Schwab's Solana Trading Plans Fuel 13% Price Surge Amid Deflationary Votes
Solana's SOL token surged 13.4% on Tuesday, driven by Charles Schwab's plans to launch spot trading for SOL and the passage of deflationary proposals in the Solana ecosystem.
Schwab, America's second-largest investment management firm with over $13 trillion in client assets, announced its plans to offer Solana spot trading in the upcoming months. This will increase the number of spot crypto offerings on the platform to five, including Bitcoin and Ethereum, which were already available for trading.
The company will charge a 0.75% flat fee on transactions, with trading unified across its website, mobile app, and thinkorswim platform. Clients in all US states except New York and Louisiana are eligible for these Schwab crypto accounts.
In related news, three landmark economic proposals were voted through in Epoch 1023, including a new constitution for Solana, a measure to double the network's annual disinflation rate by 30%, and a proposal to burn 100% of resource-based transaction fees while validators earn a baseline fee. Analysts estimate that the latter will reduce SOL emissions by 18.9 million tokens over the next six years.