ETH | $ 283,132,926,847.00 | https://etherscan.io/nodetracker# | 6120 | $ 46,263,550.14 |
| 3 | BNB | $ 78,572,119,319.00 | https://bscscan.com/nodetracker# | 63 | $ 1,247,176,497.13 |
| 4 | SOL | $ 64,166,659,152.00 | https://solana.com/news/validator-health-report-october-2023 | 913 | $ 70,281,116.27 |
| 5 | XRP | $ 29,281,439,313.00 | https://xrpl.org/about/faq | 35 | $ 836,612,551.80 |
| 6 | TRX | $ 13,314,622,811.00 | https://nownodes.io/nodes/tron-trx | 104 | $ 128,025,219.34 |
| 7 | TON | $ 13,254,705,890.00 | #DIV/0! | ||
| 8 | ADA | $ 12,120,283,671.00 | #DIV/0! | ||
| 9 | AVAX | $ 10,040,838,907.00 | #DIV/0! | ||
| 10 | LINK | $ 6,608,231,529.00 | #DIV/0! |
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