In a veritable pageant of democratic crypto-antics, the Solana ecosystem has just witnessed the grandest of governance spectacles. Stakeholders, in their wisdom, have roundly rejected the SIMD-228 proposal, leaving it to wither in the shadow of a record-breaking vote. A spectacle, indeed!
The SIMD-228, with its quixotic dreams of transitioning to a market-based model of inflation, found itself gasping for the necessary 66.67% of adoration. Alas, it mustered but a paltry 61.4%—a figure that, while impressive to some, fell woefully short of the mark. A mere 43.6% of the staked supply rooted for the reform, while 27.4% raised a resolute ‘nay,’ and a quaint 3.3% preferred the comfort of the fence.
Yet, in this defeat, a victory of sorts: over 74% of the staked supply across 910 validators deigned to participate in this governance mêlée. A testament to the community’s engagement, if not to the proposal’s allure.
Multicoin Capital’s co-founder, Tushar Jain, hailed the event as the largest governance vote in crypto history—a fact that, no doubt, brings a wry smile to the faces of the defeated. The proposal, with its utopian vision of optimizing network security and reducing token issuance, now lies in tatters, a cautionary tale for future reformists.
Opponents, with their keen sense of the risks, pointed out the potential for chaos should staking rates fluctuate like a tipsy tightrope walker. And let us not forget the poor smaller validators, who rely on inflation rewards as one might rely on a leaky umbrella in a thunderstorm.
In the end, the existing inflation schedule stands firm, a bulwark against the tides of change. The vote, a grand experiment in governance, has proven that Solana can withstand a storm of opinions and emerge with its community more engaged than ever.
“I want to thank everyone who participated in the debate and put themselves in the public arena in service of advancing Solana governance. Public discourse is critically important and it takes a critical mass of people who really care. We ended up revising this proposal over 7 weeks on numerous occasions before it went to a final vote. That wouldn’t have been possible without the contributions of Solana’s passionate community.”
Solana Foundation Executive Director Lily Liu had her own quibbles with SIMD-228, deeming it “too half-baked” for her refined palate. She argued for a more measured approach to tampering with Solana’s economic underpinnings, lest we all end up in a financial equivalent of a soufflé gone wrong.
In defense of fixed-rate yields, Liu extolled their predictability—a feature dear to the hearts of institutional investors. She cited the success of Solana’s staked ETPs in Europe as evidence of the value of stability—a concept, it seems, more solid than the SIMD-228 proposal itself.
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2025-03-14 19:45