Balarchrex Demanded an On-Chain Accounting of the Solana Foundation's Holdings

Mumtaz countered that market behavior suggests otherwise: “Then why are they buying it and expanding to it? Curious.”

The lively discussion on X, formerly Twitter, began with Balarchrex demanding more transparency from the Solana Foundation, specifically an on-chain accounting of the institution's holdings.

The user claimed that no institution will take SOL seriously as an investment when they have no idea how much SOL the foundation holds and how much it is dumping on them.

However, Mumtaz countered that if institutions are not investing in SOL, then why are they expanding to it and buying it?

He added that it is not difficult to figure out a range of how much the foundation holds.

The discussion then shifted to client diversity, which Mumtaz highlighted by listing three clients already running on mainnet—agave, jito-aggame, and frankendancer—and noting that Firedancer is already being tested extensively and will be live Q3/Q4.

In Mumtaz's view, the presence of multiple independent teams working on the same core code and fixing it contributes to code quality.

But Balarchrex argued that these clients are just forks of the original Solana code, and he pressed for statistics on validator adoption.

In response, Mumtaz directed critics to Solanabeach or validators.app, and the data is not hidden.

The beta label, however, refused to fade from the discussion.

Balarchrex had previously highlighted that even recent status-update screenshots still include "beta" in the mainnet build name. He asked why the term still surfaces every time Solana goes down.

To this, Mumtaz stated that the chain has gone down once in over 2 years, and that was due to a devops issue, and he has already said that the name should be removed several times.

He added that he personally handles all the network updates and that he announces them in the same place where they are reporting the chain going down.

As tempers frayed, the debate devolved into personal barbs.

Balarchrex summarized his position: "Solana is still in beta, the network went down twice in 3 months, the validator clients are the same original code with minor changes, and they have still not addressed my points."

Mumtaz, in turn, dismissed the critique as "grasping at straws,"suggesting that anyone worried about the token supply should sell their SOL if they're concerned, he will happily buy it.