Rank	Validator	Stake	Share	Cumulative	Comm.
01	Backpack	2.02B MON	13.21%	13.21%	0%
02	CMS Holdings	348.4M MON	2.28%	15.49%	4%
03	P2P.org 💙	265.6M MON	1.74%	17.23%	15%
04	gmonads.com	257.5M MON	1.68%	18.91%	15%
05	LeMonad	245.7M MON	1.61%	20.52%	3%
06	Nansen \| Stake to Stack Points	167.7M MON	1.10%	21.62%	15%
07	Alchemy	162.4M MON	1.06%	22.68%	10%
08	polkachu.com	158.8M MON	1.04%	23.72%	0%
09	ProStaking	145.8M MON	0.95%	24.67%	15%
10	Stardust Staking	141.4M MON	0.92%	25.59%	15%
11	MonadVision	124.9M MON	0.82%	26.41%	15%
12	Gemini	115.4M MON	0.75%	27.16%	15%
13	Bitwise Onchain Solutions	115.2M MON	0.75%	27.91%	15%
14	B-Harvest	115.1M MON	0.75%	28.66%	15%
15	Everstake	111.9M MON	0.73%	29.39%	15%
16	MAVAN	108.7M MON	0.71%	30.10%	10%
17	forthenads	104.8M MON	0.68%	30.78%	15%
18	Kairos Research X Firstset	100.2M MON	0.65%	31.43%	15%
19	Staking4All	99.9M MON	0.65%	32.08%	10%
20	Stakin by The Tie	98.1M MON	0.64%	32.72%	10%
21	01node← LIVENESS THRESHOLD	96.0M MON	0.63%	33.35%	15%
22	Kraken	95.9M MON	0.63%	33.98%	15%
23	BitCtrl	93.3M MON	0.61%	34.59%	15%
24	P-OPS Team	91.7M MON	0.60%	35.19%	15%
25	Kiln1	90.1M MON	0.59%	35.78%	15%
26	Etherfuse	90.1M MON	0.59%	36.37%	15%
27	Allnodes	88.1M MON	0.58%	36.95%	10%
28	Validation Cloud	86.1M MON	0.56%	37.51%	15%
29	Triton one	85.6M MON	0.56%	38.07%	10%
30	Blockdaemon	84.7M MON	0.55%	38.62%	10%
31	Luganodes	84.7M MON	0.55%	39.17%	15%
32	nadradar	83.9M MON	0.55%	39.72%	15%
33	rskl	81.6M MON	0.53%	40.25%	15%
34	Laminated Labs	81.2M MON	0.53%	40.78%	15%
35	L0vd	80.8M MON	0.53%	41.31%	15%
36	auri0x	79.8M MON	0.52%	41.83%	15%
37	Figment	79.8M MON	0.52%	42.35%	15%
38	Spectrum Staking	78.2M MON	0.51%	42.86%	15%
39	H2O Nodes	78.1M MON	0.51%	43.37%	15%
40	Staking Facilities	78.0M MON	0.51%	43.88%	15%
41	InfStones	78.0M MON	0.51%	44.39%	15%
42	stakefish	77.4M MON	0.51%	44.90%	15%
43	ContributionDAO	77.2M MON	0.50%	45.40%	15%
44	TrustedPoint	76.4M MON	0.50%	45.90%	15%
45	Twinstake	76.2M MON	0.50%	46.40%	15%
46	LootGO	76.0M MON	0.50%	46.90%	15%
47	LI.FI	75.5M MON	0.49%	47.39%	15%
48	Cointelegraph Decentralization Guardians	75.2M MON	0.49%	47.88%	15%
49	RockX	75.2M MON	0.49%	48.37%	15%
50	HoodRun	75.2M MON	0.49%	48.86%	15%

Second edition - Published 2026-07-12

State of Decentralization - June 2026

This second monthly report from monscope covers the June 2026 validator-set picture. Numbers throughout cite the on-chain staking precompile snapshot captured on 2026-06-28 at epoch 1684, with 200 active validators and 15.27B MON total active stake. Month-over-month comparisons use the inaugural May report baseline.

Headline

June was a month of stability, not structural decentralization progress. The validator-level concentration picture remains healthy: the Herfindahl-Hirschman Index is 207, stake Gini is 0.322, the top ten validators control 24.70% of active stake, and the BFT Nakamoto coefficients are unchanged at 23 validators for liveness (> 1/3) and 94 for safety (> 2/3).

The main concentration risks sit outside the validator-ranked chart. Geography and infrastructure both became slightly more top-heavy:

Country Nakamoto = 2. The United States (23.21%) and the Netherlands (18.03%) together hold 41.24% of active stake. The top three countries now combine for 56.75%, up from roughly 54.96% in May.
Provider Nakamoto = 2. TeraSwitch Networks controls 19.63% of stake, and TeraSwitch plus OVH clear the one-third liveness threshold at 35.35%.

