The Solana proposal, called SIMD-0228, which could cause a drastic drop in SOL's inflation rate, had the support of 37.8% of the network validators at press time.
A Solana proposal that could cause a drastic drop in SOL's inflation rate and had the support of 37.8% of the network validators at press time.
The proposal, called SIMD-0228, is up for a vote that will close at Epoch 755 scheduled to be reached in about 11 hours. Out of the 1334 active validators, 746 have voted so far, with 37.8% voting in favor, 18.5% voting against, and 1.2% abstaining from voting.
The proposal bats for a market-based token emission mechanism to ensure the network doesn's overpay for security and is expected to have positive effects on Solana-based decentralized finance and boost liquid onchain SOL markets.
"Since 2023, the Solana network has transformed significantly. Back then, on-chain volumes were often below $100 million daily, reflecting limited activity. Today, the ecosystem consistently achieves billions in daily on-chain volume, marking a dramatic shift. Given this progress, we believe now is the opportune moment to reduce the inflation rate in line with SIMD-228," said Logan Jastremski, co-founder and managing partner at frictionless Capital.
Per some estimates, the proposal could see SOL's inflation rate slide from 4.5% to around 0.87%.
"The adjusted inflation rate would closely align with the optimal level proposed by blockchain researchers at Stanford University in 2022. This finding is based on an analysis of various blockchain networks and their economic models during periods of stability and growth," Jastremski added.
The proposal is also expected to have a positive impact on SOL's price, according to derivatives trading firm Tagus Capital.
"If approved, it would significantly reduce staking rewards and fresh SOL supply, potentially boosting its value. However, lower rewards could force smaller validators out, raising concerns about network decentralization," the firm said in the newsletter Thursday.
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