Once upon a time, in the land of Solana, a grand proposal named SIMD-228 tried to slay the inflation dragon by chopping its head off by 80%. But alas! The small validators, armed with their tiny SOL stashes, banded together and said, “Not on our watch!” 🛡️
According to the SIMD Vote Status, 61.39% of the voters were all for it, but the proposal needed a whopping 66.67% to pass. With a record-breaking 74% turnout, it was the biggest crypto governance vote ever. But, as it turns out, size doesn’t always matter. 🐘
The voting pattern was like a soap opera. Over 60% of the small validators (those with 500,000 SOL or less) voted against the proposal, while the big whales 🐋 with their massive stakes were all in favor. It was a classic case of the rich wanting to get richer and the poor just trying to survive.
Solana’s current inflation system is a delicate dance between burning transaction fees and generating staking rewards. When the network is busy, more fees are burned, keeping inflation in check. But lately, transaction costs have been lower than a snake’s belly, so fewer tokens are being burned. Meanwhile, staking rewards keep pumping out new SOL like a never-ending candy machine. 🍬
SIMD-228 aimed to reduce staking rewards, which would have slowed down the SOL supply growth and potentially made it more valuable. But the small validators, who charge little to no commission, would have been left high and dry. If they had left the network, Solana’s decentralization could have taken a hit, and we all know what happens when centralization creeps in. 🕷️
While SIMD-228 failed miserably, another proposal, SIMD-123, passed with flying colors (almost 75% support). This one allows validators to share their rewards more transparently with stakeholders via an on-chain system. So, it seems the network participants prefer a bit of transparency over slaying the inflation dragon. 🐉
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2025-03-14 09:25