January 2026 State of the Network Report
This report provides an overview of the Swarm network’s key metrics for January 2026, including rewards, participation levels, and node distribution, and places them in context with recent monthly trends.
Network Total Monthly Rewards
This metric shows the total storage incentive rewards paid out across the network each month.
| Month | Total Network Rewards (xBZZ) |
|---|---|
| August | 41,496 |
| September | 28,162 |
| October | 28,337 |
| November | 39,109 |
| December | 38,477 |
| January | 31,172 |
Total network rewards in January were 31,172 xBZZ, down from 38,477 xBZZ in December.
Monthly Median Win Values
| Month | Median Win Values (xBZZ) |
|---|---|
| August | 11.07 |
| September | 8.33 |
| October | 8.10 |
| November | 12.04 |
| December | 11.53 |
| January | 9.21 |
The median win value in January was 9.21 xBZZ, down from 11.53 xBZZ in December.
Monthly Average Win Values
| Month | Average Win Values (xBZZ) |
|---|---|
| August | 12.28 |
| September | 8.60 |
| October | 8.34 |
| November | 13.09 |
| December | 11.68 |
| January | 9.25 |
Average win values decreased to 9.25 xBZZ in January from 11.68 xBZZ in December.
Active Staking Node Monthly Average Earnings
| Month | Avg Total Earnings per Node (xBZZ) |
|---|---|
| August | 11.33 |
| September | 7.73 |
| October | 8.33 |
| November | 19.40 |
| December | 18.68 |
| January | 16.07 |
Average earnings per active staking node in January were approximately 16.07 xBZZ, down from December’s 18.68 xBZZ.
Total Active Staking Nodes by Month
| Month | Total Active Staking Nodes |
|---|---|
| August | 3,663 |
| September | 3,643 |
| October | 3,400 |
| November | 2,018 |
| December | 2,060 |
| January | 1,939 |
The total number of active staking nodes decreased to 1,939 in January, down from 2,060 in December.
Total Reachable Full Nodes Regardless of Active Status
| Month | Total Reachable Full Nodes |
|---|---|
| August | 7,097 |
| September | 7,063 |
| October | 7,071 |
| November | 5,299 |
| December | 4,760 |
| January | 4,270 |
Total reachable full nodes declined to 4,270 in January, down from 4,760 in December.
Total Winning Nodes by Month
| Month | Total Winning Nodes |
|---|---|
| August | 1,738 |
| September | 1,701 |
| October | 1,668 |
| November | 1,433 |
| December | 1,513 |
| January | 1,456 |
The number of winning nodes in January was 1,456, down from 1,513 in December.
Total Active Staking Nodes by Country
| Country | Total Active Staking Nodes |
|---|---|
| Finland | 1723 |
| Thailand | 120 |
| Unknown | 61 |
| Hungary | 9 |
| China | 5 |
| Ireland | 4 |
| United States | 4 |
| Estonia | 3 |
| Germany | 2 |
| India | 2 |
| Brazil | 1 |
| Japan | 1 |
| Portugal | 1 |
| Russia | 1 |
| Slovenia | 1 |
| Ukraine | 1 |
Finland continues to account for the majority of active staking nodes. Thailand was the second largest country by active staking node count with 120 nodes.
Total Nodes By Country Regardless of Staking Status
| Country | Unique nodes |
|---|---|
| Germany | 2332 |
| Finland | 1519 |
| Thailand | 140 |
| Unknown | 61 |
| Hungary | 10 |
| Estonia | 3 |
| United States | 3 |
| Canada | 2 |
| Czechia | 2 |
| Lithuania | 2 |
| Russia | 2 |
| Australia | 1 |
| Brazil | 1 |
| India | 1 |
| Ireland | 1 |
| Japan | 1 |
| Singapore | 1 |
| Slovenia | 1 |
| Switzerland | 1 |
| The Netherlands | 1 |
| Ukraine | 1 |
When considering all reachable full nodes regardless of staking activity, Germany and Finland continue to account for the largest share of the network.
Conclusion
January 2026 saw declines across most key network metrics compared to December. Total rewards, win values, average earnings per node, active staking nodes, reachable full nodes, and winning nodes all decreased. Geographic distribution of both active staking nodes and total reachable full nodes remained concentrated in Finland and Germany respectively.
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