Solana stated to become ‘more decentralized than people think,’ but there’s more

Solana-based decentralized finance (DeFi) firm Unstoppable Finance has contended that Solana is much more decentralized than people allow it to be to be. However, there’s another side that believes the blockchain platform is really more centralized.

Inside a blog publish, the DeFi firm explains its arguments, citing the blockchain network’s active validator count, Nakamoto coefficient and support for validator hardware, that is frequently contended to become costly, as causes of the network’s decentralization.

Based on the publish, Solana’s validator count is a lot greater than other chains, excluding Ethereum. Furthermore, Unstoppable Finance highlights that Solana’s Nakamoto coefficient, a metric that measures the distribution of staked tokens and decentralization, is a lot greater than protocols like Cosmos and Near Protocol.

Solana’s validator count in contrast to other systems. Source: Ultimate (by Unstoppable Finance)

Concerning the criticisms that Solana’s validator hardware is costly, Unstoppable Finance argues that Solana has produced a web server rental program that are responsible for the problem. Regardless of the arguments in support of Solana’s decentralization, some community people can’t be believing that the woking platform is decentralized.

Twitter user L’ensemble des_teezy believes that Solana’s network outages aren’t the primary problem rather, the network is “too centralized,” giving merely a couple of the influence to seal lower and restart the network. The Twitter user highlighted that without decentralization, the network is likewise just like any traditional system.

Related: What decentralization? Solana loan provider Solend approves whale wallet takeover to prevent DeFi implosion

Last month, a Reddit user who claimed to become a software developer known as Solana a gimmick, evaluating it for an SQL database implemented by traditional finance. The Redditor authored when a main group can roll back a ledger, it’s much like centralized finance firms.

In June, Solend, a lending protocol according to Solana, initiated a questionable thing to do within the wallet of the whale to prevent liquidations. The move received huge pushback in the community. Eventually, they backpedaled and centered on other solutions that do not require overtaking the wallet.

Latest stories

You might also like...