- SIMD 228 got the boot, but SIMD 123 somehow waltzed through. Typical. 🙄
- Solana insiders are throwing confetti over the voting turnout. 🎉
Solana’s [SOL] most controversial inflation proposal, SIMD 228, crashed and burned with just 43.6% YES votes. That’s 23% shy of the 66.67% needed. Ouch. 😬
According to Dune Analytics, 27.4% of stakeholders voted against cutting Solana’s inflation by 80%. Because who doesn’t love a little extra inflation, right? 💸
Solana’s Vote: A Tale of Drama and Divergence
Despite the flop, Solana insiders are patting themselves on the back. A whopping 74% of staked SOL voted, alongside 910 validators. Tushar Jain, Co-founder of Multicoin Capital (and the brains behind SIMD 228), called it a “meaningful scaling stress test.” Sure, Tushar. 🙃
“This was a meaningful scaling stress test—a social, rather than technical, stress test—and the network passed despite a wide stratification of diverging opinions and interests.”
The proposal had its fair share of drama. Supporters argued that fixed inflation was dragging SOL’s value down, while opposers were clutching their staking rewards like Gollum with the One Ring. 💍
Meanwhile, SIMD 123, which also aimed to reduce validator revenue, somehow passed. Because logic. 🤷♀️
Solana co-founder Anatoly Yakavenko chimed in, saying opposition to SIMD 228 wasn’t just about self-interest. Sure, Anatoly. We believe you. 😏
“Simd 228 didn’t pass, but 123 passed. Even though both proposals were for reducing validator revenue. Opposition to 228 isn’t just acting in their own self-interest.”
Helius Labs’ founder Mert Mumtaz, one of the SIMD 228 opposers, summed it up perfectly:
“The one makes stakers more and the other makes stakers less.”
Currently, Solana’s inflation is at 5%, with stakers enjoying 8% rewards. But if SIMD 228 had passed, staker returns would’ve plummeted to 1.34%. Yikes. 📉
Now, Solana’s fixed inflation schedule, with a 15% deflationary rate, will continue. Because why fix what’s not broken? 🤔
Meanwhile, SOL’s price stayed unbothered at $125, comfortably above the $120-support zone. Because crypto is nothing if not unpredictable. 🚀
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2025-03-14 14:18