Consensus

Galaxy proposed the MESA consensus method to address the inflation governance issue of Solana

ChainCatcher message, recently, Galaxy Research submitted a new proposal to the Solana community aimed at reforming the network's inflation governance discussion through a method called Multi-Election Staking Weight Aggregation (MESA). This mechanism attempts to introduce a market-driven process to optimize the SOL emission curve without relying on a single outcome vote. The proposed method will not change Solana's ultimate goal of achieving a 1.5% final inflation rate, but it may significantly shorten the timeline to reach that goal based on community voting results.According to Galaxy's predictions, if the current 15% deflation rate is maintained, the network will reach its final inflation rate at epoch 2,135. Increasing the deflation rate will bring this point forward. In the current Solana system, inflation follows a fixed, time-related curve, aiming for a final inflation rate of 1.5%. However, Galaxy points out that previous votes indicated that while there is a general consensus that the inflation rate is above necessary levels, reaching an agreement on adjusting parameters has been challenging. Galaxy's new proposal offers an alternative that allows validators to choose from multiple predetermined deflation rates, with the result determined by the weighted average of these votes. MESA voting will not dynamically adjust inflation based on real-time metrics but will enforce a fixed anti-inflation trajectory, and once approved, the deflation rate will be adjusted according to the collective opinion of validators.It is reported that this mechanism is inspired by the previous proposal SIMD-228. Although the community generally supports lowering the SOL inflation rate, the binary voting mechanism has made it difficult to reach a consensus on specific parameters, resulting in the proposal's failure to pass.

Analyst: The buying power of high-positioned addresses for ETH in this round has been exhausted, and a strong rebound may require the market to re-establish consensus

ChainCatcher news reports that on social media, on-chain data analyst Murphy published statistics stating that the cost basis for ETH accumulated from January to February 2025 is roughly between $3,200 and $3,500. A cluster of addresses has been intensively accumulating at $3,475, totaling 1.66 million ETH. This group did not sell during the drop of ETH to $1,900 and instead added to their positions, currently holding 1.94 million ETH with a reduced cost basis of $3,150.Additionally, the cost basis for the chips accumulated in mid-February 2025 is approximately between $2,600 and $2,800. This group started to cut losses as the ETH price fell below $2,300, and currently, only the chips at $2,800 and $2,630 remain unchanged, holding 1 million and 850,000 ETH respectively.As the price of the coin continues to decline, new demand for ETH has gradually weakened, especially after the price fell below $2,000, where data shows there is almost no new purchasing power.Murphy explains that the high-position trapped chips, after a series of self-rescue replenishments, now seem to have exhausted their purchasing power; the current price of $1,850 is the cost price for large holders who accumulated two years ago. When the price drops to this level, they start to replenish (buying back parts sold at high positions to average down costs), thus forming a support effect. If this price level cannot provide support, the decline may reach $1,600 and $1,250, which are the "remaining support levels from three years ago's accumulation."From the overall behavior of current investors, the most important factor is still the reconstruction of consensus on ETH's value. If an effective consensus cannot be formed, the currently trapped chips at high positions of $2,630 (850,000), $2,800 (1 million), and $3,150 (1.945 million) will all become significant obstacles on the path to recovery.
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