Solana News: Community Rejects SIMD-0228 Proposal in Landmark Vote

In a significant turn of events for the Solana blockchain, the community has rejected a proposal that sought to change the staking rewards emission schedule. Here’s what happened:

Solana Community Rejects SIMD-0228 Proposal in Historic Vote

In a historic vote, the Solana community rejected the SIMD-0228 proposal, which aimed to introduce a dynamic emission schedule for staking rewards. Despite leading in early voting stages, the proposal failed to secure the required two-thirds supermajority due to opposition from smaller validators. Over 74% of network stakes participated across 910 validators, marking a defining moment for Solana’s decentralized governance.

Insider Trading Scandal Rocks $LIBRA Token Launch on Solana

The Viva la Libertad project launched its $LIBRA token on Solana blockchain on February 14. In its first hour, the token reached a $1.16 billion market capitalization and a $4.5 billion full diluted value but soon experienced a 95% loss, wiping out $280 million from 75,000 traders’ wallets. The event, accused of market manipulation and insider trading, has been dubbed ’Cryptogate.’ Major support came from Argentine President Javier Milei and Web3 investment firm Kelsier Ventures, who along with other insiders made over $110 million in profit.

Is a Solana ETF Coming Soon? CME Futures Signal Big Move for SOL

Solana has remained flat in the past 24 hours, with its current price of $126 representing a 12% decline in the past week and a 35% drop in the past month. The altcoin has suffered heavily due to an 11 million token unlock and a downturn in the meme token market. However, the arrival of SOL futures on the Chicago Mercantile Exchange (CME) on March 17 raises the probability of SOL ETF approvals, which could boost Solana’s long-term price prediction.

SIMD-228 Inflation Proposal Rejected by Solana Community

The Solana ecosystem witnessed a historic moment in crypto governance as stakeholders overwhelmingly participated in a crucial vote on inflation reform, ultimately rejecting the SIMD-228 proposal. The proposal aimed to transition Solana’s inflation system to a dynamic, market-based model but failed to secure the necessary 66.67% approval, attracting only 61.4% of votes in favor. Despite the proposal’s failure, the voter turnout was high, with over 74% of staked supply across 910 validators participating.