1020094
calilyliu
@calilyliu #1020094
36 Follower 0 Following
1/ Impact on small validators:
This is adverse to small validators, particularly given current vote fees (2 sol/day) which are regressive.
That is why smaller validators disproportionately voted against 228.
See the dashboard here:
https://dune.com/kagren0/simd-0228-voting-status
2/ Payfi is not at all focused on token swaps - that is the first time I've ever heard of payfi = token swaps. There are many practical payments applications - everything from POS integrations with real merchant adoption, to proejcts such as huma.finance which is using on chain liquidity to facilitate T0 cross border settlement.
Everything in crypto will attract people who are focused on making a quick buck; token trading; those types of activities. This happens with every cycle, every vertical. However we need to stay focused on the real builders who are actually innovating to create a more accessible financial system.
3/ US climate.
This is a fantastic opportunity for crypto, and for Solana in particular. We will be inve...
This is adverse to small validators, particularly given current vote fees (2 sol/day) which are regressive.
That is why smaller validators disproportionately voted against 228.
See the dashboard here:
https://dune.com/kagren0/simd-0228-voting-status
2/ Payfi is not at all focused on token swaps - that is the first time I've ever heard of payfi = token swaps. There are many practical payments applications - everything from POS integrations with real merchant adoption, to proejcts such as huma.finance which is using on chain liquidity to facilitate T0 cross border settlement.
Everything in crypto will attract people who are focused on making a quick buck; token trading; those types of activities. This happens with every cycle, every vertical. However we need to stay focused on the real builders who are actually innovating to create a more accessible financial system.
3/ US climate.
This is a fantastic opportunity for crypto, and for Solana in particular. We will be inve...
981056
Roger波杰克
@9949·15:25 13/03/2025
十分感谢 @mablejiang 的邀请来tako参与这次AMA的提问
mable的真知灼见值得我持续学习，人生自由后的持续build让我由衷敬佩
点赞mable！respect
我用deepseek的小助手替我扮演了提问者的角色，它替我向您问了这些问题 @calilyliu ：
1. 关于SIMD-228提案的动态通胀模型争议
SIMD-228提案旨在通过动态通胀模型平衡安全性与经济效率，但您此前在公开讨论中表达了反对意见。您认为当前模型可能对小型质押者和验证者的盈利能力产生哪些负面影响？基金会是否计划通过其他机制（如补贴或分层激励）缓解这一问题？
SIMD-228可能进一步影响验证者分布。基金会是否担忧动态通胀导致质押向大型节点集中？未来如何通过技术升级（如QUIC协议优化）与经济模型协同保障网络稳定性？
2. PayFi愿景与当前落地进展的落差
您在2024年EthCC大会上提出PayFi概念，将其定义为“支付与金融结合的即时交易范式”，...
mable的真知灼见值得我持续学习，人生自由后的持续build让我由衷敬佩
点赞mable！respect
我用deepseek的小助手替我扮演了提问者的角色，它替我向您问了这些问题 @calilyliu ：
1. 关于SIMD-228提案的动态通胀模型争议
SIMD-228提案旨在通过动态通胀模型平衡安全性与经济效率，但您此前在公开讨论中表达了反对意见。您认为当前模型可能对小型质押者和验证者的盈利能力产生哪些负面影响？基金会是否计划通过其他机制（如补贴或分层激励）缓解这一问题？
SIMD-228可能进一步影响验证者分布。基金会是否担忧动态通胀导致质押向大型节点集中？未来如何通过技术升级（如QUIC协议优化）与经济模型协同保障网络稳定性？
2. PayFi愿景与当前落地进展的落差
您在2024年EthCC大会上提出PayFi概念，将其定义为“支付与金融结合的即时交易范式”，...
Thanks for the tip!
995602
leo-the-horseman
@leo-the-horseman·10:38 13/03/2025
感谢 @mablejiang 老师邀请，也非常荣幸能和 @calilyliu 老师交流。
Solana 生态上面，除了和 Pumpfun 相关的生态外，我关注和参与得最多的就是 Daos.fun 上面的项目。
在我看来，这种利用 bonding curve 去募资，用DAO的方式去管理资金，是一种连接 Solana 生态和早期股权投资（或者说RWA，众筹）的方式，上面也出现了一系列的 agent 创新（例如 ai16z），并且持续性比 pump.fun 更好。
我想问的是，Solana 有相关的规划（比如 daos / acc），把web2 的具有真实营收的创新标的带到链上，让用户能够早期参与，获得 100x 的机会，同时也能促进 web2 的创新？
Thanks Mable for the invitation, and I am also very honored to have the opportunity to exchange ideas with Lily.
