Solana, the blockchain platform that claims to offer fast, scalable, and low-cost transactions, has seen its native token SOL increase by more than 10% in the last 24 hours, reaching a new all-time high of $27.93. The price surge comes despite recent criticism from some developers over the closed-source and centralized nature of many Solana apps.
Solana boasts over 3,400 validators, making it one of the most decentralized networks by node count. It also has a vibrant developer community that has created various applications on the platform, such as decentralized exchanges, lending protocols, and NFT marketplaces.
Solana Faces Backlash Due to Its Current Situation
However, not everyone is happy with the state of Solana’s ecosystem. A Solana developer named Jordan recently posted a tweet thread expressing his concerns over the prevalence of closed-source smart contracts and wallets on the platform.
Criticism of Solana's "centralization" is often misplaced by its critics.
But make no mistake: Solana has a real problem.
I love Solana. I love its architecture, I love working on it, and I love being part of its community. Here, in the spirit of this love and a desire to fix…
— Jordan ☉ | X | 💀🔥⚔️🪽 (@jordaaash) October 20, 2023
He argued that these apps negate the benefits of decentralization and expose users to trust and security risks. Jordan urged the Solana community to demand more transparency and accountability from developers and to avoid using closed-source programs. He also suggested that developers should adopt open-source design architecture to foster innovation and collaboration.
The debate over open vs. closed source systems is not new in the crypto space. Both approaches have their advantages and disadvantages, depending on the goals and values of the project.
Some argue that closed-source software provides more quality control and technical support, while others contend that open-source software enables community participation and security auditing.
Solana’s price performance suggests that investors are not deterred by the criticism of over-centralization. The platform has been growing rapidly in terms of adoption and innovation, attracting attention from both retail and institutional investors. At the time of writing, the price of Solana’s SOL fell slightly beneath the $27 mark, and its currently trading at $26.80, according to CoinMarketCap.
Solana recently launched a new AI tool that showcases the future of blockchain explorers, allowing users to easily understand and visualize transactions on the network.
Solana’s market cap is currently over $7.5 billion, making it the seventh-largest cryptocurrency by that measure. It remains to be seen whether Solana can maintain its momentum and address the issues raised by its critics.
