Solana’s on-chain referendum on a major tokenomics overhaul has moved into its decisive phase, as leading US-based crypto exchange Kraken reversed its position to support a deflationary propo
Solana’s on-chain referendum on a major tokenomics overhaul has moved into its decisive phase, as leading US-based crypto exchange Kraken reversed its position to support a deflationary proposal following strong community pressure.
Kraken initially aligned with Figment, Everstake, and P2P.org, voting to block the SGP-0002 proposal in order to protect staking yields for SOL holders. The exchange controlled a voting pool of 8.92 million SOL. This move sparked backlash throughout the Solana community, prompting criticism from prominent figures such as Helius CEO Mert Mumtaz, who argued that the exchanges’ approach lacked mathematical logic.
Faced with mounting criticism from retail investors and ecosystem participants, Kraken changed course and shifted its vote from “NO” to “YES” on the SGP-0002 initiative. This reversal has fundamentally shifted voting dynamics between larger holders and the broader community.
Support for SGP-0002 reached 65.15%, about 1.52 percentage points short of the two-thirds majority required for adoption, with overall turnout at 60.17% and more than 169.9 million SOL in favor.
The SGP-0002 proposal, known as “Double Disinflation,” aims to double Solana’s disinflation rate from 15% to 30%. If adopted, the measure would reduce SOL token issuance by 18.9 million, or $1.5 billion, helping the network reach a terminal inflation rate of 1.5% as soon as 2029.
For investors holding SOL priced above $105, proponents argue that reduced supply could support long-term value appreciation. In parallel, a secondary proposal, SGP-0003, intended to significantly boost the daily burning of transaction fees.
As of the final hours of voting, 65.15% of the 60.17% turnout supported SGP-0002, still short of the mandatory two-thirds (66.67%) threshold. Approximately 25.39%, or 66.22 million SOL, voted against, while 9.47%, equating to 24.69 million SOL, abstained.
Meanwhile, the SGP-0003 proposal failed to gather adequate support after key validators abstained, making the plan to burn up to 9,000 SOL per day unviable.
Prominent community members, including Helius’ Mert Mumtaz, have called on Solana founder Anatoly Yakovenko to rally remaining validators before the referendum closes. Still, even if SGP-0002 receives final approval, the reform will not take effect immediately.
The successful vote would grant the community a political mandate for reform. The changes, however, depend on deploying the SIMD-0550 technical upgrade, with validators required to coordinate and implement the update—a process expected to take at least 4.5 months.
Even with a win for SGP-0002 supporters, the immediate impact is limited, as upgrade activation requires careful rollout and further validator coordination.
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