Within the Solana ecosystem, aside from the projects related to Pumpfun, the ones I follow and participate in the most are the projects on Daos.fun.
In my view, the method of using bonding curves for fundraising an...
Solana 生态上面，除了和 Pumpfun 相关的生态外，我关注和参与得最多的就是 Daos.fun 上面的项目。
在我看来，这种利用 bonding curve 去募资，用DAO的方式去管理资金，是一种连接 Solana 生态和早期股权投资（或者说RWA，众筹）的方式，上面也出现了一系列的 agent 创新（例如 ai16z），并且持续性比 pump.fun 更好。
我想问的是，Solana 有相关的规划（比如 daos / acc），把web2 的具有真实营收的创新标的带到链上，让用户能够早期参与，获得 100x 的机会，同时也能促进 web2 的创新？
Thanks Mable for the invitation, and I am also very honored to have the opportunity to exchange ideas with Lily.
Within the Solana ecosystem, aside from the projects related to Pumpfun, the ones I follow and participate in the most are the projects on Daos.fun.
In my view, the method of using bonding curves for fundraising an...
Now that 228 did not pass, there will be new proposals for adjusting inflation. This is just one early idea which could help reduce staking APY / inflation (which the vast majority of people agree on), without having a disproportionate impact on the quality of the SOL asset.
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Turns out 228 did not pass!
But 123 did!
But 123 did!
287913
Ran
@rran·04:20 13/03/2025
这一期可以关注一下，最近市场大跌好多人没有注意到,Solana前几天发起了两个提案，其中SIMD228提案目前是 36%的YES，如果通过的话，Solana要在50 个 epoch 内逐步实施，目标是大幅减少通胀。
Solana has a very robust LST ecosystem - the most robust in all of crypto.
One reason is because Solana's high inflation / staking APY (compared to all other blue chips) creates an incentive to innovate in Solana vs elsewhere.
I personally would like to see more innovation in LSTs. This is how security and liquidity, two of the most important things in a blockchain ecosystem, can be aligned.
Of course LSTs are not perfectly fungible with one another the way native SOL is. So this creates some degree of market fragmentation. Also, institutional holders can be quite risk averse and therefore resistant to any smart contract risk - including LSTs.
All things equal I would like to see more LSTs usage. It takes time for this to develop. Sanctum has been a big contributor as well; they allow issuers to create custom LSTs which then start to merge LSTs with individual products and brands. This is where infrasturcture and consumer products start to merge.
One reason is because Solana's high inflation / staking APY (compared to all other blue chips) creates an incentive to innovate in Solana vs elsewhere.
I personally would like to see more innovation in LSTs. This is how security and liquidity, two of the most important things in a blockchain ecosystem, can be aligned.
Of course LSTs are not perfectly fungible with one another the way native SOL is. So this creates some degree of market fragmentation. Also, institutional holders can be quite risk averse and therefore resistant to any smart contract risk - including LSTs.
All things equal I would like to see more LSTs usage. It takes time for this to develop. Sanctum has been a big contributor as well; they allow issuers to create custom LSTs which then start to merge LSTs with individual products and brands. This is where infrasturcture and consumer products start to merge.
898871
孤鹤.hl
@guhl·18:09 12/03/2025
谢谢 @mablejiang 邀请，请问 @calilyliu
目前solana 90%的质押是原生质押而非lst，这造了成大量流动性被锁定，基金会认为这个状态是健康的，还是希望能有更多lst占比?
如果是前者，为什么?
如果是后者，那如何改善这一点？
hey @calilyliu
At present, 90% of solana's stake are native stake rather than lst, which causes a large amount of liquidity to be locked.
The foundation believes that this state is healthy or hopes to have more lst proportion.
If it is the former, why?
If it is the latter, how to improve this?
目前solana 90%的质押是原生质押而非lst，这造了成大量流动性被锁定，基金会认为这个状态是健康的，还是希望能有更多lst占比?
