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Following
SOL Solana governance vote: Economic proposal may change inflation and destruction mechanism
Solana traded just above $109 on Friday, up about 50% this month.
Verifiers are voting on the chain's first governance vote, the results of which will be binding on Solana. This may slow down the creation of new SOLs and increase daily destruction. Solana's pledge yield will fall to 2.25% within three years.
There were three proposals to choose from in the vote. The validator votes, and anyone with whom it pledges SOL can also vote. Before the end of cycle 1023, everything has not yet settled. On Friday, Solana's voting progress was only about two-thirds complete.
Proposal SGP-0001 would approve a Solana charter to regulate the way these decisions are made. The proposal will open up an on-chain governance system. At least one-third of the pledged SOLs need to vote, and two-thirds of the pledged SOLs must vote in favor. Abstentions are not counted as no votes, but they are still counted in the total number of votes, so their effect is the same as no votes and will hinder the passage of the proposal.
All three proposals have reached a quorum. SGP-0001 leads with a support rate of 95.33%, and SGP-0002 has a support rate of 68.63%, both exceeding the two-thirds threshold. The yes vote for SGP-0003 was 62.63%, which was below the same threshold, and the abstention vote was 20.74%.
Proposal SGP-0002 is related to SIMD-0550 and was written by Helius engineers Lostin and 0xIchigo. The proposal aims to double the annual online deflation rate from 15% to 30%. The proposal will accelerate Solana's progress to reach its current terminal floor of 1.5%. This means a bottom will be reached in 2029 rather than 2032, cutting approximately 18.9 million SOLs from future emissions. Based on the author's assumption of a pledge participation rate of 68%, the pledge yield started at 5.84%, but dropped to 4.34% one year later, to 3% two years later, and to 2.25% three years later.
Proposal SGP-0003 will, together with SIMD-0553 proposed by Temporal's Cavemanloverboy, split Solana's fixed per-signature fee into two parts: one part is a fixed inclusion fee (2500 lamports) paid to block leaders, and the other part is a resource fee for destruction based on the amount of calculations used by the transaction. This change could increase the daily SOL destruction volume from approximately 650 to 7500 to 9000. At current prices, daily destruction values range from approximately US$47,000 to as much as US$650,000. However, inflation still creates about 64,000 SOLs per day, so even if 9000 SOLs were destroyed, it only offsets about 14% of the new supply.
Internet Activity and Market Performance
More than 1.3 billion transactions in one week set an online record. Nasdaq-listed Solana supported the governance framework but voted against both economic proposals citing timing rather than goals. DeFi Development Corp., which is traded on Nasdaq on DFDV and has SOL as its main reserve asset, said on August 4 that it supported both changes and will vote in favor.
In March 2025, a proposal to cut inflation by 80% failed, with 61.39% of the pledges voting in favor, below the two-thirds threshold required for these votes.
SOL is having its best month since 2024, with record Internet usage. Solana set a record for the highest number of non-voting transactions in a single week, exceeding 1.3 billion transactions. The drivers are reported to be 2.6 million daily active users and the resurgence of memin trading through the FOMO app and www.example.com. Pump.fun Increased activity pushed Solana's daily destruction rate to 1.53% on August 23, the highest level since early 2025.
