索拉納（Solana）的決策者正在辯論一項經濟大修，以提高索爾（Sol）的投資吸引力，但批評人士警告說，它可能會淘汰小型驗證者

像許多現實世界的經濟討論一樣，這是一個以通貨膨脹為中心的。任何經濟學家都可以告訴您，有些是不可避免的。為了證明諸如Solana之類的股份區塊鏈，它也是設計。

Solana's decision-makers are debating an economic overhaul that could boost SOL's investment appeal but which critics warn could knock out small-time validators who contribute to the network's decentralization.

索拉納（Solana）的決策者正在辯論一項經濟大修，這可能會提高索爾（Sol）的投資吸引力，但批評者警告說，可以淘汰為網絡權力下放做出貢獻的小型驗證者。

Like so many real-world economic discussions, this one centers on inflation. Any economist can tell you that some is inevitable. For proof of stake blockchains like Solana, it's also by design. The network automatically prints new tokens to reward the validators who keep their networks running, giving them a reason to do the expensive computing work.

像許多現實世界的經濟討論一樣，這是一個以通貨膨脹為中心的。任何經濟學家都可以告訴您，有些是不可避免的。為了證明諸如Solana之類的股份區塊鏈，它也是設計。該網絡會自動打印新的代幣，以獎勵保持網絡運行的驗證者，從而使他們有理由進行昂貴的計算工作。

But Solana's powerbrokers largely believe the network is printing too much new SOL, too fast. One proposed solution, SIMD-0228, co-written by a partner at the powerful venture firm Multicoin Capital, introduces a market-driven system that slashes inflation from 4.7% to around 1.5%, assuming current staking ratios continue.

但是，索拉納的強力經紀人在很大程度上認為該網絡打印了太多新的溶膠，太快了。一個建議的解決方案SIMD-0228是由強大的風險投資公司Multicoin Capital合作編寫的，它引入了市場驅動的系統，該系統將通貨膨脹率從4.7％削減至1.5％左右，假設當前的佔有率持續。

Such a change would keep billions of dollars of new SOL from entering circulation annually. SOL's price chart would likely benefit from validators and their stakers earning, and selling, fewer new tokens.

這樣的變化將使數十億美元的新溶膠每年無法進入流通。索爾的價格圖可能會從驗證者及其公司的賺錢和銷售中受益，而新令牌則更少。

Tushar Jain, the proposal's Multicoin co-author has claimed it will also make Solana more Wall Street friendly. In a February call he said it eliminates the "enormous opportunity cost" of investing in the Solana ETF, a still theoretical product that almost certainly won't have access to staking rewards.

該提案的Multicoin合著者Tushar Jain聲稱這也將使Solana更加華爾街友好。他在2月的電話中說，這消除了投資於Solana ETF的“巨大機會成本”，這是一種仍然是理論上的產品，幾乎可以肯定無法獲得積分獎勵。

Solana's loudest voices, including co-founder Anatoly Yakovenko, Helius CEO Mert Mumtaz and influential validators, especially large ones, have lined up behind the proposal, calling it necessary for Solana's evolution.

索拉納（Solana）最大的聲音，包括聯合創始人Anatoly Yakovenko，Helius首席執行官Mert Mumtaz和有影響力的驗證者（尤其是大型驗證者）在提案後面排隊，稱這是Solana的演變所必需的。

Rejiggering Solana's inflation regime could, however, imperil smaller validators who already navigate tight margins. Even supporters of 228 have acknowledged the proposal might force 100 or more of Solana's 1300 validators out of business, critics warn.

但是，重新啟動Solana的通貨膨脹制度可能會危及已經導航幅度緊張的較小驗證者。批評家警告說，即使是228名支持者也承認該提案可能會迫使Solana的1300個驗證器中有100件或更多。

"I feel that most small/medium-sized validators are against it," said Jota, who runs Pine Stake, one such validator. He claimed "the consequences of it might be losing +25% of profitable validators."

經營Pine Stake的Jota說：“我覺得大多數中小型驗證者都反對它。”他聲稱“它的後果可能丟失了 +25％的盈利驗證者”。

Compounding Jota's fears is another, unrelated proposal, SIMD-123, that he predicts will further squeeze small-time validators by changing the way rewards flow between validators and their stakers.

