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October decentralisation reports: Concordium most spread out, Mina's largest producer holds a third

BitBasic's first monthly decentralisation reports closed on 1 November 2026. Nakamoto coefficients at the end of October ranged from 7 on Concordium to 1 on Mina. The reports are partial, covering two to four days each.

BitBasic's first monthly decentralisation reports, for October 2026, closed on 1 November 2026 and no longer change. Each report measures how concentrated the active stake is on one network. It gives the Nakamoto coefficient (the smallest number of the largest validators that together hold more than a third of the active stake, which is enough to stall a proof-of-stake network), the share held by the ten largest, and the Herfindahl–Hirschman index (HHI), where a lower value means the stake is more spread out.

All seven October reports are partial. BitBasic began recording between 28 and 30 October, so each covers only two to four days, and there is no earlier month to compare with. The figures are end-of-month readings.

The figures at the end of October

Network Active set Nakamoto coefficient Top 10 share HHI
Concordium 76 validators 7 51.7% 412
Casper 71 validators 4 61.3% 505
The Graph 62 Indexers 4 72.8% 643
Band 51 validators 3 77.6% 818
Kava 49 validators 2 79.2% 1,082
Mina 56 block producers 1 93.8% 1,799

Aztec is measured differently. Nearly every sequencer stakes the same amount, so stake figures mostly restate the size of the set (3,165 active sequencers). The report counts sequencers per staking provider instead: 52 providers ran active sequencers, and it took 3 of them to run more than a third of the set. The three largest ran 37.3% of active sequencers, and 19.7% were not linked to any provider.

What stands out

  • Mina. The largest block producer held more than a third of the active stake on its own. On Mina, a block producer counts as active only if it made a block in the current or the previous epoch, so the measure covers about 389 million MINA, well below all staked MINA. On BitBasic's data on 2 November, the largest producer held about 134 million MINA, roughly 34.5% of that active stake.
  • Kava. Two validators together held more than a third of the active stake.
  • Concordium had the most spread-out stake of the six stake-based networks, with a Nakamoto coefficient of 7 and an HHI of 412.

What it means for delegators

A low Nakamoto coefficient means a few operators could halt the network or block changes by working together. Delegators who want to spread stake more widely can compare validators' stake and performance on each network's dashboard before they choose. The November reports are being updated hourly and close on 1 December 2026. They will be the first to show change from one month to the next.

BitBasic is run by BitNordic, which is a validator on all seven networks and is included in these figures like any other validator.

Sources

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