如果是前者，为什么?
如果是后者，那如何改善这一点？
hey @calilyliu
At present, 90% of solana's stake are native stake rather than lst, which causes a large amount of liquidity to be locked.
The foundation believes that this state is healthy or hopes to have more lst proportion.
If it is the former, why?
If it is the latter, how to improve this?
Regarding TVL: I think this is an outdated metric to represent a robust onchain economy. It has been used since 2020 as the ultimate north star metric. Protocols all compete with one another to "win" on TVL.
This is an incomplete way to look at defi for a few reasons:
1/ TVL that doesn't move is not capital efficient. Compare two extremes: If you have $1M to deploy, would you rather put it in the protocol that gives you fixed 4% yield (e.g. Aave) if you could use $500k to generate the same return (risk adjusted)? TVL has no way of capturing profitability and
2/ Everyone gets paid off of flow, not stock. Validators get paid from transactions, particularly contested transactions. Protocols get paid from trading activity. More generally, utility comes from usage.
Therefore, the goal of defi is not simply to "increase TVL"
___
Re;: pump.fun and polymarket
Pump has contributed a lot of trading activity to the Solana ecosystem.
Polymarket is not on Solana.
---
I highly doubt Toly will drop a token on pump....
This is an incomplete way to look at defi for a few reasons:
1/ TVL that doesn't move is not capital efficient. Compare two extremes: If you have $1M to deploy, would you rather put it in the protocol that gives you fixed 4% yield (e.g. Aave) if you could use $500k to generate the same return (risk adjusted)? TVL has no way of capturing profitability and
2/ Everyone gets paid off of flow, not stock. Validators get paid from transactions, particularly contested transactions. Protocols get paid from trading activity. More generally, utility comes from usage.
Therefore, the goal of defi is not simply to "increase TVL"
___
Re;: pump.fun and polymarket
Pump has contributed a lot of trading activity to the Solana ecosystem.
Polymarket is not on Solana.
---
I highly doubt Toly will drop a token on pump....
Now that the vote is over, 228 has failed, and there will be no immediate changes to the inflation curve.
However, staking returns have net increased. SIMD 96 passed a couple of months ago, which had the effect of increasing total sticking rewards, because block rewards, which were previously half burned, now accrue directly to validator, and with 123 passing last week, now the validator have the option, but not the obligation of distributing all of this directly to stickers.
Block rewards have become more and more significant to validator economics. Part of the reason the proposal of 228 chose this timing was to counteract some of the returns boosting that resulted from 96. The proposers also wanted to reduce inflation leakage to taxes and centralized infrastructure providers.
The tax argument is: ordinary income is taxed at 37% (in the US), and is taxable at the time of receipt of staking rewards. If that value were to (theoretically) instead accrue to the underlying, it would be taxed at long term ca...
However, staking returns have net increased. SIMD 96 passed a couple of months ago, which had the effect of increasing total sticking rewards, because block rewards, which were previously half burned, now accrue directly to validator, and with 123 passing last week, now the validator have the option, but not the obligation of distributing all of this directly to stickers.
Block rewards have become more and more significant to validator economics. Part of the reason the proposal of 228 chose this timing was to counteract some of the returns boosting that resulted from 96. The proposers also wanted to reduce inflation leakage to taxes and centralized infrastructure providers.
The tax argument is: ordinary income is taxed at 37% (in the US), and is taxable at the time of receipt of staking rewards. If that value were to (theoretically) instead accrue to the underlying, it would be taxed at long term ca...
I think the future of Solana defi is not going to be the same as where Ethereum defi was in 2020 and 2021.
The future of of Solana dfei should not be focused only on Solana native tokens. Our vision is to build infrastructure for global Internet capital markets, that means the breath of assets should be much more than just Solana native assets, or even crypto native assets.
We would like to welcome crypto native assets such as Bitcoin and Doge - UTXO chains that do not have native smart contracts and therefore today do not have active defi ecosystems. We are also working with RWA asset issuers to bring tradfi on chain.
We should not think about "defi" as being segregated by the underlying chain tech. The real goal has always been to develop the infrastructure which can function as a global state machine and therefore be the best place for capital.
This is very hard to execute on, but thus far I do not see another ecosystem that can execute at the pace needed.
