At the beginning of April, data from Solana Compass showed that the number of validators had plummeted from 2,560 in March 2023 to around 756, while the Nakamoto coefficient also dropped from 31 to 20, a decrease of 35%. This indicates a significant weakening of the network’s decentralization.

This sharp reduction in the number of nodes creates a tension with Solana’s ambitious goal of building a “Decentralized NASDAQ,” forcing the community to confront the structural challenges underlying its infrastructure. As early as early 2024, it was clear that the number of nodes would fall below 1,000. Founder Toly attributed this mainly to the termination of the initial subsidy program, but this explanation did not fully alleviate concerns about excessive centralization within the community.