Many might consider Solana a top functional blockchain project; however, a recent review from Edward Snowden, a former U.S. security intelligence officer turned crypto enthusiast, might change minds. Snowden believes Solana is centralized, a take he shared at the Token2049 event recently.
Is Solana not so impressive?
Speaking via video conference, Snowden singled out Solana as one of the most hyped protocols in the industry today. He said Solana developers took on a very good technology and decided to centralize everything.
As Edward Snowden noted, the motivation for doing this is to make everything faster and cheaper. However, he said the innovators behind this have achieved their aims with a concerning downside.
“Solana is centralized” @Snowden #Solana pic.twitter.com/AwdIcYbp6Y
— St₳ke with Pride 🌈 SPO & DRep (@StakeWithPride) October 1, 2024
The former CIA official said nobody uses Solana except for meme coins and scams. He believes the model that Solana is running on will not make innovations emerge on the chain, as the emphasis on Minimum Viable Product (MVP) has been watered down.
This comment from Edward Snowden has triggered a significant reaction, especially from hardcore Solana proponents. While many disagree with his take, others believe he has spilled the truth that might be hard for others to admit.
Solana versus Ethereum narrative
Solana has made headlines over the past few months for different reasons. Its low cost has made it a popular haven for meme coins. The emergence of Pump.Fun meme coin launchpad amplified its popularity as many launched tokens got much richer.
On the plus side, these new token launches helped Solana record several stats that ranked it above key rivals like Ethereum. With its recent performance, firms like VanEck have even predicted that Solana might capture up to half of Ethereum’s market capitalization in the long term.
Though Solana has its drawbacks, claims of centralization remain a highly contested opinion but one which core developers like Anatoly Yakovenko might need to address.