Solana validators are midway through the network’s first binding governance vote, with two of three proposals holding above the support needed to pass as of Friday. The measure to formalize a Solana Constitution and switch on the svmgov governance system is comfortably ahead, while a proposal to speed up the token’s disinflation schedule is also above the required line.

A third proposal, focused on redesigning transaction fees, is still below the two-thirds approval threshold. If adopted, that change could materially increase the amount of SOL burned each day, though the source article noted that inflation would still far exceed the projected burn.

Binding vote still in progress

The vote is taking place during epoch 1023, and nothing is final until that epoch ends. On Friday, the process was only about two-thirds complete. Solana traded just above $109 at the time, with the token up roughly 50% over the past month.

For a proposal to pass, at least one-third of all staked SOL must participate. Approval then requires yes votes from two-thirds of the stake that actually votes. Abstentions are not logged as explicit no votes, but they still count toward the total participating stake, which means they weigh against a proposal in practice.

All three ballot items had already met quorum by Friday, leaving the outcome dependent on whether each could maintain or reach the supermajority threshold before the epoch closes.

Constitution proposal leads the field

SGP-0001 was the strongest performer in the running tally, with 95.33% support. The proposal would ratify a Solana Constitution and codify how governance decisions are made on the network.

It would also activate the svmgov on-chain governance system, marking a formal step in how Solana handles binding collective decisions. Among the three proposals, this one appeared to be the least contested.

Inflation cut would accelerate the path to the terminal floor

SGP-0002, linked to SIMD-0550 and authored by Helius engineers Lostin and 0xIchigo, had 68.63% support on Friday, narrowly above the two-thirds line needed for passage. The proposal would double Solana’s annual disinflation rate from 15% to 30%.

That adjustment would bring forward the network’s 1.5% terminal inflation floor to 2029 from 2032. According to the source article, the change would remove about 18.9 million SOL from future emissions.

Cryptopolitan said that under the authors’ scenario assuming 68% staking participation, staking yield would decline from 5.84% initially to 4.34% after one year, 3% after two years, and 2.25% after three years.

Fee overhaul remains short of the bar

SGP-0003 had 62.63% yes votes, leaving it below the threshold as of Friday. Abstentions stood at 20.74%, an important figure because they still count in the participating total and therefore make passage harder.

The proposal would split Solana’s current flat per-signature transaction charge into two components, alongside SIMD-0553 from Temporal’s cavemanloverboy. Under the plan, a fixed inclusion fee of 2,500 lamports would go to the block leader, while a separate resource fee based on the compute used by a transaction would be burned.

The article said this redesign could raise daily SOL burns from roughly 650 to between 7,500 and 9,000 SOL. At the cited market price, that would amount to about $47,000 to as much as $650,000 burned per day. Even at the top end, however, the burn would offset only around 14% of the roughly 64,000 SOL created daily through inflation.

What comes next

The next confirmed milestone is the close of epoch 1023, when the first binding vote will be finalized. Until then, support levels can still change, especially for SGP-0002 and SGP-0003, which were much closer to the supermajority line than the constitution proposal.

If the Friday snapshot holds through the end of the epoch, Solana would be on track to approve its governance framework and a faster disinflation schedule, while the fee-burn overhaul would remain unpassed.

Source: Cryptopolitan