Solana’s Governance Evolution: MESA too the Rescue?
Solana’s rapid ascent in the crypto world has been remarkable. its speed, developer activity, and thriving DeFi and NFT ecosystems have propelled it into the top 10.However, the journey hasn’t been smooth. Network outages and governance debates have sparked concerns about its long-term viability.
One major issue was the SIMD-228 vote, the largest crypto governance vote by market value. It failed to pass in March, leaving investors frustrated. Now, Galaxy Digital proposes a solution: Multiple Election Stake-Weight Aggregation (MESA).
MESA allows validators to choose from a range of inflation rates, like 15%, 17.5%, and 20%. The network then adopts the weighted average of all votes. This approach addresses the binary nature of conventional voting, offering more adaptability.
Alex Thorn, Head of Firmwide Research at Galaxy Digital, explains, “MESA brings efficiency, clarity, and democracy to proof-of-stake governance.” It enables a spectrum of opinions,helping the network reach consensus more effectively.
Galaxy’s Zack Pokorny elaborates on MESA’s benefits. It maintains predictability while accommodating diverse validator preferences. The system balances influence among validators with varying stake levels, preventing governance fragmentation.
While the impact on SOL’s inflation rate remains to be seen, MESA offers a promising solution. It could enhance network security and staking behaviors, ensuring long-term sustainability.
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