Solana validators have voted against the closely-watched SIMD-228 proposal, a plan that aimed to substantially reduce SOL token emissions by transitioning the network to dynamic staking-based emissions. The proposal, authored by Tushar Jain and Vishal Kankani of Multicoin Capital, was introduced in January, with voting opening on March 6. However, on Thursday, the proposal failed to meet the required two-thirds majority. It secured 61.6% support, just shy of the 66.67% threshold required for approval. Approximately 74% of staked SOL across 910 validators participated in the SIMD-228 vote. Despite the proposal’s technical defeat, Jain described the vote as a “major victory” for Solana’s governance process. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io