Solana’s governance process reached a historic milestone as two key proposals, SIMD-228 and SIMD-123, drew unprecedented participation.
These proposals aimed to address validator revenue distribution and network inflation, sparking intense debate within the Solana community.
According to voting results, SIMD-228 failed to pass as it secured a 61.39% approval rate, falling short of the required 66.67% threshold. However, SIMD-123 passed with a 74.91% “yes” vote.
The rejection of SIMD-228 means Solana’s inflation rate will remain unchanged, preserving the current staking reward structure. In contrast, the passage of SIMD-123 could reshape validator incentives by formalizing revenue-sharing mechanisms for stakers.
Mert Mumtaz, CEO of Helius Labs, commented on the results, stating that the failure of SIMD-228 highlights the need for better governance tools. He noted that the voting discussions became disorganized and proposed a mechanism allowing stakers to vote independently.
However, Solana Labs co-founder Anatoly Yakovenko expressed skepticism about such an approach. He argued that most stakers might remain passive, and the network needs strong-willed validators who can actively drive decentralization.
Record turnout
Meanwhile, community members highlighted the significance of these votes, revealing that SIMD-228 saw a record-breaking 74.3% turnout, while SIMD-123 garnered 57.1% participation.
These numbers set new benchmarks for governance engagement on the network, with SIMD-228’s turnout surpassing every US presidential election in the last 100 years.
Multicoin Capital co-founder Tushar Jain emphasized the event’s magnitude, calling it the most significant crypto governance vote ever. He said the participation spanned 910 individual validators alongside stakers, developers, investors, exchanges, and other key ecosystem contributors.
He stated:
“If this vote tells us one thing, it’s that the state of the Solana network is strong. 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.”
Laine, a prominent Solana validator, echoed this sentiment, calling it a groundbreaking moment for Solana governance. He praised the level of engagement and debate, noting that such involvement—regardless of the outcome—bodes well for the ecosystem’s future.
The post Solana governance sets new participation record outpacing past US presidential elections appeared first on CryptoSlate.
