Justin Bons, founder and CIO of Amsterdam-based Cyber Capital, ignited a new round of the proof-of-work versus proof-of-stake debate on Wednesday, asserting that Solana’s “economic security” now exceeds Bitcoin’s and trails only Ethereum’s among the largest networks. In a lengthy X post on August 13, Bons published point-in-time calculations that, by his model, put Ethereum first, Solana second and Bitcoin third on a “cost to attack” basis. “Truth cuts through all the noise & the BS narratives, as economic security can be measured objectively!” he wrote, adding: “PoS is, in fact, way more secure than PoW, by several orders of magnitude.”

Solana Tops Bitcoin

Bons framed his analysis around what he calls the annual “security budget” required to compromise a network. For proof-of-work cha

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