Solana’s first major governance cycle has revealed disagreement over how the network should change its transaction fees.
Anatoly Yakovenko believes the proposal tackles a real issue but says it is asking voters to approve too much at once. Meanwhile, Charles Schwab has selected SOL for the next expansion of its crypto trading service.
Toly wants Solana fee reform split up
SGP-0003 recommends eliminating the Solana’s fixed signature fee and replacing this fee with a fee that relates to how much computation a transaction has to perform.
Every transaction has to pay the same basic charge, which seems unfair with reference to smaller transfers. But they are at a disadvantage because they pay much more relative to the network resources they use.
Yakovenko noted that a small transaction pays proportionately nearly 280x higher in terms of a unit of computing work, than a large transaction with the maximum write allowance.
He supports moving towards usage-based fees and believes the proposed rate would correct the imbalance. But his concern is how the SGP-0003 proposal combines that change with questions about how the rate should be set in the future.
A simpler scheme that splits the work into two different proposals is favoured by the Solana co-founder. One proposal would replace the fixed signature charge, and a separate one would decide whether validators set the rate or an automatic system adjusts it using recent network fees.
He argues these multiple decisions could deter voters who are interested in only a part of the proposal and therefore discourage them from voting completely or to vote against the whole thing.
Yakovenko went on to say there is little opposition to charging a fee based on the computing use.
Schwab picks SOL for crypto expansion
While the debate concerning the Solana internal economics continues, Charles Schwab is preparing to widen access to SOL.
It was announced that Chainlink, Solana and Avalanche will be incorporated into the company’s crypto trading platform in the coming months.
Schwab Crypto began rolling out in May with direct Bitcoin and Ethereum trading, but the three additions will be its first expansion beyond those assets.
Final Summary
- Toly supports usage-based fees but wants the proposal divided into simpler decisions.
- Charles Schwab plans to add SOL, AVAX and LINK trading in the coming months.