SIMD-0228 On Track for Approval: Which Teams Voted Yes?

For all its fierce debate, SIMD-0228 looks like it will be approved in a landslide victory for supporters. 

Since voting opened on March 6th, the majority of network stake have opted in favor of a new, dynamic $SOL emission schedule.

However, SIMD-0228 opponents shouldn’t give up hope just yet. Despite overwhelming support, SIMD-0228 risks going unapproved for a different reason.

77% of Voters Support SIMD-0228

Voting is live for SIMD-0228, a network governance proposal aiming to reduce $SOL inflation through a programmatic, market-based emission schedule. The proposal has been one of Solana’s most polarizing updates in recent memory, with key figures across the Solana ecosystem speaking at length on the pros and cons of an updated emission schedule.

Since voting opened on March 6th, the bulk of network stake has wants to see changes to Solana’s emission schedule. Flipside data suggests that over 75.11% of votes have been cast in support of SIMD-0228. Meanwhile, only 20.40% of votes are against the proposal, with 4.49% abstaining from the critical vote.

According to Dune Analytics, key Solana ecosystem players like Jito, Jupiter, and Step Finance have voted in support of SIMD-0228. Meanwhile, teams like Sanctum have voted against the proposal.

Large Validators Overwhelm Smaller Operators

Following criticism that SIMD-0228 could bankrupt and eliminate smaller validators, voting behaviour is playing out as expected. Onchain data suggests that small operators are being overruled by larger validators, with the biggest stakers voting unanimously in favor of the proposal.

Dune Analytics data indicates that validators with less than 500k $SOL in network stake typically voted against the proposal, with larger operators leaning heavily towards approval. 

Remarkably, the network’s smallest validators voted in favor of SIMD-0228, which is arguably against their own interest. 57% of operators with less than 100k $SOL in network stake have voted in favor of the proposal.

Speaking exclusively with SolanaFloor, Gaius, operator of The Library, a sub-100k validator, asserted his belief SIMD-0228 may be against his best economic interests in the short term, but would ultimately be a long-term benefit to the network.

“I am confident this will happen eventually. If not now, it will in a few months. We all best get our mind around figuring out what to do when we are in the new situation vs trying to fight it”

"I do agree with the argument that inflation should come down.  I also think there will never be a ‘good’ moment to move it down… For the Library validator, later would be better. I don’t mind voting against my short-term economic interests and taking a more holistic perspective.”

Beyond the overarching benefits, Gaius is optimistic that upcoming countermeasures will empower smaller operators to continue supporting and decentralizing the network. 

While an official proposal is yet to be published, Anza Lead Economist Max Resnick and Engineer Ashwin Sekar have submitted a draft for SIMD-0257, a future proposal aimed at potentially eliminating vote fees. 

83% of Votes Yet to be Cast

While it looks like SIMD-0228 is in for a landslide approval, the vote is yet to reach its minimum qualification quorum.

According to the official proposal, 33% of network stake needs to vote on SIMD-0228 for the proposal to be accepted and implemented.

At press time, 83.1% of votes are yet to be cast, with many validators apparently waiting to pick a side in the crucial proposal. Knoxtrades, the operator behind Juicy Stake, expressed disappointment towards the high number of validators neglecting to vote.

If on-the-fence validators don’t cast their votes by the end of epoch 755, SIMD-0228 may not reach its quorum threshold, resulting in an unapproved proposal.

Although SIMD-0228 is currently halfway to its required quorum, it is unlikely that voter apathy will be the winner of the day. With an estimated 3-4 days still to vote, validators have plenty of time to make their voices heard.

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