The future of of Solana dfei should not be focused only on Solana native tokens. Our vision is to build infrastructure for global Internet capital markets, that means the breath of assets should be much more than just Solana native assets, or even crypto native assets.
We would like to welcome crypto native assets such as Bitcoin and Doge - UTXO chains that do not have native smart contracts and therefore today do not have active defi ecosystems. We are also working with RWA asset issuers to bring tradfi on chain.
We should not think about "defi" as being segregated by the underlying chain tech. The real goal has always been to develop the infrastructure which can function as a global state machine and therefore be the best place for capital.
This is very hard to execute on, but thus far I do not see another ecosystem that can execute at the pace needed.
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Yes! We are throwing a huge event in Manhattan the third week of May!
solana.com/accelerate.
The USA is one of the two most important markets in crypto. The USA is a very deep talent AND capital market (the other being MCM); nearly all other markets are either capital or talent markets, but not both - or not both at scale.
However, for the last 4 years (and probably longer than that), the US has been somewhere between unfriendly and actively hostile to crypto. That has finally changed. This is a unique window to be present, to advocate for a decentralized future. Solana has a strong presence in the US, has become a leader in the industry, and has bona fide technology.
Lastly: here's our summary on Accelerate and some more links!
Accelerate 2025 is the largest US-focused crypto conference of the year. With over 3000 attendees and an invite-only developer conference on the sidelines, the focus is on Solana’s leadership across founders, policy, and institutions in the USA.
We’ll bring together fou...
solana.com/accelerate.
The USA is one of the two most important markets in crypto. The USA is a very deep talent AND capital market (the other being MCM); nearly all other markets are either capital or talent markets, but not both - or not both at scale.
However, for the last 4 years (and probably longer than that), the US has been somewhere between unfriendly and actively hostile to crypto. That has finally changed. This is a unique window to be present, to advocate for a decentralized future. Solana has a strong presence in the US, has become a leader in the industry, and has bona fide technology.
Lastly: here's our summary on Accelerate and some more links!
Accelerate 2025 is the largest US-focused crypto conference of the year. With over 3000 attendees and an invite-only developer conference on the sidelines, the focus is on Solana’s leadership across founders, policy, and institutions in the USA.
We’ll bring together fou...
Solana is infrastructure for internet capital markets.
The Solana Foundation is not the application layer.
A good analogy to use is the (original) internet.
The internet is open infrastructure; everyone around the world uses tcp/ip and http.
This means that there is the whole range of content on the internet; some of that is unobjectionable content. And also, there is quite a bit of content which is controversial.
The solution, the answer is not to censor internet at the tcp/ip layer. We now broadly accept that applications filter information. This is the job of applications, not of the underlying infra.
If we use this analogy to view assets as "financial content," all assets can and should have the option to exist on chain, and then applications can filter which assets are made available through their product.
This, to an extent, already exists. Centralized exchanges are platforms that list only a small portion of the assets that exist through blockchain.
We are very focused on stablecoins and RWA, ...
The Solana Foundation is not the application layer.
A good analogy to use is the (original) internet.
The internet is open infrastructure; everyone around the world uses tcp/ip and http.
This means that there is the whole range of content on the internet; some of that is unobjectionable content. And also, there is quite a bit of content which is controversial.
The solution, the answer is not to censor internet at the tcp/ip layer. We now broadly accept that applications filter information. This is the job of applications, not of the underlying infra.
If we use this analogy to view assets as "financial content," all assets can and should have the option to exist on chain, and then applications can filter which assets are made available through their product.
This, to an extent, already exists. Centralized exchanges are platforms that list only a small portion of the assets that exist through blockchain.
We are very focused on stablecoins and RWA, ...
The Solana Foundation has never supported BOME, WIF, SILLYDRAGON. That is pure rumor. The Solana Foundation did not participate in $TRUMP. Also rumor.
I'm not aware of Raj and Toly shilling projects. They believe strongly in long term success of the network and ecosystem, and are not interested in short term monetization at the expense of the ecosystem and retail. This is very different from many (perhaps most) projects in crypto.
