Solana Validators Vote on Draft Constitution, Tokenomics

Solana validators opened on-chain voting Aug. 22 on three governance proposals. Voting runs through the end of epoch 1023, expected to close around 15:30 UTC on Aug. 27. The bundled ballot includes SGP-0001, SGP-0002 and SGP-0003.

SGP-0001 proposes a Solana Constitution that would formalize governance by weighting voting power according to economic stake while preserving a mechanism for token holders to override validators that manage delegated SOL. SGP-0002, implemented by SIMD-0550, would double the network’s annual disinflation rate from 15% to 30%, moving the network’s 1.5% terminal inflation target roughly three years sooner and trimming projected issuance by about 18.9 million SOL over six years. SGP-0003, following SIMD-0553, would replace the current fixed 5,000-lamport transaction fee-now split between burning and a block-leader payout-with a 2,500-lamport inclusion fee paid to block leaders and a separate, usage-based resource fee that would be burned in full.

Solana Company, the Nasdaq-listed treasury and staking firm trading as HSDT, announced it will support SGP-0001 and oppose SGP-0002 and SGP-0003. Joseph Chee, the firm’s chairman and CEO, framed the objection as a timing concern, saying institutions need consistent economic rules they can model across several years before changes to issuance and fees are implemented during the network’s first governance cycle.

The disinflation and fee proposals passed a preliminary 15% staked-SOL signaling threshold required to reach a formal on-chain vote. Support from major validators helped clear that bar: Helius and Jupiter contributed roughly 16 million and 12.47 million SOL in support, respectively. Each SGP is being voted on independently, so rejection of SGP-0002 or SGP-0003 would not affect SGP-0001.

Under the current fee system Solana burns about 648 SOL per day. SIMD-0553’s design would direct more fees to burning as resource usage rises; some estimates place potential daily burns between 7,500 and 9,000 SOL once activity increases. Combining reduced issuance under SIMD-0550 with higher fee burns would lower projected supply growth; one projection puts annual growth near 1.1% by 2031 versus about 3.695% today.

Validators have until the end of epoch 1023 to cast votes. The outcome will decide whether the network adopts a formal constitution and whether token issuance and transaction-fee mechanics are adjusted early in Solana’s on-chain governance process.