Solana Foundation Faces Internal Critique Over Direction and Spending

Allmight’s Kevin Ricoy blasted the Solana Foundation, calling it elitist and urging a shutdown date to redirect funds to grassroots builders.

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.

“The Solana Foundation has become the bureaucratic ruling class, living off the work of others, while passing judgment and withholding resources the community needs to truly thrive,” Ricoy wrote.

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

“Announce a target date for shutdown,” urged Ricoy. “It doesn’t need to be tomorrow, or even next year, or the year after that.”

Defenders Highlight the Foundation’s Role in Growth

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

“The Solana Foundation has been vital in the growth of both the community and the network. I don’t understand why we would want to take one of the best assets we have and shut it down.”

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.

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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.

“The net inflow of capital and talent will ultimately benefit the very solana community that may have found it expensive to attend,” he wrote. “Meanwhile, developer focussed events continue unabated, and are hyperlocal by design — so anyone can find and join their local Solana community.”

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.