This user trading $ZEC on @PhoenixTrade is now up $2,000,000.
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suffering from governance fatigue? 👨⚖️
take respite in another slot time reduction thread 🏎️🏎️
AFTER 500 CALLS IN THE PAST FEW HOURS WE GOT ALL THE VOTES IN THE LAST SECONDS AND PASSED THE DISINFLATION PROPOSAL BY A LITERAL HAIR
THANK YOU TO EVERYONE WHO WAS OPEN TO CHANGING THEIR MIND
LETS GOOOOOOOOOOOOOO WE DID IT
SOL $1,000
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@Austin_Federa If TAM is 2-3x from here we are all wasting our time and have all been wasting our time for a very long time
Most apps should prefer lower inflation as it activates more SOL in DeFi, at the margin.
I believe entities that currently take a clip off staking "yield" are most likely to be opposed. Custodians, validators, etc. It's a perspective based on 2021 crypto accounting practices, and probably one of the biggest sources of misalignment between stakers and their validators.
Stakers should make their voices heard and vote YES on SGP-0002.
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It seems that many people randomly voted no for Solana disinflation velocity at last second instead of having any discussion under a false facade of thinking it somehow preserves extra revenue through yield for them
The math is that if you believe avoiding an extra 19M SOL being printed can affect valuation by as little as 1.03%, it'd be more profitable to vote yes, even as someone who relies on inflation yield, not to mention the mimetic element for new capital
The people who prefer the quantity of the asset vs the value of it should immediately move to Venezuela and let other SOL holders know how that works out
It is mathematically nonsense to vote no to preserve miniscule marginal inflation revenue unless you believe that inflation is less than a 1% factor in the valuation of an asset
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It seems that many people randomly voted no for Solana disinflation velocity at last second instead of having any discussion under a false facade of thinking it somehow preserves extra revenue through yield for them
The math is that if you believe avoiding an extra 19M SOL being printed can affect valuation by as little as 1.03%, it'd be more profitable to vote yes, even as someone who relies on inflation yield, not to mention the mimetic element for new capital
The people who prefer the quantity of the asset vs the value of it should immediately move to Venezuela and let other SOL holders know how that works out
It is mathematically nonsense to vote no to preserve miniscule marginal inflation revenue unless you believe that inflation is less than a 1% factor in the valuation of an asset
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Trade the $SOL breakout, on leverage, fully on-chain, fully on Solana. Only on @PhoenixTrade
The platform has the right to make whatever changes it wants to make, via whatever process it specifies.
Users of the platform (in this case, application developers) have the right to leave if the platform no longer serves their current or future needs.
I am arguing that this haphazard, poorly thought through proposal, and the associated process, reflect extremely negatively on the platform to its users.
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I would support a proposal along the following lines:
- Some analysis of whether CUs are metered appropriately, and if not, addressing that in the same proposal
- Some analysis of expected block builder behavior under whatever proposed change
- If it's intended for fees to increase, a commitment to a schedule here rather than leaving it vague
- A clear commitment to no other in-protocol fee changes (or at least fee increases) for some time period--e.g. at most one such proposal passes per year, to prevent proposals passing via exhaustion of social layer
The current governance process does not solicit feedback from applications at all. If that's intended, that's fine and heard, but seems suboptimal if Solana is intended to be a competitive platform for applications.
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SGP-0003 is a middle finger to every microstructure-sensitive application on Solana.
It signals to every developer that the cost model for the chain may be upended at any time, even if no applications support it.
How can you put your business logic on-chain in this world?
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my genuine take:
1) OWN ORDERFLOW = making $
it's all that matters.
true for Jup, true for Robinhood Citadel, X, Coinbase, fomo - everyone
we made a lot of $ at the network layer - more than jito - but eventually value capture creeps up to the app layer, because they own the user
Jito knows it too - that's why they pivoted to JTX, bc they're smart & capable and go to where the $ is
2) SGP-003 push user to a single pAMM, not compare multiple venues (aggregator)
- it makes comparing multiple venues (aggs) costly
- it makes pAMM better
so users (and their $$$ ) will move to just using a single pAMM instead of always comparing multiple venues (aggregator)
once a venue is big enough - it's game over.
