Solana Governance Cycle Sparks Fee Debate as Charles Schwab Expands SOL Trading

Solana's first major governance cycle has revealed a contentious debate over how to change its transaction fees. Anatoly Yakovenko, the network's co-founder, believes the proposed fee reform tackles a real issue but is asking voters to approve too much at once.

The proposal, SGP-0003, recommends eliminating Solana's fixed signature fee and replacing it with a fee that relates to how much computation a transaction has to perform. Yakovenko notes that smaller transactions pay proportionately nearly 280x higher in terms of a unit of computing work than larger transactions.

He supports moving towards usage-based fees, which would correct the imbalance between large and small transactions. However, he argues that the proposed rate should be split into two separate proposals to avoid deterring voters who are only interested in part of the proposal.

In related news, Charles Schwab has selected SOL for the next expansion of its crypto trading service. The company will add Solana, Chainlink, and Avalanche to its platform in the coming months, building on its existing Bitcoin and Ethereum offerings.