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Following
SOL Solana's first network-wide governance vote is released
According to the results released by Solana's official governance portal, the network's first network-wide governance vote ended on Friday. Verifiers narrowly approved a proposal to double the rate of cuts in new SOL token issuance. The "double deflation" proposal, called SGP-0002, received support of about 67%, exceeding the two-thirds threshold. This is the first time a validator has directly voted on the core economic rules of the Internet.
Voting Contents
In Solana's first on-chain governance vote, three governance proposals were voted on by pledge weights. SGP-0001 (Charter establishing participation conditions, voting weights and approval thresholds for major network decisions) was successfully passed. SGP-0002 (Deflation Acceleration Measure) barely exceeded the two-thirds absolute majority threshold with a support rating of about 67%. SGP-0003 (restructuring transaction fees into basic inclusion fees and burning resource fees to remove more SOL from circulation) failed due to an approval rating of approximately 54%, and the current fee structure remains unchanged. All three proposals have reached a quorum.
The answer was known at the last moment
The deflation vote didn't settle until the last few minutes. According to media reports, a verifier associated with Kraken-controlled about 2% of voting rights turned from opposition to support as the deadline approached, while asset management company Galaxy (about 1.7% of voting weight) adjusted its pledge from a major abstention to a majority support. The voting participation rate is approximately 60.7% of the qualified pledge amount, exceeding the one-third quorum requirement. Helius CEO Mert Mumtaz, an activist supporter of the change, described the result as "narrowly passed."
What accelerating deflation means for SOL
SGP-0002 doubled the annual deflation rate in SOL from 15% to 30%, an adjustment that was previously detailed when it was advanced as SIMD-550. It shortens the time to reach the final inflation rate of 1.5% from about 5.7 years to 2.8 years. The measure is expected to reduce the circulation of approximately 18.9 million SOL units over six years, easing long-term supply pressure. Since pledge rewards are linked to nominal issuance, accelerating deflation is expected to compress pledge yields over the next two years, which analysts believe will prompt some capital to flow from pledges to the broader Solana ecosystem. Once the changes take effect, their full impact will depend on network activity and the behavior of the verifier.
