Solana Validators Approve Proposal to Redirect Transaction Priority Fees
Solana validators have now agreed to a new proposal, SIMD-0096, which sends all transaction priority fees to validators.
Previously, they were shared between burning fees and rewarding validators in a 50/50 split.
With this proposal, Solana hopes that priorities assigned to validators will take a leap upward, and thus benefit the safety of networks. At the same time it is expected to remove any sleazy deals between block producers and transaction submitters with a plan for future transactions governed solely by laws of the market.
The proposal was supported by an overwhelming majority, with 77% of network validators voting for it in an on-chain vote.
READ MORE: Fantom Foundation Launches Sonic Chain for DeFi and Real-World Use
Priority fees help ensure the successful execution of user transactions by pushing them to the front of the queue.
In Solana transactions from now on, priority fees will continue to fund the validators and they will no longer be burned. On the other hand (normal) base transaction fees within Solana will keep being burned, as always at a 50% split.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
