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Following
SOL Solana's first network governance vote results were released: Two proposals were passed, one fell short of the threshold.
Solana, a high-speed blockchain network known for its low transaction costs, held its first network-wide governance vote this week, submitting three proposals to verifiers (operators who run computers to process transactions and secure blockchain). Two of the proposals reached the quorum required for a valid vote and passed the vote.
The "Solana Constitution" was adopted
Proposal SGP-0001, called the "Solana Constitution", is a basic document that stipulates how future network decisions are proposed and voted on. The proposal was passed with a support rate of 85.97%, an opposition rate of 2.06%, and an abstention rate of 11.97%, with a validator participation rate of 51.96%.
Inflation adjustment proposal narrowly wins
The most-watched proposal SGP-0002 requires verifiers to accelerate the reduction of new SOL token issuance, doubling the network's anti-inflation rate from-15% to-30%. The anti-inflation rate refers to the speed at which the growth rate of token supply declines over time; the higher the ratio, the less new coins enter circulation every year. SOL is Solana's native cryptocurrency, used to pay transaction fees and ensure network security through pledges.
The proposal narrowly passed with a support rating of 67.00%, just above the required two-thirds majority threshold. According to Solana's validator governance data, the opposition rate was 25.16%, the abstention rate was 7.84%, and the voting participation rate was 60.70%.
The result of this voting was once full of suspense: six hours before the voting deadline, the approval rate was only 65.4%, and it was on the verge of failure. But in the final hours, the Kraken Exchange's largest verifier, which had previously voted entirely against it, changed most of its approximately 8.9 million SOL pledges to a "yes" vote. However, this was not the decisive factor-the real turning point was the last-minute yes vote from about 90 additional validators and the final shift of validator Galaxy.
Cost destruction proposal was not approved
The third proposal SGP-0003 requires changes in the treatment of transaction fees, which will result in more SOL being permanently removed from circulation (i.e. destroyed). The proposal received a support rate of 53.90%, failing to meet the threshold required for adoption, with an opposition rate of 18.92%, and an abstention rate of 27.18%.
Solana announced on social platform X that governance work on the three proposals has been "completed." This vote marks the first time that Solana validators can directly exercise their say on the core economic and governance rules of the network through on-chain voting. This is an important step towards more decentralized decision-making for the blockchain in the future.
