SOL SIMD 228提案達到了法定人數，投票支持70％。

SIMD 228提出了一條靜態曲線，該曲線會根據參與率降低SOL的發行。

@solana SIMD 228 proposal has reached quorum, with 70% voting in support and voting set to end at the 755th epoch, approximately 52 hours from now.

@Solana Simd 228提案已達到法定人數，投票支持為70％，投票將在第755個時期結束，從現在起約52小時。

What is SIMD 228?

什麼是Simd 228？

What are the reasons for support?

支持的原因是什麼？

What are the reasons for opposition?

反對的原因是什麼？

Let's take a closer look.

讓我們仔細看一下。

SIMD 228 proposes a static curve that reduces the issuance of SOL based on the staking participation rate. With the current staking rate at 64%, after a smoothing period following the implementation of SIMD 228, the inflation rate of SOL will drop to about 0.92%. Notably, when the staking participation rate falls below 50%, the curve becomes more aggressive, resulting in a new issuance rate higher than the current fixed issuance plan, which is particularly evident when the participation rate equals 1/3 (approximately 33.3%).

SIMD 228提出了一條靜態曲線，該曲線會根據參與率降低SOL的發行。由於當前的均勻率為64％，在實施SIMD 228之後的平滑期之後，SOL的通貨膨脹率將降至約0.92％。值得注意的是，當組成參與率低於50％時，曲線變得更具侵略性，導致新的發行率高於當前固定發行計劃，當參與率等於1/3（約33.3％）時，這一點尤其明顯。

Reasons for Support

支持的原因

Reason 1: Solana is currently paying too high a cost for security.

原因1：Solana目前為安全費用支付過高。

The most effective token issuance rate is the minimum level required to ensure network security. The original authors of the proposal (@TusharJain_, @kankanivishal) pointed out that a fixed issuance plan was reasonable when Solana was still an emerging ecosystem with no real economic value (REV). At that time, relying on token issuance to attract staking and ensure security was necessary.

最有效的令牌發行率是確保網絡安全性所需的最低水平。該提案的原始作者（@tusharjain_，@kankanivishal）指出，當Solana仍然是一個沒有真正經濟價值（REV）的新興生態系統時，固定的發行計劃是合理的。當時，依靠代幣發行來吸引積分並確保有必要安全。

However, considering the current economic activity and fee (REV) levels of the network, the fixed issuance plan has become less reasonable, as it issues more SOL than is currently needed to ensure network security. This is known as the “leaky bucket problem,” which ++@MaxResnick1++ defines as the loss transfer caused by taxes or intermediaries with market power (such as high-commission validators like Coinbase or Binance).

但是，考慮到網絡當前的經濟活動和費用（REV）水平，固定的發行計劃變得越來越不合理，因為它發出的索爾比目前需要確保網絡安全所需的更多。這被稱為“洩漏的水桶問題”，該問題++@MaxResnick1 ++將其定義為由具有市場功率的稅收或中介（例如Coinbase或Binance）引起的損失轉移。

Reason 2: Nominal yield vs. real yield.

原因2：名義收益率與實際產量。

As ++@y2kappa++ pointed out, SOL issuance is an accounting trick that only dilutes non-staked SOL holders and leads to artificially high yields, incentivizing indiscriminate staking without distinguishing between nominal (based on issuance) and real (based on REV) yields. As Solana matures, the network should become economically sustainable and rely entirely on fees, reflecting the true economic demand for transactions on the network.

正如++@y2kappa ++指出的那樣，Sol發行是一種會計技巧，它只能稀釋非固定的溶膠持有人並導致人為的高收益率，激勵不加選擇的散落，而無需區分名義（基於發行）和基於REAT（基於Rev）的單產。隨著索拉納（Solana）的成熟，網絡應在經濟上具有可持續性，並完全依靠費用，這反映了網絡上交易的真正經濟需求。

Reason 3: The market is the best mechanism for price determination, and Solana's issuance should be no exception.

原因3：市場是確定價格的最佳機制，索拉納的發行也不例外。

The conclusion of the above arguments is that even if SIMD 228 is not perfect, a market-based approach is a significant improvement over the current fixed issuance plan, which is arbitrary and inefficient, leading to increased selling pressure.

