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77% of Solana validators voted to abolish the commission burning mechanism

Bits.media / 28.05.2024 / 09:17
77% of Solana validators voted to abolish the commission burning mechanism
77% of Solana validators voted for the SIMD-0096 proposal, thanks to which they will be able to receive the full amount of commissions for confirming transactions in the blockchain.

Currently, the commission for the priority of confirming transactions in Solana is divided in a 50/50 ratio: validators receive half of the commission amount as a reward, the remaining half is burned, thereby reducing the total number of SOL coins. Therefore, the main task of SIMD-0096 is to increase the motivation of validators by reducing the likelihood of side deals with transaction senders. This should increase the security of the Solana blockchain, according to the developers.

The proposal received support from the validators Everstake, Jito, Helius, Stakehouse, Leapfrog, Bonk, Solend and Pico.sol. However, the validators Step Finance, Triton, GREED, Solana Compass, Shinobu, Orangefin, AG, Pumpkin Pull and Edgevana opposed. Critics believe that it is necessary to leave the combustion mechanism, which helps to control the annual inflation rate of SOL. An increase in the amount of commissions received may be beneficial for validators only in the short term, since stopping coin burning may negatively affect the long-term state of the network and lower the SOL rate.

Anatoly Yakovenko, co-founder of Solana, explained that the current system requires users to pay a double fee to receive priority or more favorable conditions, which is fully transferred to validators and not burned. He called the burning of the priority board a system error.

Despite the completion of voting, activation of SIMD-0096 may take several months. The delay will allow for further discussions and the development of additional proposals. For example, SIMD-0123 for a more optimal distribution of block rewards and SIMD-0109 with a native "tip" mechanism.

According to CoinGecko, in April, the average daily number of transactions per second on the Solana network was 1,504, reaching the highest possible figure. Analysts explained this by the popularity of memcoins.

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