Solana Governance Vote Ends in Dramatic Finish with Proposal Passing by a Hair

Solana's first network-wide governance vote ended in a dramatic finish on Friday as a proposal to speed up cuts to new SOL issuance barely scraped past the required two-thirds majority. The proposal, dubbed SGP-0002, received 67% support, narrowly meeting the threshold needed for approval. Around 25% of voters opposed the plan, while nearly 8% abstained. The vote was marked by a last-minute switch from Kraken 2, a validator linked to the exchange and representing about 2% of votes, which changed its stance from opposing to supporting the proposal as the deadline approached.

With participation reaching 60.7% of eligible stake, the outcome came down to the wire. According to Mert Mumtaz, CEO of Helius, the proposal's supporter, '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.'

The vote was part of Solana's first-ever governance exercise, which presented three proposals to validators. SGP-0001, which sets rules for future governance, including participation requirements, vote weighting, and approval thresholds, comfortably passed with 95.35% support. However, the third proposal, SGP-0003, failed after receiving about 54% support.

The Solana token (SOL) price remained relatively stable near $106 over the past 24 hours, down 1.2% from Thursday's high.