I have a lot of respect for BSC and what they have achieved. The Binance team has always been personal friends and acquaintances; we have all grown up in this industry together. They have achieved incredible things, and any folks that help promote innovation and adoption of defi and decentralized economies more generally is doing important work. I think that CZ and Binance, given their prominence, can be very valuable advocates for defi.
I'm not aware of Raj and Toly shilling projects. They believe strongly in long term success of the network and ecosystem, and are not interested in short term monetization at the expense of the ecosystem and retail. This is very different from many (perhaps most) projects in crypto.
I have a lot of respect for BSC and what they have achieved. The Binance team has always been personal friends and acquaintances; we have all grown up in this industry together. They have achieved incredible things, and any folks that help promote innovation and adoption of defi and decentralized economies more generally is doing important work. I think that CZ and Binance, given their prominence, can be very valuable advocates for defi.
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Everyone in DC knows about Solana and recognizes that we are now a lighthouse, leader of the industry!
We're investing more in our DC presence now that the policy environment is much more friendly to crypto than in the past 4 (maybe even past 15) years.
We're investing more in our DC presence now that the policy environment is much more friendly to crypto than in the past 4 (maybe even past 15) years.
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Solana is infrastructure for internet capital markets.
I think the industry is going to converge on being led by Bitcoin & Solana.
Bitcoin will primarily be digital gold / store of value.
Solana will be the primary technology platform for a decentralized financial web.
Today we already do 85-90% of the *entire industry's* transactions. Many people are still oriented on EVM mindshare and are therefore very surprised to learn this fact.
To realize the vision of infra for internet capital markets - you have to be the best place for capital.
The flywheel for that is:
- Best place for assets
- Best place for the ways to use those assets (products, primitives, protocols).
Meaning:
Liquidity begets liquidity
If you have robust assets - both the best assets and a broad range of assets - innovators and capital markets will come to that asset environment.
They will build interesting financial products which in turn will attract more assets and builders.
Our focus for growth is building out assets in the midd...
I think the industry is going to converge on being led by Bitcoin & Solana.
Bitcoin will primarily be digital gold / store of value.
Solana will be the primary technology platform for a decentralized financial web.
Today we already do 85-90% of the *entire industry's* transactions. Many people are still oriented on EVM mindshare and are therefore very surprised to learn this fact.
To realize the vision of infra for internet capital markets - you have to be the best place for capital.
The flywheel for that is:
- Best place for assets
- Best place for the ways to use those assets (products, primitives, protocols).
Meaning:
Liquidity begets liquidity
If you have robust assets - both the best assets and a broad range of assets - innovators and capital markets will come to that asset environment.
They will build interesting financial products which in turn will attract more assets and builders.
Our focus for growth is building out assets in the midd...
reduce inflation starting jan 1 2026 from 15% annual decline to 25 or 30%.
make it very simple.
this solves the high inflation perception that a number of network engineers think about while also pricing asset yield predictability.
make it very simple.
this solves the high inflation perception that a number of network engineers think about while also pricing asset yield predictability.
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We have been working on this a lot, starting in the US and Europe, markets, because those are traditionally where you have very deep and international capital markets. The most popular form of RWA that has been issued so far is in the form of money market funds, this is the first product that many large financial institutions are starting off tokenizing.
There are also a number of more bespoke, RWAs, such as HELOCs from Figure, or a number of permissioned assets private Blockchain platforms such as R3 / Corda.
there should be more news about this coming up, one of the reasons it is not fully public yet is because it can sometimes take an institution quite a number of months to add support for a new platform, such as Solana. But it is happening broadly and comprehensively.
Another comment about RWA, while they can have large issuance or TVL, not all of these assets will trade much, just by the nature of the asset.
For example a HELOC probably doesnt trade as much as a stablecoin or a low minimum money ...
There are also a number of more bespoke, RWAs, such as HELOCs from Figure, or a number of permissioned assets private Blockchain platforms such as R3 / Corda.
there should be more news about this coming up, one of the reasons it is not fully public yet is because it can sometimes take an institution quite a number of months to add support for a new platform, such as Solana. But it is happening broadly and comprehensively.
Another comment about RWA, while they can have large issuance or TVL, not all of these assets will trade much, just by the nature of the asset.
For example a HELOC probably doesnt trade as much as a stablecoin or a low minimum money ...
hi Charles,
Thank you so much for participating!
