介紹SIMD 228，這是一種新的代幣發射模型

在Solana生態系統的具有里程碑意義的開發中，新提出的令牌發射模型（稱為SIMD 228）已達到Quorum

A newly proposed token emission model for the Solana ecosystem has attained quorum with approximately 70% of votes cast in favor. Voting concludes at Epoch 755, which is set to arrive in under 48 hours. If passed, the proposal aims to reduce Solana’s annual inflation to approximately 0.92%.

Solana生態系統的新提議的令牌排放模型已達到法定人數，大約70％的選票受到贊成。投票在755時期結束，該時期定於48小時以下。如果通過，該提案旨在將Solana的年通貨膨脹率降低到約0.92％。

At its core, the proposal, known as SIMD 228, seeks to implement a “static curve” that adjusts SOL issuance according to the network’s staking participation rate. As presented by research analyst Carlos (@0xcarlosg on X):

從本質上講，該提案（稱為SIMD 228）試圖實施“靜態曲線”，該提案根據網絡的積分參與率來調整SOL發行。如研究分析師Carlos（x上的0xcarlosg on x）所提出：

If today’s stake ratio of 64% remains constant, SOL inflation would drop to about 0.92% following a specified smoothing period. However, the curve becomes more aggressive if the staking ratio dips below 50%, with the issuance rate exceeding the current fixed schedule if participation were ever to reach 33.3%.

如果今天的股份比率為64％，則在指定平滑期之後，SOL通脹率將下降到約0.92％。但是，如果均衡比率下降到50％以下，則曲線將變得更加積極，如果參與的參與達到33.3％，則發行率超過了當前的固定時間表。

“The fixed emission schedule made sense when Solana was a nascent ecosystem… Today, it emits more SOL than is necessary to secure the network,” note the proposal’s original authors, including Tushar Jain and Vishal Kankani. The idea is that Solana’s economic activity—its “Real Economic Value” (REV)—no longer justifies a higher fixed rate of token issuance.

該提案的原始作者（包括Tushar Jain和Vishal Kankani）指出：“當Solana是一個新生的生態系統時，固定的排放時間表是有意義的……今天，它發出的索要遠勝於確保網絡。”這個想法是，Solana的經濟活動（即“真正的經濟價值”（Rev））並沒有更長的固定率發行率。

There are a few arguments for the proposal. First, Solana might be overpaying for security. As presented by the proposal’s authors, Solana is likely issuing more tokens than necessary to compensate validators. Back when Solana had lower economic activity, the need for robust incentives was clear. Now, with more real transaction fees supporting the network, many see the current schedule as an inefficient “leaky bucket”—a term coined by Max Resnick to describe the proportion of value that leaves the system in the form of excessive validator commissions.

提案有一些論點。首先，Solana可能要多付安全。正如提案的作者所提出的那樣，索拉納可能會發出更多的代幣來補償驗證者。早在索拉納（Solana）進行較低的經濟活動時，需要強大的激勵措施的需求很明顯。現在，有了更多實際的交易費用支持該網絡，許多人將當前時間表視為效率低下的“漏水桶”，這是Max Resnick創造的一個術語，以描述以過多的驗證委員會的形式將系統留下的價值比例。

Second is the nominal vs. real yields argument. According to commentary from @y2kappa, issuance-driven yields merely dilute non-staking holders, without reflecting genuine fee-based demand on the network. The network’s longer-term goal is to rely on fees to compensate validators, thus eventually minimizing or eliminating inflation-based rewards.

第二是名義上的和真實的論點。根據 @y2kappa的評論，發行驅動的收益僅稀釋非固定持有人，而不會反映網絡上的真正收費需求。該網絡的長期目標是依靠費用來補償驗證者，從而最大程度地減少或消除基於通貨膨脹的獎勵。

Third, adherents to SIMD 228 believe an inflation schedule responsive to market conditions is inherently superior to a “fixed and arbitrary” rate. They argue that high issuance creates undesirable selling pressure on SOL, undermining its price and leading to capital inefficiencies.

第三，對Simd 228的追求者認為，對市場狀況的響應態度的通貨膨脹時間表本質上優於“固定和任意”率。他們認為，高發行對SOL造成了不良的銷售壓力，破壞了其價格並導致資本效率低下。

However, there are also some arguments against SIMD 228. Critics, such as SmyyGuy and CalilyLiu, observe that custodians and Exchange-Traded Product (ETP) issuers benefit from higher nominal yields, since they often take a commission on staking rewards without exposure to the underlying asset. From that standpoint, the current schedule distributes SOL to a wide base—which, in their view, might help boost adoption by large institutions that prefer more attractive yield figures for their products.

但是，也有一些反對Simd 228的論點。批評家，例如Smyguy和Calilyliu，觀察到，保管人和交易所交易產品（ETP）發行人從較高的名義收益率中受益，因為他們經常在不暴露於基礎資源的情況下對Staking Rewards進行佣金。從這個角度來看，當前的時間表將SOL分配給一個廣泛的基礎，在他們看來，這可能有助於提高大型機構的採用，這些機構更喜歡其產品的產量數字。

Another concern focuses on “unpredictable and unstable” inflation. As CalilyLiu argues, reducing and dynamically altering the issuance rate at a time of rising interest from major institutions could discourage them from using SOL, especially if more “conventional” assets offer stable yields. Opponents caution that changes to tokenomics right before a potential wave of Solana ETFs might be a strategic miscalculation.

另一個問題集中在“不可預測和不穩定”通貨膨脹上。正如Calilyliu所說，在主要機構興趣上升時，減少和動態改變發行率可能會阻止他們使用SOL，尤其是如果更多的“常規”資產提供穩定的收益率。反對者警告說，在潛在的Solana ETF浪潮之前將變為令牌學會改變可能是一個戰略性錯誤計算。

Third, a further contention comes from smaller validators, who bear SOL-denominated voting fees as a principal operating cost. Observers like David Grid warn that if network activity and fee revenue decrease, the new issuance curve may reduce validator profitability and shrink the validator set. While projections from 0xIchigo and lostin suggest a modest 3.4% potential reduction, concerns persist about overall decentralization.

第三，進一步的爭議來自較小的驗證者，他們以求解的投票費為主要運營成本。像大衛·格里德（David Grid）這樣的觀察員警告說，如果網絡活動和費用收入減少，新的發行曲線可能會降低驗證者的盈利能力並縮小驗證器集。儘管0xichigo和Lostin的預測表明潛在的3.4％的潛在降低，但仍關注整體權力下放。

If the majority of validators maintain their “yes” votes by Epoch 755, SIMD 228 will officially pass. Afterward, the Solana community anticipates a transition period of roughly 50 epochs (about 100 days) to smoothly implement the new inflation schedule.

如果大多數驗證者通過Epoch 755維持其“是”投票，SIMD 228將正式通過。之後，Solana社區預計過渡期約為50個時期（大約100天），以平穩執行新的通貨膨脹時間表。