As Solana ecosystem expands, co-founders tackle critiques of venture capital finance

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At the time of going to press, Solana was the fifth largest blockchain by market cap and was changing hands at $ 180.84. Alt was up 2.86% in 24 hours, but also saw growth last week. In fact, it increased 5.19% in seven days.

It has been a busy time for the Solana community, which is experiencing rapid development in various parts of its ecosystem. One example is the launch by Solana Labs of a new directory so that users can share and vote on projects.

Source: Solana.com

To participate, users must log in through Twitter, submit the necessary information, and wait for approval. Once approved, supporters can increase the popularity of the project by voting for it. At the time of going to press, the NFT war game Aliens VS People was a top contender.

1 / 📣The Solana ecosystem has grown incredibly quickly, faster than a page can follow.

Introducing a new community-led ecosystem directory from @SolanaLabs. Now, users can submit their projects, discover new ones, and vote for their favorites. https://t.co/E9JOZd6dWr

– Solana (@solana) December 17, 2021

A trip to the past

While Solana seems to have come a long way, her founding story is not without controversy. In fact, many crypto watchers are still opposed to the initial allocation of its tokens and the help the project received from venture capitalists.

The distribution of tokens is essential in determining the distribution of power in blockchains.

Concentration of insider ownership can permanently damage the ability of projects to credibly become neutral public infrastructure.

The oligarchy is the system that we are supposed to disrupt.

1 / pic.twitter.com/140092y1mu

– Ryan Watkins (@RyanWatkins_) May 17, 2021

Things came to a head when a Twitter user reported it to Solana co-founder Raj Gokal. The executive responded,

“If there was a way to create a Layer 1 from scratch with less VC funding, less insider allowances, and more public allowances, we would have done it. The market was very different back then, and we barely scratched. “

For his part, co-founder Anatoly Yakovenko replied,

“The Foundation distributes tokens to those who strive to maximize censorship resistance over a long period of time and demonstrate the operational skills necessary to execute an honest replica that can aid recovery from catastrophic failures. Else should wtf do?

Scan my soul

Regarding VCs, Solana News reported that block explorer Solscan has secured $ 4 million in seed funding to launch Solscan Analytics and improve its services. Multicoin Capital and Electric Capital led the round.

it’s bigger than the seed tower we barely collected in 2018https: //t.co/DuVWjxCW19

– Raj Gokal (@rajgokal) December 17, 2021

Interestingly, Solana raised $ 20 million in its own Series A funding round, with Multicoin Capital in the lead.

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