In the four years that I’ve been involved in the Solana ecosystem, I remember many times when Solana was considered first, the defi chain, then the NFT chain, then the gaming token chain, before it was the depin chain, and more recently memes have had a lot of mind share.
But if you put all of this together overtime, Solana is just the everything chain.
And that is exactly as it should be, because outside of bitcoin, everyone else is trying to be the blockchain that can function as global financial infrastructure. We call this infrastructure for capital markets. and if that is what you’re trying to be, you are not a chain only for one type of asset or one application vertical, you are supposed to be an environment that provides liquidity for all assets and has a wide variety of different financial products, primitives, and protocols across the risk spectrum.
What you saw over the last 6 to 12 months is a lot of interest in memes, that are all about ...
Thank you so much for participating!
In the four years that I’ve been involved in the Solana ecosystem, I remember many times when Solana was considered first, the defi chain, then the NFT chain, then the gaming token chain, before it was the depin chain, and more recently memes have had a lot of mind share.
But if you put all of this together overtime, Solana is just the everything chain.
And that is exactly as it should be, because outside of bitcoin, everyone else is trying to be the blockchain that can function as global financial infrastructure. We call this infrastructure for capital markets. and if that is what you’re trying to be, you are not a chain only for one type of asset or one application vertical, you are supposed to be an environment that provides liquidity for all assets and has a wide variety of different financial products, primitives, and protocols across the risk spectrum.
What you saw over the last 6 to 12 months is a lot of interest in memes, that are all about ...
In my last post we outlined the three subecosystems of a blockchain:
- Network
- Products
- Economy
Let's go through each one of these.
- Network:
PRO: A dynamic curve prices network security more efficiently
CON: smaller validators rely disproportionately on commissions (a cut of inflation) for profit than MEV or priority fees. So, there is concern that smaller validators will become less profitable and stop operating, concentrating stake in larger validators.
- Product: I do not think 228 will influence the app / builder layer very substantially, outside of situations where a product (such as Jupiter) also runs a validator, and
- Economy: My primary purpose in getting involved in this debate is to articulate the impact that 228 may have on the asset economy.
On this, my view is that:
Dynamic pricing is great for allocating a resource efficiently, such as network security.
But for assets, fixed yields reduce volatility and therefore discounting.
By purpose or by accident, what the Solana ecosystem h...
- Network
- Products
- Economy
Let's go through each one of these.
- Network:
PRO: A dynamic curve prices network security more efficiently
CON: smaller validators rely disproportionately on commissions (a cut of inflation) for profit than MEV or priority fees. So, there is concern that smaller validators will become less profitable and stop operating, concentrating stake in larger validators.
- Product: I do not think 228 will influence the app / builder layer very substantially, outside of situations where a product (such as Jupiter) also runs a validator, and
- Economy: My primary purpose in getting involved in this debate is to articulate the impact that 228 may have on the asset economy.
On this, my view is that:
Dynamic pricing is great for allocating a resource efficiently, such as network security.
But for assets, fixed yields reduce volatility and therefore discounting.
By purpose or by accident, what the Solana ecosystem h...
Yes, here's the tweet thread I did last week summarizing my concerns
https://x.com/calilyliu/status/1897792990585790560
I had a few concerns when I first browsed the original proposal, back in January. Actually, I did not think that anyone could possibly take it seriously because the original proposal was totally qualitative and based on casual assertions and conjecture - I thought that for something as momentous as an economic policy change, we would all demand more rigor.
But then, it started to get more attention. And more people started to get involved in tweaking certain variables of the new inflation curve and other parameters around it, such as when it would take effect.
To summarize my viewpoint:
SIMD 228 is based one sided arguments which, at best, fail to consider the negative impact that this has on the asset subecosystem.
Blockchain ecosystems (except Bitcoin) have three subparts:
- Network. The actual validator client; the network of computers that run the blokchain
- Product / Technology ...
https://x.com/calilyliu/status/1897792990585790560
I had a few concerns when I first browsed the original proposal, back in January. Actually, I did not think that anyone could possibly take it seriously because the original proposal was totally qualitative and based on casual assertions and conjecture - I thought that for something as momentous as an economic policy change, we would all demand more rigor.
But then, it started to get more attention. And more people started to get involved in tweaking certain variables of the new inflation curve and other parameters around it, such as when it would take effect.
