Solana validators began voting on three proposals — two of which would reduce the amount of $SOL in circulation — on Sunday, with voting running until Thursday at about 15:30 UTC.
The votes are weighted by how much $SOL is staked, meaning locked up to help run the network. That gives the say to validators, the operators who run Solana’s computers, and to ordinary holders who have handed their coins to a validator to stake on their behalf.
Two of the three proposals address supply. SGP-0002 speeds up the rate at which Solana stops printing new $SOL. The network currently cuts the amount it creates by 15% a year, and this would double that to 30%, reaching the floor sooner.
SGP-0003 changes what a transaction costs and where the money goes. The fee would be split in two. A fixed portion goes to whoever produces the block, and a separate portion, scaled by how much computational work the transaction demands, is permanently destroyed.
CoinDesk reported earlier this month that the change would increase daily burns from roughly 650 $SOL to between 7,500 and 9,000 $SOL, worth about $61,000 and $846,000, respectively, at Monday’s price.
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