SOL SIMD 228提案达到了法定人数，投票支持70％。

SIMD 228提出了一条静态曲线，该曲线会根据参与率降低SOL的发行。

@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提案已达到法定人数，投票支持为70％，投票将在第755个时期结束，从现在起约52小时。

What is SIMD 228?

什么是Simd 228？

What are the reasons for support?

支持的原因是什么？

What are the reasons for opposition?

反对的原因是什么？

Let's take a closer look.

让我们仔细看一下。

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提出了一条静态曲线，该曲线会根据参与率降低SOL的发行。由于当前的均匀率为64％，在实施SIMD 228之后的平滑期之后，SOL的通货膨胀率将降至约0.92％。值得注意的是，当组成参与率低于50％时，曲线变得更具侵略性，导致新的发行率高于当前固定发行计划，当参与率等于1/3（约33.3％）时，这一点尤其明显。

Reasons for Support

支持的原因

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

原因1：Solana目前为安全费用支付过高。

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.

最有效的令牌发行率是确保网络安全性所需的最低水平。该提案的原始作者（@tusharjain_，@kankanivishal）指出，当Solana仍然是一个没有真正经济价值（REV）的新兴生态系统时，固定的发行计划是合理的。当时，依靠代币发行来吸引积分并确保有必要安全。

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，考虑到网络当前的经济活动和费用（REV）水平，固定的发行计划变得越来越不合理，因为它发出的索尔比目前需要确保网络安全所需的更多。这被称为“泄漏的水桶问题”，该问题++@MaxResnick1 ++将其定义为由具有市场功率的税收或中介（例如Coinbase或Binance）引起的损失转移。

Reason 2: Nominal yield vs. real yield.

原因2：名义收益率与实际产量。

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 ++指出的那样，Sol发行是一种会计技巧，它只能稀释非固定的溶胶持有人并导致人为的高收益率，激励不加选择的散落，而无需区分名义（基于发行）和基于REAT（基于Rev）的单产。随着索拉纳（Solana）的成熟，网络应在经济上具有可持续性，并完全依靠费用，这反映了网络上交易的真正经济需求。

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

原因3：市场是确定价格的最佳机制，索拉纳的发行也不例外。

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.

上述论点的结论是，即使Simd 228并不完美，基于市场的方法也比当前的固定发行计划有了重大改进，该计划是任意且效率低下的，导致销售压力增加。

Reasons for Opposition

反对的原因

Opposition Reason 1: SOL inflation subsidizes institutional allocation.

反对原因1：SOL通货膨胀补贴机构分配。

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).

尽管令牌持有人只能关心实际收益率，但托管人和ETP发行人却相反。他们激励他们追求最高的名义收益率，因为它们收取佣金费率，并且不受基础资产的影响（这要归功于++@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为例，ETP发行人获得了一部分放电奖励，但没有暴露于基础资产（即SOL）。因此，高标称收益率激励这些参与者向客户出售SOL产品以增加自己的收入。从这个角度来看，Resnick所说的“漏水桶问题”实际上是支出的分布（@calilyliu）。我认为，这是对SIMD 228的最强烈论点。

Opposition Reason 2: Institutional appeal.

反对原因2：机构上诉。

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.

这与上述点有关。根据@calilyliu的说法，在机构利益峰和Solana ETF推出（可能是今年）之前，更改固定的发行计划是一个战略错误。刘的核心论点是，一种基于市场的方法将使通货膨胀变得不可预测和不稳定，从而降低了SOL作为资产的吸引力。

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.

反驳是SOL是一种高度波动的资产，其7-8％的收益率不是购买的理由；那些由于名义收益率下降而停止购买SOL的人从一开始就不了解其投资逻辑。

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

反对原因3：对验证者盈利能力 /验证数量减少的影响。

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，索尔的投票费是验证者的最大费用。一些（@david_grid）担心SIMD 228可能会影响小验证器的盈利能力，尤其是在网络活动和转速从当前水平下降时。换句话说，SIMD-228的通货膨胀曲线可能导致验证池的收缩，尽管一些估计表明这种影响是有限的（在70％的均衡速率情况下，根据 @0xichigo和@lostin的估计）。

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.

关于SIMD 228的潜在影响，包括其对Solana Defi率的影响，通货膨胀是否会增加销售压力以及对提案的讨论不足，这也有一些小小的担忧。

Regardless of how validators vote, it

无论验证者如何投票，