Update: The vote to enable pico-inflation on testnet has passed and inflation of 0.01% has been enabled on testnet as of epoch 128!
We are ready to run the first attempt at a Feature Proposal Program vote by kicking off a vote to (re-)enable pico-inflation on testnet!
Note: “pico-inflation” is a nominal amount of inflation (0.01% APY) on testnet, to be used for validation purposes as an intermediate step to enabling full-inflation on Mainnet Beta. See roadmap here.
I highly recommend validators first quickly read through the Feature Proposal Program description here: https://spl.solana.com/feature-proposal
What has happened:
We have created a Feature Proposal for enabling pico-inflation on Testnet 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). 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 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 testnet will now be enabled if >= 34% of these SPL tokens are sent as “votes” to the Feature Proposal acceptance token address (see below)!
What happens next:
Validators should follow these two steps to participate in the vote:
- First look up your pico-inflation SPL vote token address via:
spl-token --owner ~/validator-keypair.json accounts 432FsYZLkqu6fiXbEm7NDVR58xJPfJTHNzsTSEE1KmwW
432Fs... is the Mint Address for the pico-inflation SPL vote token created for this specific proposal.
- Validators can submit their vote by sending some or all of the SPL tokens in their ownership to the pico-inflation testnet acceptance address:
3iAe6JeecrC5XgrJtrCqFWXqfeh55JEBjcTes3siFbB6. This is done via:
spl-token --owner ~/validator-keypair.json transfer <TOKEN_ACCOUNT_ADDRESS> ALL 3iAe6JeecrC5XgrJtrCqFWXqfeh55JEBjcTes3siFbB6
<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.
As this is a first testrun of the Feature Proposal program, we’ve set the acceptance threshold to >= 34%. I.e. when >= 34% of the SPL vote tokens are observed to be received at the Feature Proposal acceptance address (
3iAe6), the pico-inflation feature will automatically be enabled at the start of the subsequent epoch. For subsequent votes, it is likely that this threshold will be raised such that the supermajority of stake on the network is required for a proposal to pass (i.e. >= 67%)
At any time, the votes can be tallied by anyone using:
spl-feature-proposal tally D3Uc73L9mm9P4aVV6iAkHm33Nu2h5jU5cDmtBHGUWgYW
This vote will be open for 2 weeks (expiring on 2020-12-10T19:32:25Z) 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 will have to be initiated.