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ETH 
SOL If the proposed tokenics reform is shifted from draft to formal network policy, Ethereum and Solana may usher in a period of significant supply tightening by 2031. Gray Research predicts that the annual supply growth rate of Ethereum will fall to about 0.4% and Solana will fall to 1.1%, both lower than the World Gold Council data cited by Gray, which is an annual growth rate of about 1.8% for above-ground gold inventories. However, this forecast is based on the premise of immediate implementation, stable network activity, and maintaining the Ethereum pledge ratio at around one-third of the circulation supply.
Ethereum and Solana could weaken gold supply growth
This Ethereum proposal is numbered EIP-8363 and is called "Decreasing Issue Destruction", although the gray scale table uses its earlier number EIP-8361. The proposal would destroy a larger proportion of verifier consensus rewards as the number of ETH pledged online increases. Currently, approximately 42 million ETH (accounting for approximately 34% of supply) is in pledge status, and the annualized rate of return on pledge is approximately 2.6%. According to EIP-8363, the reward destruction ratio will increase with the increase of pledge participation. When the pledge ratio reaches 50%, the destruction ratio will increase to 100%. If the permanent curve was applied immediately at a pledge ratio of approximately 33%, the net consensus yield would drop from approximately 2.6% to 1.2%. As a result, the proposal includes an 18-month transition period designed to mitigate sudden shocks to the verifier's economic model. Lower issuance will also reduce dilution of unpledged ETH holders. However, the proposal is still a draft, so the grey 0.4% estimate describes model results rather than approved monetary policy.
Token economics reform will reduce issuance and pledge earnings
Similar efforts to tighten the supply of tokens are under way at Solana, with two proposals targeting issuance volumes through different mechanisms. First, SIMD-0550 doubled the annual deflation rate from 15% to 30%, accelerating the network's path to lower-supply growth. This change will allow SOL to reach its current terminal inflation rate of 1.5% in the first half of 2029 rather than 2032. Helius estimates that the proposal will reduce the circulation of SOLs by 18.9 million over six years. The same model shows that the nominal pledge yield will fall from the current 5.84% to 4.34% in one year and 2.25% in three years. At the same time, SIMD-0553 will redesign transaction fees and increase the number of SOLs permanently withdrawn from circulation. The draft would replace Solana's fixed 5000 Rambot signature fee with a 2500 Rambot inclusion fee paid to block producers. In addition, a separate resource base charge will be introduced, which will be completely destroyed, further increasing the amount of SOL withdrawn from circulation. Currently, Solana destroys about 648 SOLs daily and issues about 60,000 SOLs at the same time. However, under the proposed terminal resource rates, estimates cited by the Solana Compass show that daily destruction levels could rise significantly to 7500 to 9000 SOLs. Together, these changes could significantly change Solana's supply trajectory. Both proposals have entered the formal governance stage, and voting is expected to end on August 18. If approved, their combined effect could bring annual supply growth rates close to gray estimates of 1.1% in 2031.
Even so, comparisons with gold reflect measurable changes in issuance rather than guaranteed price results. In the final analysis, supply growth is only one factor, and network activity, fee generation, pledge participation and verifier economy are equally important.
