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Following
SOL Solana validators have approved a plan to increase the Internet's annual deflation rate from 15% to 30%, with support reaching the two-thirds threshold needed to pass changes.
Report: Voting on Solana's three major governance proposals has ended. SGP 1: The Solana Constitution was passed with 86.0% votes in favor, establishing a new governance framework for Solana. SGP2: Double deflation was passed with a 67.0% vote in favor and is expected to reduce the circulation of approximately 18.9 million SOLs (worth $1.47 billion)...
The proposal SGP-0002 was passed with a vote of 67.00%, while the required threshold was 66.67%, which exceeded 0.33 percentage points. 
Solana governance approved cuts after 67% validator votes
The figures still cited are wrong
Several reports from this week's vote said SGP-0002 will cut future SOL circulation by 22.3 million. The figure belonged to another early draft of the same idea, and it never went to the voting stage.
The version actually passed by the validator was implemented via SIMD-0550, which is expected to reduce the circulation of SOLs by 18.9 million over six years, worth approximately US$1.5 billion based on the price used in this estimate.
Proposal after three attempts
SGP-0002 is the third attempt for this specific change. An earlier version of SIMD-0228 was submitted for community voting in March 2025, but was not approved.
The second attempt, SIMD-0411, was submitted in November of the same year, but remained idle until it was automatically closed in January 2026 and failed to enter the vote. The above-mentioned figure of 22.3 million pieces belongs to this draft. 
Solana's Deflation Rate Doubled: Three attempts by the same author
Solana's SGP-0002 submission reintroduced the idea in July 2026, this time along with two other proposals entered Solana's first binding on-chain governance vote: One is the adopted Solana Constitution and the other is a resource and inclusion fee change that was still below the two-thirds threshold when the window closed.
How Kraken and Galaxy reversed the failed vote
SGP-0002 failed to reach the threshold for most of the voting window. It wasn't until the last few hours, when two large validators changed their votes that it was passed.
Kraken's largest validator, holding approximately 8.92 million SOLs, had previously completely opposed the proposal. It adjusted the vote to about 90% in favor before the deadline.
According to investor Austin Barack, the vote for Galaxy's approximately 7.36 million SOL shares shifted from approximately 92% abstention to 58% in favor. The change occurred at 15:18 UTC and is estimated to transfer approximately 4.2 million SOLs into the "yes" column, exceeding the remaining difference required for adoption.
Mert Mumtaz, CEO of Helius, the infrastructure company that wrote the proposal, said the difference was just on the front line, with about 500 phone calls calling in votes in the last few seconds. Mumtaz's own company co-wrote the proposal he is praising, a conflict of interest that deserves to be mentioned in his voting narrative.
SIMD-0550 still needs to be activated on-chain
Passed does not mean that the new interest rate will take effect immediately. Changes to Solana's core inflation parameters require a separate technical function door activation process, which is the same as other protocol-level updates, before validators begin implementing a doubled deflation plan.
