Solana Foundation Faces Criticism Over Spending and Direction

The Solana Foundation is under fire after Kevin Ricoy, founder of crypto media startup Allmight, called for its eventual shutdown, criticizing the group for elitism and poor resource allocation.

Ricoy argued that costly events like Breakpoint in Abu Dhabi and a planned New York gathering highlight a disconnect from grassroots developers, urging the foundation to redirect funds toward smaller teams and community projects.

Leaders in the ecosystem, including Jupiter’s Kash Dhanda and Solana Foundation’s Akshay BD, defended the organization’s role in network growth. They said high-profile events help attract institutional capital while grassroots developer meetups continue locally.

The debate underscores ongoing tensions in Solana’s ecosystem between centralized coordination and decentralized community efforts, with critics pushing for more accountability and inclusivity.