Unchained
Solana Insiders Wanted to Reduce Inflation, but It Failed. Here’s What the Proposal’s Author Thinks - Ep. 800
Mar 14, 2025
Tushar Jain, co-founder and managing partner at Multicoin Capital and co-author of the SIMD-228 proposal, reflects on the recent governance vote regarding Solana's inflation rate. He discusses why the proposal was essential for Solana's health, the surprising opposition from some validators, and how the governance process revealed key challenges. Jain also shares insights into a smaller successful proposal on fee sharing and hints at the possibility of revising SIMD-228 for another attempt.
46:24
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Quick takeaways
- The SIMD-228 proposal aimed to reduce Solana's inflation by tying it to staking participation but ultimately failed to gain the necessary supermajority support.
- The governance process revealed significant community engagement and highlighted the need for better communication tools to support small validators' interests.
Deep dives
Disappointment and Reflection on SIMD 228 Proposal
The recent SIMD 228 proposal aimed to introduce a programmatic market-based emission mechanism related to staking participation in Solana, but it ultimately failed to pass. With a need for 66.67% approval, only 61.39% of voters supported it, highlighting a divide among the community. Despite the rejection, there was a sense of accomplishment regarding the governance process itself, as this marked a significant milestone in community participation. Lessons were learned from this governance stress test, revealing participation levels and the complexity of validator decision-making.
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