they will ALWAYS have an advantage to quote better (even after taking a big margin) since all the others will mostly have toxic flow
3) benefits you, not Solana
what are we even getting here?
will Solana win over perps with it?
no
will it make SOL go parabolic (compared to winning perps)?
no
nobody gives a flying fuck whther apps are optimized or not - why do we need to push for it?
and if someone can take up all the capacity, then what we really need is @MaxResnick in-protocol-ordering and fix pfee, as @brianlong pointed out
I have no issue with charging for resources!
but
- this proposal charges some more & some less
- benefits @temporal_xyz
- shifts owning the users (ie $$$$$) from aggs to single venue
frankly - I'm not sure even @toly thought about the implications of making Aggs costly and single venues cheaper
3 months is NOWHERE CLOSE to be enough for ppl to hear about it, understand implications, consider, and make a decision on this
🫳🎤
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he's right. he got me. my proposal is opinionated. the truth is that I don't want solana to be a general purpose blockchain; i want solana to be the blockchain that eats up the world of finance.
a general purpose compute platform does not really need fast finality. a competitive globally distributed financial system does.
a general purpose compute platform does not need airtight censorship resistance guarantees. a competitive globally distributed financial system does.
a general purpose compute platform does not need taker speed bumps or generalized application controlled execution. a competitive globally distributed financial system does.
a general purpose compute platform does not need to be robust to extreme spikes in traffic, as it can just queue up jobs for later. a competitive globally distributed financial system does.
to eat up the world of finance, solana will need to:
1. lower fees for market makers
2. add friction for takers
3. have enough bandwidth to support all financial activity
4. provide censorship resistance
5. provide 100% uptime with no degradation
the resource fee, whose primary objective is to encourage developers to optimize their systems, partly addresses the first three in one fell swoop and is synergistic with future network upgrades. that is, the resource fee:
1. lowers fees for market makers for both spot (clob and prop) and perps (prop and spline).
2. raises fees on takers.
3. puts a firm incentive for apps to optimize their onchain computational footprint
so yes, i am opinionated:
i want 120 ms slots for solana.
i want alpenglow for solana.
i want ace for solana.
i want mcp for solana.
i want the resource fee for solana.
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V1 Transactions are coming to @solana and they are really cool! They will go live in a couple of weeks.
Max transaction size goes from 1,232 → 4,096 bytes. Compute budgeting moves out of instructions and into the transaction itself.
There are a few small breaking changes you need to be aware, and you can start testing locally today. 🧵
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1st market open w/ 350ms slots 🏎️🏎️
let's dive in..
Everything on @Solana, just the way it should be
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SOLFLARE PERPS
Did you know most people in crypto have only ever made money in one direction?
Price goes up, you profit. Price goes sideways or down, you wait. Sometimes for years, because crypto is a cycle market and the tools most people had only worked during the up part of the cycle.
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HOLD STRONG.
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Solflare Perps are live.↓
And they are right where they should be.
On mobile, on a real orderbook and on Solana, powered by @PhoenixTrade
Trade price movements on 65+ markets with leverage, without holding the asset.
You can long SOL or short ETH,
and you always stay on Solana.
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SGP-0003 will make Solana a worse home for applications. It is a highly opinionated proposal dressed up as neutral. It penalizes applications the author deems to be poor uses of blockspace.
It is difficult to bet your business on a platform if the economics of the platform are subject to violent thrash. Even the fact that 0003 has made it this far is already damaging to Solana.
To the other vibe economists out there—surely you should have some model for how demand will change when price increases by 10x, rather than blindly assuming burn = today's demand x tomorrow's price.
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Post more data about 553/spg-3 the resource fee inclusion simd.
My two cents. A perfect scheduler with infinite bandwidth and 0 pipeline latency would work with 0 inclusion fee, and if there is no tax leakage priority fee revenue is the same as fee burn. But nothing is perfect.
IMHO, it’s worth experimenting but i dont want to break any existing apps. So it’s probably a good idea to experiment within the same budget as the current signature fee on average, while figuring out how to have the inclusion fee burn target the “good” txs and not the bad ones.
PRAW :)
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.@paradigm events team is truly elite.
Hoping more talent from LA and NYC take these event roles. I can tell engineers are planning most of the events in SF
