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Following
SOL Solana's on-chain referendum enters a critical stage, Kraken changes his stance under community pressure.
Solana's on-chain referendum on a major token economy reform has entered a decisive stage. Under strong community pressure, Kraken, the leading U.S. cryptocurrency exchange, reversed its previous stance and supported a deflation proposal.
Community opposition pushed Kraken to change his voting intentions.
Kraken initially sided with Figment, Everstake and P2P.org and voted against it in an attempt to block SGP-0002 proposal to protect the pledge proceeds of SOL holders. The exchange controlled 8.92 million SOL voting rights at the time. The move triggered a widespread backlash in the Solana community, with prominent figures such as Helius CEO Mert Mumtaz publicly criticizing the exchanges 'practices as lacking mathematical logic.
Faced with growing criticism from retail investors and ecological participants, Kraken changed strategy and changed his vote on the SGP-0002 proposal from "no" to "yes." This shift fundamentally changes the voting landscape between large holders and the wider community.
Currently, SGP-0002's support rating has reached 65.15%, only 1.52 percentage points short of the two-thirds majority required for approval (approximately 66.67%). The overall turnout rate was 60.17%, and more than 169.9 million SOL votes voted in favor.
Proposal details and current voting results
Proposal SGP-0002, called "Double Deflation," aims to double Solana's deflation rate from 15% to 30%. If the proposal is passed, it will reduce the issuance of 18.9 million SOL tokens (worth approximately US$1.5 billion), helping the network reach a terminal inflation rate of 1.5% as early as 2029.
Proponents of theproposal believe that for investors holding SOL at prices above $105, reducing supply will help support long-term value growth. At the same time, another supporting proposal SGP-0003 aims to significantly increase transaction fees and daily destruction volumes.
As of the final stage of voting, 65.15% of the 60.17% voter turnout supported SGP-0002, but still did not reach the mandatory two-thirds (66.67%) threshold. About 25.39%(or 66.22 million SOLs) voted against it, and 9.47%(or 24.69 million SOLs) chose to abstain.
At the same time, the SGP-0003 proposal failed to receive sufficient support due to abstention by key verifiers, making it impossible to implement a plan to destroy up to 9000 SOLs per day.
Final steps, technology upgrades and market background
Community celebrities, including Helius's Mert Mumtaz, have called on Solana founder Anatoly Yakovenko to mobilize remaining validators before the referendum ends. However, even if SGP-0002 is ultimately approved, the reform will not take effect immediately.
A successful vote will provide the community with the political mandate to reform. However, these changes depend on deploying SIMD-0550 technology upgrades, and verifiers need to coordinate and implement the updates, a process that is expected to take at least 4.5 months. Even if SGP-0002 supporters win, its immediate impact will be limited because upgrade activation will need to be advanced carefully and further coordination will be required by validators.
In such a market environment, a decision by the Federal Reserve or the sudden launch of a certain altcoin can change everything in an instant. Therefore, tracking the development of critical events like the Solana vote requires precision and speed. More and more traders are turning to privacy-focused tools that provide real-time charts, smart price alerts, currency-focused news and macroeconomic indicators, all in one platform and without the need to register an account.
