Unstoppable Finance claims that Solana has a greater validator count and Nakamoto coefficient than other blockchains, making it more decentralized. The Solana-based decentralized finance (DeFi) firm Unstoppable Finance has suggested that Solana is more decentralized than it appears. There is, however, another argument in which the blockchain platform is seen to be far more centralized.
The post explains the company’s case, emphasizing the blockchain network’s active validator count, Nakamoto coefficient, and support for validator hardware, which is often said to be costly, as reasons for its decentralization.
According to the article, Solana’s validator count is considerably higher than that of other chains, with the exception of Ethereum. Unstoppable Finance also notes that Solana’s Nakamoto coefficient, a measure of token distribution and decentralization, is far superior to those like Cosmos and Near Protocol.
The validator hardware from Solana, which has been criticized for being costly, is supposedly already addressed by Unstoppable Finance. Despite the advantages of Solana’s decentralization, certain community members are unconvinced that the platform is decentralized.
In June, Solend, a financing protocol developed on Solana, took over the wallet of a whale to avoid liquidations. The community backlash was tremendous. Ultimately, the team backtracked and concentrated on alternatives that don’t require taking control of the wallet.