索拉纳（Solana）的决策者正在辩论一项经济大修，以提高索尔（Sol）的投资吸引力，但批评人士警告说，它可能会淘汰小型验证者

像许多现实世界的经济讨论一样，这是一个以通货膨胀为中心的。任何经济学家都可以告诉您，有些是不可避免的。为了证明诸如Solana之类的股份区块链，它也是设计。

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.

索拉纳（Solana）的决策者正在辩论一项经济大修，这可能会提高索尔（Sol）的投资吸引力，但批评者警告说，可以淘汰为网络权力下放做出贡献的小型验证者。

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.

像许多现实世界的经济讨论一样，这是一个以通货膨胀为中心的。任何经济学家都可以告诉您，有些是不可避免的。为了证明诸如Solana之类的股份区块链，它也是设计。该网络会自动打印新的代币，以奖励保持网络运行的验证者，从而使他们有理由进行昂贵的计算工作。

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，索拉纳的强力经纪人在很大程度上认为该网络打印了太多新的溶胶，太快了。一个建议的解决方案SIMD-0228是由强大的风险投资公司Multicoin Capital合作编写的，它引入了市场驱动的系统，该系统将通货膨胀率从4.7％削减至1.5％左右，假设当前的占有率持续。

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.

这样的变化将使数十亿美元的新溶胶每年无法进入流通。索尔的价格图可能会从验证者及其公司的赚钱和销售中受益，而新令牌则更少。

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.

该提案的Multicoin合着者Tushar Jain声称这也将使Solana更加华尔街友好。他在2月的电话中说，这消除了投资于Solana ETF的“巨大机会成本”，这是一种仍然是理论上的产品，几乎可以肯定无法获得积分奖励。

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.

索拉纳（Solana）最大的声音，包括联合创始人Anatoly Yakovenko，Helius首席执行官Mert Mumtaz和有影响力的验证者（尤其是大型验证者）在提案后面排队，称这是Solana的演变所必需的。

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，重新启动Solana的通货膨胀制度可能会危及已经导航幅度紧张的较小验证者。批评家警告说，即使是228名支持者也承认该提案可能会迫使Solana的1300个验证器中有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."

经营Pine Stake的Jota说：“我觉得大多数中小型验证者都反对它。”他声称“它的后果可能丢失了 +25％的盈利验证者”。

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.

更复杂的Jota的恐惧是另一个无关的建议SIMD-123，他预计将通过改变验证者及其Stakers之间的奖励方式来进一步挤压小型验证者。

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负责人David Girder说，验证者数量的主要下降将使Solana公开指控集中化。他计算出通货膨胀的变化可能会淘汰多达250个验证者，并可能杀死了“熊市底部”总数的三分之一。

Monetary policy changes

货币政策变化

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的支持者将通货膨胀视为安全付款。有验证者从想要赚取本地收益的代币所有者那里累积了固定的溶胶。他们的股份越大，他们的积分奖励就越大。验证者必须继续做诚实的工作以继续赢得奖励，如果他们不这样做，他们将冒失去该股份的风险。

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，该网络以4.7％的速度支付其积分奖励。每年，奖励都将下降15％，直到最终以1.5％的速度降低。该法规率使验证者一个可靠的基础来绘制其经济学。

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.

长期验证器操作员布莱恩·朗（Brian Long）在X上的一篇文章中说，Simd-0228将用“更智能的曲线”代替该模型。它将SOL的总供应的百分比固定在作为晴雨表中，以供衡量多少新的SOL代币发行每个时期。

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.

智能排放将使Solana的薪水尽可能多地或少量。如果将一小部分的溶胶固定在固定下，那么产量将上升以吸引更多的stakers，并提高安全基础。相反，如果大量的Stakers占有率，产量会下降，反映出需求不足。

Decentralized economics

分散经济学

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.

放入奖励仅包括大多数验证者的收入难题。他们还通过各种费用和Jito提示获得SOL。在网络的繁荣时期，这些流往往会增长，当时越来越多的人付出更多的钱来在索拉纳（Solana）运作，并在安静的时期收缩。

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.

虽然Girder和Jota预测SIMD-0228的重大影响，但其他人认为对小型验证者的影响会小得多：可能是20-30次关闭，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."

一位名为Lakestake的验证者在SIMD-0228上的最近的解释视频中说：“人们认为，网络上存在的验证者也更多的安全性也存在。” “反对者会争辩说，没有足够的数据支持该提案值得失去验证者的风险。”

Skeptics have successfully lobbied for some changes to

怀疑论者已成功游说，以进行一些更改