{"id":22811,"date":"2025-04-19T09:01:44","date_gmt":"2025-04-19T09:01:44","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=22811"},"modified":"2025-04-19T09:01:44","modified_gmt":"2025-04-19T09:01:44","slug":"solana-inflation-reform-gets-second-try-from-galaxy-research","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=22811","title":{"rendered":"Solana Inflation Reform Gets Second Try From Galaxy Research"},"content":{"rendered":"
\n

Galaxy Research has returned to the Solana governance arena with a fresh proposal that seeks to sidestep the deadlock that stymied last month\u2019s SIMD\u2011228 vote on inflation. Published on GitHub on April 17 and titled \u201cMultiple Election Stake\u2011Weight Aggregation (MESA) Vote for Reducing Inflation,\u201d the document lays out a procedure that would let validators express a full spectrum of preferences instead of the blunt YES \/ NO \/ ABSTAIN triad that governs Solana referenda today.<\/p>\n

New Solana Inflation Proposal Follows First Failure<\/h2>\n

Solana\u2019s monetary schedule is presently hard\u2011coded: annual issuance starts at 8 %, declines by 15 % each year, and plateaus at a 1.5 % \u201cterminal\u201d inflation rate. According to dashboard provider Solana Compass, the network\u2019s effective inflation stands at 4.591 %. While SIMD\u2011228 revealed broad agreement that those figures amount to \u201csecurity overpayment,\u201d the binary ballot failed<\/a> to gather the two\u2011thirds super\u2011majority needed to tighten the curve.<\/p>\n

Galaxy\u2019s new plan<\/a> keeps the familiar fixed, time\u2011dependent decline toward 1.5 % but replaces single\u2011outcome votes with what it calls a market\u2011driven aggregation. \u201cInstead of throwing darts until the community is happy with an individual proposal,\u201d the authors write, \u201cit is more efficient to simply ask each person what they want and settle on the aggregate.\u201d<\/p>\n

Under MESA, validators would send stake to multiple YES accounts representing discrete disinflation rates\u201415 %, 17.5 %, 20 % and so on\u2014while NO and ABSTAIN remain unchanged. The weighted average of those YES buckets would set the new curve. A worked example in the post shows how 5 % of YES stake for \u201cunchanged,\u201d 50 % for 30 % deflation and 45 % for 33 % would yield a composite 30.6 % rate.<\/p>\n

Galaxy stresses that the scheme is \u201cnot to be confused with a market\u2011driven curve as detailed in SIMD\u2011228,\u201d because the underlying schedule would still be deterministic once chosen. Yet, the firm argues, the method is \u201cdemocratic and progressive\u201d and could \u201celiminate the need to repeatedly take the idea to single\u2011outcome vote until a universally acceptable number is proposed.\u201d<\/p>\n

The pitch has already drawn scrutiny from core developers. Max Resnick of Anza responded on GitHub that the arithmetic of averaging creates a perverse incentive to vote tactically rather than truthfully: \u201cSuppose I believe the best policy is 25 % a year. \u2026 With the average aggregation rule the best thing to do is try to forecast where the final outcome will be and set the most extreme policy in whichever direction you want to pull the policy from there.\u201d<\/p>\n

Resnick argues that selecting the median of submitted preferences would be \u201ca truthful aggregation rule\u201d and reiterates his preference for \u201ca dynamic market\u2011based approach to issuance\u201d over any static curve, adding, \u201cI have faith that the Solana community<\/a> is intelligent enough to understand a dynamic inflation policy.\u201d<\/p>\n

Galaxy\u2019s authors acknowledge that critical implementation details remain open. They invite debate on how many YES buckets to include, whether SIMD\u2011228\u2019s 33 % quorum and two\u2011thirds super\u2011majority thresholds should carry over, and whether a weighted average is in fact the fairest way to collapse the vote.<\/p>\n

At press time, SOL traded at $133.83.<\/p>\n

\"Solana<\/div>\n","protected":false},"excerpt":{"rendered":"

Galaxy Research has returned to the Solana governance arena with a fresh proposal that seeks to sidestep the deadlock that stymied last month\u2019s SIMD\u2011228 vote on inflation. Published on GitHub on April 17 and titled \u201cMultiple Election Stake\u2011Weight Aggregation (MESA) Vote for Reducing Inflation,\u201d the document lays out a procedure that would let validators express […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":6,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-22811","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22811"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22811\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}