Crypto:
30188
Bitcoin:
$68.045
% 1.10
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 68.045
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Solana Validators to Receive Full Priority Fees After Governance Vote

Solana

Solana validators will now receive 100% of priority fees from transactions, following a successful governance vote with over 77% approval. This change is designed to enhance network security and efficiency by providing validators with greater incentives.

Previously, the priority fees were divided: half was burned and the other half went to validators. This led to some validators making unofficial deals with transaction submitters to gain more SOL, as pointed out by the proposal creator, tao-stones, on the Solana governance forum.

Validators play a crucial role in the Solana blockchain network by running software that confirms transactions and maintains security. Priority fees are extra fees that users can pay to have their transactions processed faster. The new model, implemented under Solana Improvement Document number 96 (SIMD-0096) and known as “Reward full priority fee to validators #34731,” ensures that all priority fees go directly to the validators.

According to tao-stones, this change aims to keep validators more focused on maintaining network safety and smooth operation by providing them with a more straightforward and transparent reward system.

Following the announcement of this governance decision, the price of SOL has risen by 1.6% over the past 24 hours, reaching $166 during Asian afternoon trading hours on Tuesday, according to CoinGecko.


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