diff --git a/coordinator/src/substrate/mod.rs b/coordinator/src/substrate/mod.rs
index 7a76353c..fb1e3aed 100644
--- a/coordinator/src/substrate/mod.rs
+++ b/coordinator/src/substrate/mod.rs
@@ -11,10 +11,7 @@ use ciphersuite::{group::GroupEncoding, Ciphersuite, Ristretto};
 use serai_client::{
   SeraiError, Block, Serai, TemporalSerai,
   primitives::{BlockHash, NetworkId},
-  validator_sets::{
-    primitives::{ValidatorSet, amortize_excess_key_shares},
-    ValidatorSetsEvent,
-  },
+  validator_sets::{primitives::ValidatorSet, ValidatorSetsEvent},
   in_instructions::InInstructionsEvent,
   coins::CoinsEvent,
 };
@@ -69,12 +66,7 @@ async fn handle_new_set<D: Db>(
       let set_participants =
         serai.participants(set.network).await?.expect("NewSet for set which doesn't exist");
 
-      let mut set_data = set_participants
-        .into_iter()
-        .map(|(k, w)| (k, u16::try_from(w).unwrap()))
-        .collect::<Vec<_>>();
-      amortize_excess_key_shares(&mut set_data);
-      set_data
+      set_participants.into_iter().map(|(k, w)| (k, u16::try_from(w).unwrap())).collect::<Vec<_>>()
     };
 
     let time = if let Ok(time) = block.time() {
diff --git a/substrate/validator-sets/pallet/src/lib.rs b/substrate/validator-sets/pallet/src/lib.rs
index 76c07e1c..d1385c2d 100644
--- a/substrate/validator-sets/pallet/src/lib.rs
+++ b/substrate/validator-sets/pallet/src/lib.rs
@@ -363,21 +363,26 @@ pub mod pallet {
 
       let allocation_per_key_share = Self::allocation_per_key_share(network).unwrap().0;
 
-      let mut iter = SortedAllocationsIter::<T>::new(network);
       let mut participants = vec![];
-      let mut key_shares = 0;
       let mut total_stake = 0;
-      while key_shares < u64::from(MAX_KEY_SHARES_PER_SET) {
-        let Some((key, amount)) = iter.next() else { break };
+      {
+        let mut iter = SortedAllocationsIter::<T>::new(network);
+        let mut key_shares = 0;
+        while key_shares < u64::from(MAX_KEY_SHARES_PER_SET) {
+          let Some((key, amount)) = iter.next() else { break };
 
-        let these_key_shares = amount.0 / allocation_per_key_share;
-        InSet::<T>::set(network, key, Some(these_key_shares));
-        participants.push((key, these_key_shares));
+          let these_key_shares =
+            (amount.0 / allocation_per_key_share).min(u64::from(MAX_KEY_SHARES_PER_SET));
+          participants.push((key, these_key_shares));
 
-        // This can technically set key_shares to a value exceeding MAX_KEY_SHARES_PER_SET
-        // Off-chain, the key shares per validator will be accordingly adjusted
-        key_shares += these_key_shares;
-        total_stake += amount.0;
+          key_shares += these_key_shares;
+          total_stake += amount.0;
+        }
+        amortize_excess_key_shares(&mut participants);
+      }
+
+      for (key, shares) in &participants {
+        InSet::<T>::set(network, key, Some(*shares));
       }
       TotalAllocatedStake::<T>::set(network, Some(Amount(total_stake)));
 
diff --git a/substrate/validator-sets/primitives/src/lib.rs b/substrate/validator-sets/primitives/src/lib.rs
index 644b19e1..c900b0a9 100644
--- a/substrate/validator-sets/primitives/src/lib.rs
+++ b/substrate/validator-sets/primitives/src/lib.rs
@@ -115,11 +115,11 @@ pub fn report_slashes_message(set: &ValidatorSet, slashes: &[(Public, u32)]) ->
 /// maximum.
 ///
 /// Reduction occurs by reducing each validator in a reverse round-robin.
-pub fn amortize_excess_key_shares(validators: &mut [(Public, u16)]) {
-  let total_key_shares = validators.iter().map(|(_, shares)| shares).sum::<u16>();
-  for i in 0 .. usize::from(
-    total_key_shares.saturating_sub(u16::try_from(MAX_KEY_SHARES_PER_SET).unwrap()),
-  ) {
+pub fn amortize_excess_key_shares(validators: &mut [(Public, u64)]) {
+  let total_key_shares = validators.iter().map(|(_, shares)| shares).sum::<u64>();
+  for i in 0 .. usize::try_from(total_key_shares.saturating_sub(u64::from(MAX_KEY_SHARES_PER_SET)))
+    .unwrap()
+  {
     validators[validators.len() - ((i % validators.len()) + 1)].1 -= 1;
   }
 }