Solana Foundation Faces Internal Critique Over Direction and Spending

Kevin Ricoy, founder of crypto media startup Allmight, has ignited a fiery debate in the Solana ecosystem after he wrote a scathing open letter urging the Solana Foundation to set a date for its shutdown.

His remarks drew responses from figures like Jupiter’s Kash Dhanda and Solana Foundation’s Akshay BD, who stepped in to defend the organization’s role in supporting developers and encouraging adoption.

Ricoy’s Criticism

In the letter, published on X, Ricoy accused the group of becoming disconnected from the community. He pointed to high-cost events like Breakpoint in Abu Dhabi and a planned New York gathering as tone-deaf, especially when smaller builders were struggling with limited resources.

He also questioned the organization’s accountability and resource allocation, challenging its self-appointed role as a governing “Mayor’s Office” for the ecosystem. The blockchain enthusiast described the foundation as an “elitist peanut gallery,” saying it is becoming more like a centralized authority instead of a guardian of decentralization.

He then recommended dismantling the entity over time and redistributing its resources directly to independent teams and local initiatives.

Defenders Highlight the Foundation’s Role in Growth

Jupiter and Superteam co-founder Kash Dhanda firmly rejected Ricoy’s proposal, saying:

However, he acknowledged the institution’s shortcomings while arguing that conferences like Breakpoint were important for marketing, community building, and attracting institutional interest. He added that other blockchain ecosystems were trying to imitate the Solana model.

Akshay BD, head of strategy at the Solana Foundation, also offered his thoughts, explaining the reasoning behind expensive events in financial hubs. He argued that putting Solana alongside Wall Street and sovereign wealth funds would eventually benefit developers, even if tickets were pricey.

While the discussion may have caused some division in the community, it also revealed common ground, with both critics and defenders agreeing that Solana’s future depends on striking a balance between centralized coordination and grassroots innovation.

A complete shutdown may not be possible, as Ricoy later acknowledged, but opening doors for greater competition and wider involvement, he believes, may help keep the foundation from turning into the very authority it was intended to replace.

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