tl;dr
Galaxy Research has proposed a new consensus method called Multiple Election Stake-Weight Aggregation (MESA) to Solana's community to address inflation governance. MESA enables validators to vote on multiple predetermined deflation rates, with the final rate calculated as a weighted average of these...
Galaxy Research has introduced the Multiple Election Stake-Weight Aggregation (MESA) consensus method to reform Solana’s inflation governance, allowing validators to vote simultaneously on multiple deflation rates. This approach aims to accelerate Solana’s transition to a 1.5% terminal inflation rate by calculating a weighted average of validator votes, enhancing the refinement of SOL emissions without relying on single-outcome decisions.
The proposal emerges from concerns over increased inflation following Solana’s May 2024 fee distribution changes, which drastically reduced token burning by diverting priority fees solely to validators. Previous attempts to adjust inflation through single votes, such as SIMD-228, failed to achieve the required consensus despite majority support.
MESA offers a market-driven governance model that retains predictability while capturing diverse validator preferences. Validators would choose from predetermined deflation rates like 15%, 17.5%, 20%, and 25%, along with abstain and no options. If quorum and thresholds are met, the network’s new inflation rate is set as the weighted average of these votes, streamlining decision-making and avoiding inefficiencies of repeated binary votes.
Galaxy Research emphasizes that MESA is a governance framework proposal, not an endorsement of any specific inflation rate. Key implementation issues remain open for community discussion, including appropriate quorum levels, voting granularity, and calculation methods. Hypothetical scenarios in the proposal illustrate how nuanced validator preferences could shape Solana’s inflation trajectory more effectively compared to past methods.