上述論點的結論是，即使Simd 228並不完美，基於市場的方法也比當前的固定發行計劃有了重大改進，該計劃是任意且效率低下的，導致銷售壓力增加。

Reasons for Opposition

反對的原因

Opposition Reason 1: SOL inflation subsidizes institutional allocation.

反對原因1：SOL通貨膨脹補貼機構分配。

While token holders should only care about real yields, custodians and ETP issuers are the opposite. They are incentivized to pursue the highest nominal yields possible because they charge commission rates and are not exposed to the underlying assets (thanks to ++@smyyguy++'s framework).

儘管令牌持有人只能關心實際收益率，但託管人和ETP發行人卻相反。他們激勵他們追求最高的名義收益率，因為它們收取佣金費率，並且不受基礎資產的影響（這要歸功於++@smyyguy ++的框架）。

Taking the staked SOL ETP as an example, ETP issuers take a portion of the staking rewards but are not exposed to the underlying asset (i.e., SOL). Therefore, high nominal yields incentivize these players to sell SOL products to customers to increase their own revenue. From this perspective, what Resnick calls the “leaky bucket problem” is actually a distribution of expenditure (@calilyliu). In my view, this is the strongest argument against SIMD 228.

以固定的SOL ETP為例，ETP發行人獲得了一部分放電獎勵，但沒有暴露於基礎資產（即SOL）。因此，高標稱收益率激勵這些參與者向客戶出售SOL產品以增加自己的收入。從這個角度來看，Resnick所說的“漏水桶問題”實際上是支出的分佈（@calilyliu）。我認為，這是對SIMD 228的最強烈論點。

Opposition Reason 2: Institutional appeal.

反對原因2：機構上訴。

This is related to the above point. According to @calilyliu, changing the fixed issuance plan just before institutional interest peaks and the Solana ETF launches (possibly this year) is a strategic mistake. Liu's core argument is that a market-based approach would make inflation unpredictable and unstable, reducing SOL's appeal as an asset.

這與上述點有關。根據@calilyliu的說法，在機構利益峰和Solana ETF推出（可能是今年）之前，更改固定的發行計劃是一個戰略錯誤。劉的核心論點是，一種基於市場的方法將使通貨膨脹變得不可預測和不穩定，從而降低了SOL作為資產的吸引力。

The counterargument is that SOL is a highly volatile asset, and its 7-8% yield is not a reason to buy; those who stop buying SOL due to declining nominal yields did not understand its investment logic from the beginning.

反駁是SOL是一種高度波動的資產，其7-8％的收益率不是購買的理由；那些由於名義收益率下降而停止購買SOL的人從一開始就不了解其投資邏輯。

Opposition Reason 3: Impact on validator profitability / decrease in validator numbers.

反對原因3：對驗證者盈利能力 /驗證數量減少的影響。

The voting fees priced in SOL are currently the largest expense for validators. Some (@David_Grid) are concerned that SIMD 228 could impact the profitability of small validators, especially if network activity and REV decrease from current levels. In other words, the inflation curve of SIMD-228 could lead to a shrinkage of the validator pool, although some estimates suggest this impact is limited (under a 70% staking rate scenario, according to estimates by @0xIchigo and @lostin).

目前，索爾的投票費是驗證者的最大費用。一些（@david_grid）擔心SIMD 228可能會影響小驗證器的盈利能力，尤其是在網絡活動和轉速從當前水平下降時。換句話說，SIMD-228的通貨膨脹曲線可能導致驗證池的收縮，儘管一些估計表明這種影響是有限的（在70％的均衡速率情況下，根據 @0xichigo和@lostin的估計）。

There are also some minor concerns about the potential impacts of SIMD 228, including its effects on Solana DeFi rates, whether inflation will increase SOL selling pressure, and insufficient discussion of the proposal.

關於SIMD 228的潛在影響，包括其對Solana Defi率的影響，通貨膨脹是否會增加銷售壓力以及對提案的討論不足，這也有一些小小的擔憂。

Regardless of how validators vote, it

無論驗證者如何投票，