更複雜的Jota的恐懼是另一個無關的建議SIMD-123，他預計將通過改變驗證者及其Stakers之間的獎勵方式來進一步擠壓小型驗證者。

A major drop-off in the number of validators would leave Solana open to accusations of centralization, said David Girder, head of liquid investments at Finality Capital Partners. He calculated the inflation changes could knock out as many as 250 validators, and maybe kill off a third of the total "at the bottom of the bear market."

Finality Capital Partners的Liquid Investments負責人David Girder說，驗證者數量的主要下降將使Solana公開指控集中化。他計算出通貨膨脹的變化可能會淘汰多達250個驗證者，並可能殺死了“熊市底部”總數的三分之一。

Monetary policy changes

貨幣政策變化

Solana's backers view inflation as a payment for security. Validators accrue staked SOL from token owners who want to earn native yield. The bigger their stake, the bigger their staking rewards. The validators must keep doing honest work to keep earning their rewards, and if they don't they'll risk losing that stake.

Solana的支持者將通貨膨脹視為安全付款。有驗證者從想要賺取本地收益的代幣所有者那裡累積了固定的溶膠。他們的股份越大，他們的積分獎勵就越大。驗證者必須繼續做誠實的工作以繼續贏得獎勵，如果他們不這樣做，他們將冒失去該股份的風險。

Currently, the network pays out its staking rewards at a rate of 4.7%. Every year that reward is set to drop 15% until it eventually bottoms out at 1.5%. This regimented rate gives validators a solid base to map out their economics.

目前，該網絡以4.7％的速度支付其積分獎勵。每年，獎勵都將下降15％，直到最終以1.5％的速度降低。該法規率使驗證者一個可靠的基礎來繪製其經濟學。

SIMD-0228 would replace this model with a "smarter curve," longtime validator operator Brian Long said in a post on X. It treats the percentage of SOL's total supply being staked as a barometer for how many new SOL tokens to issue every epoch.

長期驗證器操作員布萊恩·朗（Brian Long）在X上的一篇文章中說，Simd-0228將用“更智能的曲線”代替該模型。它將SOL的總供應的百分比固定在作為晴雨表中，以供衡量多少新的SOL代幣發行每個時期。

Smart emissions would see Solana pay as much, or as little, as it needs to for its security. If a small proportion of SOL is being staked, then the yields would rise to attract more stakers – and increase the security base. Conversely, if a high number of stakers are staking, the yields would drop in a reflection of the lack of demand.

智能排放將使Solana的薪水盡可能多地或少量。如果將一小部分的溶膠固定在固定下，那麼產量將上升以吸引更多的stakers，並提高安全基礎。相反，如果大量的Stakers佔有率，產量會下降，反映出需求不足。

Decentralized economics

分散經濟學

Staking rewards only comprises a piece of the revenue puzzle for most validators. They also get SOL through a variety of fees and Jito tips. These streams tend to grow during boom times for the network, when more people are paying more money to operate on Solana, and shrink in the quiet periods.

放入獎勵僅包括大多數驗證者的收入難題。他們還通過各種費用和Jito提示獲得SOL。在網絡的繁榮時期，這些流往往會增長，當時越來越多的人付出更多的錢來在索拉納（Solana）運作，並在安靜的時期收縮。

While Girder and Jota predict big, negative consequences for SIMD-0228, others believe the impact on small validators will be far smaller: perhaps 20-30 shutdowns, instead of 200-300.

雖然Girder和Jota預測SIMD-0228的重大影響，但其他人認為對小型驗證者的影響會小得多：可能是20-30次關閉，而不是200-300。

"The belief is that the more validators that exist on the network, that the greater amount of security exists as well," one validator called LakeStake said in a recent explainer video on SIMD-0228. "Opponents would argue that there's just not enough data to support that this proposal is worth the risk of losing validators."

一位名為Lakestake的驗證者在SIMD-0228上的最近的解釋視頻中說：“人們認為，網絡上存在的驗證者也更多的安全性也存在。” “反對者會爭辯說，沒有足夠的數據支持該提案值得失去驗證者的風險。”

Skeptics have successfully lobbied for some changes to

懷疑論者已成功遊說，以進行一些更改