On the Solana network, three votes have been initiated on proposals concerning governance, SOL deflation, and restructuring of base fees. The first proposal, named SGP-0001, aims to ratify the constitution as the foundational governance document for the blockchain. If approved, the already deployed on-chain system svmgov will be activated. The initiative will also establish two types of proposals: SIMD for technical changes and SGP for economic and architectural decisions. The support threshold for the proposal is set at 15% of staked coins. The minimum share for the initiating validator is 100,000 SOL, and the quorum is 1/3 of the stake. The voting period will last for 3 epochs, during which delegators will be able to override the validator's vote.
The second proposal, SGP-0002, aims to accelerate the reduction of SOL inflation by increasing the annual deflation rate from 15% to 30%. This is expected to halve the time to reach a terminal inflation rate of 1.5%. According to the initiative's authors, if the proposal is accepted, the issuance will decrease by approximately 18.9 million SOL over six years.
The third proposal, SGP-0003, provides for the restructuring of the base fee. Instead of a flat fee of 5000 lamports, it is planned to split it into a fixed fee for inclusion in the block of 2500 lamports, which will be fully received by the block leader, and a separate fee for resources, depending on the transaction load. According to the plan, light operations will cost less than the current fixed rate, while resource-intensive ones will be more expensive. The authors estimate that the volume of burned coins could increase from approximately 650 SOL to 1500-9000 SOL per day. One of the leading validators in the network, DFDV, has already supported all three proposals.
It is worth noting that on August 21, Solana developers activated the first phase of reducing the average slot time from 400 to 350 milliseconds in the test network as part of the implementation of the improvement proposal SIMD-0525. The current votes reflect the community's desire to formalize the governance rules of the network and optimize its economic model for the long-term development of the ecosystem.