介绍SIMD 228，这是一种新的代币发射模型

在Solana生态系统的具有里程碑意义的开发中，新提出的令牌发射模型（称为SIMD 228）已达到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生态系统的新提议的令牌排放模型已达到法定人数，大约70％的选票受到赞成。投票在755时期结束，该时期定于48小时以下。如果通过，该提案旨在将Solana的年通货膨胀率降低到约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):

从本质上讲，该提案（称为SIMD 228）试图实施“静态曲线”，该提案根据网络的积分参与率来调整SOL发行。如研究分析师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为64％，则在指定平滑期之后，SOL通胀率将下降到约0.92％。但是，如果均衡比率下降到50％以下，则曲线将变得更加积极，如果参与的参与达到33.3％，则发行率超过了当前的固定时间表。

“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.

该提案的原始作者（包括Tushar Jain和Vishal Kankani）指出：“当Solana是一个新生的生态系统时，固定的排放时间表是有意义的……今天，它发出的索要远胜于确保网络。”这个想法是，Solana的经济活动（即“真正的经济价值”（Rev））并没有更长的固定率发行率。

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.

提案有一些论点。首先，Solana可能要多付安全。正如提案的作者所提出的那样，索拉纳可能会发出更多的代币来补偿验证者。早在索拉纳（Solana）进行较低的经济活动时，需要强大的激励措施的需求很明显。现在，有了更多实际的交易费用支持该网络，许多人将当前时间表视为效率低下的“漏水桶”，这是Max Resnick创造的一个术语，以描述以过多的验证委员会的形式将系统留下的价值比例。

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.

第二是名义上的和真实的论点。根据 @y2kappa的评论，发行驱动的收益仅稀释非固定持有人，而不会反映网络上的真正收费需求。该网络的长期目标是依靠费用来补偿验证者，从而最大程度地减少或消除基于通货膨胀的奖励。

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，对Simd 228的追求者认为，对市场状况的响应态度的通货膨胀时间表本质上优于“固定和任意”率。他们认为，高发行对SOL造成了不良的销售压力，破坏了其价格并导致资本效率低下。

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，也有一些反对Simd 228的论点。批评家，例如Smyguy和Calilyliu，观察到，保管人和交易所交易产品（ETP）发行人从较高的名义收益率中受益，因为他们经常在不暴露于基础资源的情况下对Staking Rewards进行佣金。从这个角度来看，当前的时间表将SOL分配给一个广泛的基础，在他们看来，这可能有助于提高大型机构的采用，这些机构更喜欢其产品的产量数字。

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.

另一个问题集中在“不可预测和不稳定”通货膨胀上。正如Calilyliu所说，在主要机构兴趣上升时，减少和动态改变发行率可能会阻止他们使用SOL，尤其是如果更多的“常规”资产提供稳定的收益率。反对者警告说，在潜在的Solana ETF浪潮之前将变为令牌学会改变可能是一个战略性错误计算。

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，进一步的争议来自较小的验证者，他们以求解的投票费为主要运营成本。像大卫·格里德（David Grid）这样的观察员警告说，如果网络活动和费用收入减少，新的发行曲线可能会降低验证者的盈利能力并缩小验证器集。尽管0xichigo和Lostin的预测表明潜在的3.4％的潜在降低，但仍关注整体权力下放。

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.

如果大多数验证者通过Epoch 755维持其“是”投票，SIMD 228将正式通过。之后，Solana社区预计过渡期约为50个时期（大约100天），以平稳执行新的通货膨胀时间表。