Solana Co-Founder, Helius CEO Clash Over Tokenization Debate

- Solana co-founder Anatoly Yakovenko and Helius CEO Mert Mumtaz engage in public debate over tokenization on September 20, 2025. - Their disagreement highlights contrasting views on infrastructure tokenization and the Solana ecosystem's strategic direction. On September 20, 2025, a heated debate unfolded within the Solana ecosystem between co-founder Anatoly Yakovenko and Helius Labs CEO Mert Mumtaz over tokenization. According to Cryptopolitan, the discussion on the social media platform X centered on whether core infrastructure, such as wallets, should adopt tokens. During the September 20 exchange on X, Helius Labs CEO Mert Mumtaz questioned the value of integrating tokens into wallets, asking, “Is there some use for it that I’m missing?” In response, Solana co-founder Anatoly Yakovenko stated on X, “Everything with revenues should have a token.” Yakovenko argued that tokenization democratizes ownership, allowing token holders to share in a project's success rather than concentrating profits among venture capitalists or centralized interests. Mumtaz then quipped in a post on X, “Should I release token?” The exchange drew mixed reactions from the crypto community. Some supported Yakovenko’s vision of shared ownership, while others aligned with Mumtaz’s skepticism, pointing to the potential risks of tokenizing core infrastructure. The public clash sheds light on broader tensions surrounding tokenomics in the blockchain sector and comes shortly after Mumtaz made a proposal on September 10, 2025. He advocated for a new Solana-native stablecoin that would reinvest yield from its reserves back into the Solana ecosystem. Mumtaz argued this could benefit SOL holders through token buybacks or burns and address "yield leakage," a problem where stablecoin profits are funneled into competing ecosystems. Mumtaz criticized a prominent stablecoin operating on Solana, accusing it of extracting yield while helping the blockchain's competitors grow. He proposed that digital-asset treasury companies (DATs) could implement a Solana-aligned strategy, rather than embedding it into the protocol. Mumtaz also drew attention to the “US GENIUS Act,” which places payment stablecoins under the purview of banking regulators rather than the SEC or CFTC. This legislation prohibits issuers from directly distributing reserve profits to stablecoin holders but allows them flexibility in reallocating those profits, which presents an opportunity for Solana-based DATs to reinvest strategically within the ecosystem. These developments underline the significance of tokenomics and yield management in shaping the Solana ecosystem’s future, as the platform must navigate these issues while competing within the rapidly evolving crypto landscape. According to CoinMarketCap, Solana (SOL) was trading at $239.509 as of 00:09 UTC on September 21, 2025, with a 0.293% change in 24-hour trading volume.