tl;dr - The on-chain vote to enable PICO-inflation on Mainnet-Beta is now open! Voting instructions below.
On the next stop on our path toward full-inflation on Mainnet-Beta, today we’re kicking off a Feature Proposal Program vote to enable PICO-inflation on Mainnet-Beta!
The pico-inflation parameters in this proposal match those that we’ve previously accepted and validated on Testnet, namely:
- Initial Inflation Rate: 0.01%
- Dis-inflation Rate: 0%
The purpose of enabling this small amount of inflation on Mainnet-Beta is for validation purposes before the full-inflation proposal is circulated (Jan 2021).
If you haven’t already, I highly recommend validators read through the Feature Proposal Program description here: https://spl.solana.com/feature-proposal.
What has already happened:
We have created a Feature Proposal for enabling pico-inflation on Mainnet-Beta and it is ready to be voted on!
The dormant pico-inflation feature was implemented and deployed with v1.4.11 with Feature ID:
4RWNif6C2WCNiKVW7otP4G7dkmkHGyKQWRpuZ1pxKU5m (observable via
solana feature status). Using the same keypair that the pico-inflation feature id was derived from, the Solana Foundation initiated the community proposal process via
spl-feature-proposal propose <pico-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.
Pico-inflation on Mainnet-Beta will now be enabled if >= 67% of these SPL tokens are sent as “votes” to the Feature Proposal acceptance token address (see below)!
What happens next / ACTIONS NEEDED FROM VALIDATORS:
Validators should follow these two steps to participate in the vote:
- First look up your pico-inflation SPL vote token address via:
spl-token --url https://api.mainnet-beta.solana.com/ --owner ~/validator-keypair.json accounts 432FsYZLkqu6fiXbEm7NDVR58xJPfJTHNzsTSEE1KmwW
432FsYZLkqu6fiXbEm7NDVR58xJPfJTHNzsTSEE1KmwW is the Mint Address for the pico-inflation SPL vote token created for this specific proposal.
- Submit votes by sending some or all of the SPL tokens to the pico-inflation on Mainnet-Beta acceptance address:
3iAe6JeecrC5XgrJtrCqFWXqfeh55JEBjcTes3siFbB6This is done via:
spl-token --url https://api.mainnet-beta.solana.com/ --owner ~/validator-keypair.json transfer <TOKEN_ACCOUNT_ADDRESS> ALL 3iAe6JeecrC5XgrJtrCqFWXqfeh55JEBjcTes3siFbB6
<TOKEN_ACCOUNT_ADDRESS> was determined in step 1.
As mentioned above, when >= 67% of the SPL vote tokens are observed to be received at the Feature Proposal acceptance address (
3iAe6JeecrC5XgrJtrCqFWXqfeh55JEBjcTes3siFbB6), the pico-inflation feature will automatically be enabled on Mainnet-Beta at the start of the subsequent epoch. If you don’t support the proposal, i.e. you’d like to vote “no”, just 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 (after
cargo install spl-feature-proposal-cli) using:
spl-feature-proposal tally D3Uc73L9mm9P4aVV6iAkHm33Nu2h5jU5cDmtBHGUWgYW
This vote will be open for 2 weeks (expiring on 2021-01-01T23:17:32Z) 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.