Source: Cointelegraph Original: "{title}"

A proposal aimed at significantly changing Solana's inflation system was rejected by stakeholders, but this outcome is seen as a victory for the governance process of the Solana network.

Multicoin Capital co-founder Tushar Jain commented on March 14: "Although our proposal was technically voted down, this is a significant victory for the Solana ecosystem and its governance process."

According to Dune Analytics, about 74% of the staked supply voted on proposal SIMD-228 through 910 validators, but only 43.6% of the votes were in support, 27.4% opposed, and 3.3% abstained. The proposal needed to receive 66.67% of the participating votes in support to pass, but ultimately only garnered 61.4% support.

Jain added that this was the largest cryptocurrency governance vote ever, both in terms of the number of participants and the market cap involved, surpassing any ecosystem, chain, or network.

"This was a significant expansion stress test, leaning more towards the social aspect rather than the technical aspect. Despite widespread disagreements and differing interests, the network still successfully passed the test."

The Solana X account team claimed: "The voting rate for Solana SIMD-228 was higher than any U.S. presidential election in the past 100 years."

Final vote count for SIMD-228. Source: Dune

SIMD-228 is a proposal aimed at changing Solana's inflation system from a fixed model to a dynamic market model. Unlike the preset inflation decline, the new system will dynamically adjust the inflation rate based on staking participation.

Currently, Solana's inflation rate starts at 8% per year and decreases by 15% each year until it reaches 1.5%. According to some estimates, the new mechanism could reduce the inflation rate by as much as 80%. According to Solana Compass, Solana's current inflation rate is 4.66%, with only 3% of the total supply staked.

However, such a high inflation rate could increase selling pressure, lower Solana's price, and suppress network usage. The proposed system would adjust the inflation rate based on staking levels to stabilize the network and minimize unnecessary token issuance.

Current inflation plan for Solana. Source: Helius

According to Helius, a Solana developer tool provider, the benefits of the proposal include: dynamically increasing the inflation rate to enhance network security if staking participation declines; the ability to respond in real-time to staking levels rather than following a fixed and inflexible schedule; and encouraging more active use of Solana in DeFi.

However, a lower inflation rate may make it more difficult for smaller validators to remain profitable, the proposed model adds complexity, and unexpected changes in staking rates could lead to instability.

Solana's price reacted little to this, as of the time of writing, the asset was down 1.5% on the day, slightly below $125.

However, with the meme coin bubble bursting, Solana's price plummeted nearly 60% in just two months. As the Solana network is primarily used for minting and trading meme coins, its network revenue also fell by over 90%.

Related: Executive: Solana CME futures signal imminent approval of U.S. ETF

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