Feature Proposal/Vote: Full-inflation on Testnet

Hi Validators,

On the next stop on our path toward inflation on Mainnet Beta, today we’re kicking off a Feature Proposal Program vote to enable FULL-inflation on TESTNET!

Reminder, full-inflation parameters as proposed here: Final Inflation Parameter Proposal and Steps to Implementation -

Initial Inflation Rate: 8%

Dis-inflation Rate: −15%

Long-term Inflation Rate: 1.5%

I highly recommend validators read through the Feature Proposal Program description here: https://spl.solana.com/feature-proposal, if you haven’t already.

What has already happened:

We have created a Feature Proposal for enabling full-inflation on testnet and it is ready to be voted on!

The dormant full-inflation feature was implemented and deployed with v1.4.11 with Feature ID: DT4n6ABDqs6w4bnfwrXT9rsprcPf6cdDga1egctaPkLC (observable via solana feature status). Note, this pending feature is available on all clusters running >= 1.4.11, but we’ve currently only initiated the proposal process on testnet.

Using the same keypair that the full-inflation feature id was derived from, the Solana Foundation initiated the community proposal process via spl-feature-proposal propose <full-inflation keypair>

By initiating the proposal process, a mint of SPL tokens was created in 1:1 proportion to the amount of stake on the network. These SPL tokens were then delivered to each validator’s identity pubkey, the amount matching the amount of SOL staked to that validator’s node.

Full-inflation on testnet will now be enabled if >= 67% of these SPL tokens are sent as “votes” to the Feature Proposal acceptance token address (see below)!


On-chain governance!

Validators should follow these two steps to participate in the vote:

  1. First look up your full-inflation SPL vote token address via:

spl-token --url https://testnet.solana.com --owner ~/validator-keypair.json accounts DVS1enLPEWM7E4icSTkiD6SP3tubVtSvqrc2eJ4x1cEF

Where DVS1enLPEWM7E4icSTkiD6SP3tubVtSvqrc2eJ4x1cEF is the Mint Address for the full-inflation SPL vote token created for this specific proposal.

  1. Submit votes by sending some or all of the SPL tokens in their ownership to the full-inflation on testnet acceptance address: C2Xe9xU6Q9wwpbx8iCuHedHrtRzMGg9hsBZzLXsCqu7a. This is done via:

spl-token --url https://testnet.solana.com --owner ~/validator-keypair.json transfer <TOKEN_ACCOUNT_ADDRESS> ALL C2Xe9xU6Q9wwpbx8iCuHedHrtRzMGg9hsBZzLXsCqu7a

Where <TOKEN_ACCOUNT_ADDRESS> was determined in step 1. A validator’s vote is counted as the proportion of the total SPL vote tokens minted that a validator sends to the acceptance address.

The acceptance threshold of this vote is >= 67%. I.e. when >= 67% of the SPL vote tokens are observed to be received at the Feature Proposal acceptance address (C2Xe9xU6Q9wwpbx8iCuHedHrtRzMGg9hsBZzLXsCqu7a), the full-inflation feature will automatically be enabled at the start of the subsequent epoch.

If you don’t support the proposal, i.e. you’d like to vote “no”, the easiest thing to do is to abstain from voting. The current feature proposal process is “opt-in” - your vote is counted “yes” as the proportion of tokens that are transferred to the acceptance address.

At any time, the votes can be tallied by anyone using:

spl-feature-proposal tally 2Qe5PoM2ZemwpAVXavoKhf5SSVfXnn6F4T2uqVGf7Q5g

You’ll need to run cargo install spl-feature-proposal-cli first.

This vote will be open for 2 weeks (expiring on 2020-12-21T21:05:52Z (UnixTimestamp: 1608584752)) if the threshold is not met at the end of that timeframe, it will be considered to not have passed and a new proposal/vote might have to be initiated.