- Solana validators will receive 100% of priority fees from transactions following a governance vote, aiming to improve network security and efficiency.
- The previous model split priority fees between burning and rewarding validators, which led to side deals with transaction submitters.
As a researcher with experience in blockchain technology and Solana in particular, I believe this governance proposal is a positive step towards improving network security and efficiency. The previous model of splitting priority fees between burning and rewarding validators led to potential side deals between transaction submitters and validators, which could undermine the integrity of the network.Validators on the Solana blockchain will receive an increased amount of SOL tokens as a result of a governance vote that approved their receipt of 100% of priority fee transactions’ fees, with 77% of participants casting a favorable vote according to the latest governance data.
In a blockchain system, validators play a crucial role by operating software to verify transactions and ensure network security. On the Solana platform, transaction processors can opt for priority fees as an extra payment to boost their transactions’ probability of being handled faster by the network.
In the past model, transaction submitters and validators had an arrangement where half of the fees for priority transactions were cancelled while the other half were kept by the validators. This setup led some to accuse validators of engaging in “secretive side deals” with submitters in order to receive larger amounts of SOL, as suggested by tao-stones on the Solana governance platform.
Paying top priority to validator fees would help validators remain more committed to maintaining network security and efficiency, according to tao-stones.
The plan, which is detailed in Solana Improvement Document 96 (SIMD-0096), has been implemented with the addition of a new feature called “Reward Full Priority Fee to Validators” under number #34731.
I’ve observed an uptick of 1.6% in Solana’s (SOL) value over the previous 24-hour period. Currently, it is being traded at a price of $166 during the Asian afternoon hours on a Tuesday, according to CoinGecko’s data.
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2024-05-28 10:31