Solana Validators Will Get 100% Of Priority Fees
Bitcoin ETFs Now Hold Over 1M BTC - ~5% Of Supply, Taiko Layer 2 Launches On Ethereum Mainnet
Solana validators have voted for them receiving 100% of transaction priority fees as opposed to the previous 50/50 split between fee burns and validator rewards.
The proposal is the Solana Improvement Document SIMD-0096 that aims to better align incentives for security and efficiency. It passed with 77% approval.
The newly approved structure is expected to reduce the possibility for side deals between different types of participants that can potentially negatively impact security.
The approval was also met with some criticism, where concerns were raised regarding the removal of the burn mechanism because of its potential to impact Solana's inflation rate — comes down to validator short-term gains or the network's long-term gains.
However, Solana co-founder quickly cleared the concerns, saying that the priority fee burn was a bug in the system.
It was estimated that SIMD-0096 would cause a 4.6% increase in Solana's issuance.
SIMD-0096 could take months to activate because both the current version of Solana version and its upcoming upgrade do not support this.
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