To summarize my viewpoint:
SIMD 228 is based one sided arguments which, at best, fail to consider the negative impact that this has on the asset subecosystem.
Blockchain ecosystems (except Bitcoin) have three subparts:
- Network. The actual validator client; the network of computers that run the blokchain
- Product / Technology ...
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Mable Jiang
@mablejiang·11:59 12/03/2025
@calilyliu Thanks for being here with us today for this AMA! You’ve previously shared some thoughts on SIMD-228, calling it ‘too immature.’
Could you tell us what first stood out to you as a concern when you looked at this proposal?
Whose interests do you think SIMD-228 represents?
@calilyliu 感谢您今天来到我们的 AMA！您之前曾对提案 SIMD-228 表达过一些想法，称它“还不够成熟”。
请问，当您第一次审阅这个提案时，首先让您感到担忧的是什么？您认为 SIMD-228 代表了谁的利益呢？
Could you tell us what first stood out to you as a concern when you looked at this proposal?
Whose interests do you think SIMD-228 represents?
@calilyliu 感谢您今天来到我们的 AMA！您之前曾对提案 SIMD-228 表达过一些想法，称它“还不够成熟”。
请问，当您第一次审阅这个提案时，首先让您感到担忧的是什么？您认为 SIMD-228 代表了谁的利益呢？
Here is a summary of the "pro" view
https://x.com/MaxResnick1/status/1896316441869381914
Here is a summary of the "con" view
https://x.com/calilyliu/status/1897792990585790560
Here is the X Spaces discussion that we did last week
https://x.com/calilyliu/status/1897147753886547991
https://x.com/MaxResnick1/status/1896316441869381914
Here is a summary of the "con" view
https://x.com/calilyliu/status/1897792990585790560
Here is the X Spaces discussion that we did last week
https://x.com/calilyliu/status/1897147753886547991
x.com
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Good summary
Some more context on validator economics:
There are generally three types of validator revenue:
1/ Commission (a cut of inflation)
2/ Priority Fees
3/ MEV
The metric that adds all of this up is "Real Economic Value." This is the total economic reward for running a validator. And of course to have a healthy network, validators need to make money, otherwise they will not be interested in being a validator which has fixed costs, and opportunity cost.
As the network has matured over the last five years, priority fees and MEV have become a larger share of validator revenue.
The current staking rate is about 65%. With the proposed change, the inflation rate would be the same as today at a staking rate of 40%.
Some more context on validator economics:
There are generally three types of validator revenue:
1/ Commission (a cut of inflation)
2/ Priority Fees
3/ MEV
The metric that adds all of this up is "Real Economic Value." This is the total economic reward for running a validator. And of course to have a healthy network, validators need to make money, otherwise they will not be interested in being a validator which has fixed costs, and opportunity cost.
As the network has matured over the last five years, priority fees and MEV have become a larger share of validator revenue.
The current staking rate is about 65%. With the proposed change, the inflation rate would be the same as today at a staking rate of 40%.
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Yes, that is a good summary of the change in mechanics.
The arguments "for" this proposal are principally summarized here:
https://x.com/MaxResnick1/status/1896316441869381914
It was proposed in the middle of January.
This is the first major economic policy change for the Solana protocol.
Folks were further motivated by SIMD 96, which passed last year and stopped burning half of block rewards (previously 50%). Now all of those block rewards are being passed to the validator. This has the net effect of increasing staking APY, so some felt that it was even more important to adjust the inflation curve.
SIMD 123, which is also being voted on right now, would further make a change to pass block rewards onto the staker (rather than the validator).
Block rewards have become much more important important to validator economics over time.
The arguments "for" this proposal are principally summarized here:
https://x.com/MaxResnick1/status/1896316441869381914
It was proposed in the middle of January.
This is the first major economic policy change for the Solana protocol.
Folks were further motivated by SIMD 96, which passed last year and stopped burning half of block rewards (previously 50%). Now all of those block rewards are being passed to the validator. This has the net effect of increasing staking APY, so some felt that it was even more important to adjust the inflation curve.
SIMD 123, which is also being voted on right now, would further make a change to pass block rewards onto the staker (rather than the validator).
Block rewards have become much more important important to validator economics over time.
x.com
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