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Solana’s first network-wide governance vote had a dramatic finish Friday as a proposal to speed up cuts to new $SOL ($SOL) issuance scraped past the required two-thirds majority in the final minutes before the deadline.
The proposal, dubbed SGP-0002, finished with 67% support on Friday, barely above the two-thirds threshold required to pass. Another roughly 25% voted against, and 7.84% abstained. Participation reached 60.7% of eligible stake, clearing the one-third quorum requirement.
The outcome came down to the wire, with supporting votes standing below the necessary tally even in the last hour and some dramatic last-minute switches.
Kraken 2, validator linked to the exchange and representing about 2% of votes, changed its vote from against to for as the deadline approached.
“After 500 calls in the past few hours, we got all the votes in the last seconds and passed the disinflation proposal by a literal hair,” Mert Mumtaz, Helius CEO and vocal supporter of the proposal, wrote in an X post.
$SOL bounced near the end of the vote but remained below Thursday’s high. The token was down 1.2% over the past 24 hours near $106.
Solana’s first-ever governance vote
The vote marked Solana’s first network-wide governance exercise, putting three proposals covering how the blockchain makes decisions and how its token economics should work before validators.
SGP-0001, effectively a constitution for future governance, sets rules for how major network decisions are proposed and voted on, including participation requirements, vote weighting and thresholds for approval. It passed comfortably with 95.35% support and just 0.22% opposed.
The third measure had less success. SGP-0003, which proposed changes to transaction fees that would result in more $SOL being burned, failed after receiving about 54% support.
Together, the proposals gave Solana validators their first direct say over some of the network’s core economic rules.
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