Solana may be more decentralized than other Layer 1 chains
A main complaint about the Solana blockchain is that it is not as decentralized as one may think, the blockchain actually has a reputation of being more centralized than other chains. There seems to be a consensus that this reputation came about due to the fact that the token allocation to VCs and insiders was quite high when it first launched as even Ethereum has 3 time less tokens at launch.
These VC and other investors have the ability to stake their coins into the Proof of Stake system for solana thus giving them the right to issuance of the network. This is a bigger step away from decentralization and can lead to some negative sentiment towards the blockchain.
A decentralized network is built on security and stability even more so than coin allocation and thus these factors can be used to showcase the fact that Solana is actually more decentralized than given credit for.
The validatiors of Solana are steadily growing and have outgrown most other blockchains that use Proof of Stake. The second closest blockchain would be Avalanche with 1297 validators currently against Solana’s 1875 according to Ultimate by Unstoppable finance.
Solana also has a high Nakamoto coefficient. The NC is the smallest number of validators that stake 33% of the networks tokens. This means it shows a more even distribution of staked tokens. The higher the number the harder it is for a blockchain’s network to be disturbed.
There are steps being taken to improve decentralization as holders are encouraged to stake on smaller validators, validator hardware purchases are being aided by the Solana Foundation. The foundation itself is staking 80% of its treasury to smaller validators and validators can be started with a 1 SOL stake.