Solana Supply Reduction Proposal Update: Community Vote Turnout Below 17%, Still Needs to Reach 1/3 Participation Threshold

BlockBeats News Update: On August 25, the Solana community is advancing two governance proposals, SGP-0002 and SGP-0003, aimed at tightening the SOL token supply through a dual mechanism of "reducing new supply + increasing burn." Specifically, SGP-0003 (detailed mechanism corresponding to SIMD-0553) proposes the introduction of a resource consumption-based transaction fee mechanism, where fees are charged based on the network resources a transaction consumes. It is expected to increase the daily SOL burn rate from the current approximately 650 tokens (around $65,000) to 7500 to 9000 tokens (around $750,000 to $900,000). The other proposal, SGP-0002 (detailed mechanism corresponding to SIMD-0550), plans to double the reduction rate of SOL's annual inflation, bringing forward the target of reaching the minimum 1.5% inflation rate to 2029 instead of the original plan of 2032. It is estimated that this change will reduce the future SOL issuance by around 18.9 million tokens over the next 6 years, valued at approximately $1.89 billion at the current price.

Currently, both proposals are in the voting stage. The voting rate for SGP-0002 is 16.71%, with a support rate of 16.24%, opposition rate of 0.31%, and abstention rate of 0.16%; the voting rate for SGP-0003 is 13.53%, with a support rate of 13.23%, opposition rate of 0.27%, and abstention rate of 0.03%. Both proposals require a participation rate of 1/3 to pass.

If the proposals ultimately receive sufficient support, the Solana network will further optimize the token supply structure through a combination of reducing new issuance and increasing fee burns. Currently, voting is still ongoing, and the subsequent progress will depend on participation and support levels.