The month-over-month change keeps the same risk model: Monad has a broad validator-level stake distribution, but liveness risk still clusters around geography and specialized bare-metal hosting providers.

Stake distribution

The active set remains full at 200/200, with one additional validator eligible but outside consensus. The month-end snapshot shows no pending entries and no pending exits. Total active stake is 15.27B MON, down only 9.4M MON from the May baseline. Mean active stake is 76.3M MON; median is 53.4M MON.

The smallest active validator holds 25.1M MON, still well above the 10M MON protocol floor. The largest validator, Backpack, holds 1.91B MON, or 12.49% of the active set. That is up from 12.05% in May, which explains most of the small HHI increase from 197 to 207.

Cumulative top-N stake shares:

Top 1 - 12.49% (Backpack at 1.91B MON)
Top 3 - 16.43%
Top 5 - 19.25%
Top 10 - 24.70%
Top 20 - 31.84%
Top 33 - 39.30%
Top 67 - 56.33% - the top third still controls just over half of stake

Commission: still clustered at the cap

Commission structure barely moved. 169 of 200 active validators (84.5%) sit exactly at the 15% VDP cap. Five validators now run at 0%, up from four in May; three are above the cap, up from two. Mean commission is 14.41%; median remains 15.00%.

The cap continues to behave less like a ceiling and more like the market rate. The additional 0% validator is worth watching, but one extra outlier does not yet indicate a durable price-competition layer among validators. Delegators still mostly choose between operators, brands, and non-price incentives rather than between meaningfully different commission levels.

Geographic distribution

Validators are still distributed across 29 countries, but stake-weighted concentration increased. The United States, the Netherlands, and Germany now combine for 56.75% of active stake. Country Gini rose from 0.641 to 0.654, more than double the validator-level stake Gini.

Top countries by stake-weighted share:

United States - 23.21% across 53 validators
The Netherlands - 18.03% across 13 validators
Germany - 15.51% across 35 validators
Finland - 5.40% across 12 validators
Singapore - 5.08% across 12 validators
France - 3.91% across 9 validators

Country Nakamoto remains 2. A broad country count is useful, but the stake-weighted view is what matters for BFT risk: two jurisdictions still clear the liveness threshold.

Infrastructure concentration

The 200 active validators span 51 distinct autonomous systems, one fewer than the May baseline. The top provider is again TeraSwitch Networks (AS20326), now at 19.63% of active stake. OVH is second at 15.72%, Hetzner third at 10.72%, and UAB Cherry Servers fourth at 10.19%.

Provider Nakamoto remains 2. The bare-metal hosting pattern is still doing its job in one sense: no hyperscaler dominates the top-provider list. But June reinforces the same tradeoff visible in May. Dedicated-hardware requirements push validators toward a small pool of proven bare-metal and colocation providers, and that pool is concentrated enough to matter.

Protocol and MIP context

June changed the active-set roadmap more than the validator metrics did. MIP-9's proposal to raise ACTIVE_VALSET_SIZE from 200 to 300 is now postponed after Category Labs announced Cadence, a materially different consensus architecture. The active-set expansion was tested against the current architecture; proceeding now would risk setting a limit that needs to be revised if Cadence ships.

The practical read for decentralization is that active-set expansion is no longer just a near-term parameter change. It should be revisited once a larger validator set can be validated against the proposed upgraded architecture. In the live draft queue, this consensus-roadmap context now sits alongside MIP-12 (Decrease Vote Pace).

Measured adoption of already-final protocol changes continued in the background. By the 2026-06-28 MIP-adoption snapshot, monscope had scanned 31,776 contracts for MIP-2 size behavior, with 598 above the 24KB runtime-code threshold. MIP-4 runtime reserve-balance calls, MIP-5 CLZ contracts, and observed MODEXP calls remain at 0 in that snapshot.

What we'll watch in July

Whether the active set stays full. June ended at 200/200with no pending entry or exit, but only one eligible validator sat outside consensus.
Whether the 0% commission tier grows from five validators into a real competitive cluster, or remains a small set of outliers.
Whether hosting concentration shifts away from the TeraSwitch / OVH / Hetzner / Cherry Servers cluster, or whether bare-metal validator operations continue converging around the same providers.
Cadence and MIP-12 follow-through. MIP-9 expansion is postponed pending evaluation under the proposed consensus architecture, so the July question is whether a larger active set can be validated under the upgraded design rather than simply whether the cap moves from 200 to 300.

Methodology

Stake, commission, and active-set composition come from the 0x...1000 staking precompile (getConsensusValidatorSet, getValidator) on the public Monad RPC, captured at 2026-06-28. Validator names resolve through monad-developers/validator-info. Geographic and ASN attribution is derived from resolved peer-IP metadata in the decentralization snapshot; monscope's analysis (country/provider Nakamoto, Gini, and the concentration narrative) is its own.