Solana Narrowly Passes SGP-0002 After Last-Minute Kraken Switch
SGP-0002 just clears the two-thirds majority after a late reversal by a validator linked to Kraken. It is Solana’s first major test of on-chain governance and tokenomics.
Key Takeaways
- Solana’s first network-wide governance vote approved SGP-0002 with 67% support, just above the required two-thirds majority.
- A validator linked to Kraken switched from against to for right before the deadline, which pushed the proposal through by a narrow margin.
- SGP-0001 was approved by a wide margin, while SGP-0003 stalled with about 54% support.
Solana has narrowly passed its first network-wide governance vote. The SGP-0002 proposal, which aimed to speed up the reduction of new SOL issuance, got 67% support on Friday and just cleared the required two-thirds majority. A validator linked to Kraken switched from against to for right before the deadline, which ultimately pushed the proposal across the finish line.
Narrow Result
The vote stayed close until the final hour. According to the results, about 25% voted against and 7.84% abstained. Turnout came in at 60.7% of voting-eligible stake, well above the required one-third threshold.
Mert Mumtaz, CEO of Helius and a vocal supporter of the proposal, wrote on X that the team held hundreds of conversations in the final hours to lock in the votes. He called the approval a win by an extremely small margin.
First Governance Test
The vote was the first network-wide governance exercise on Solana and put three proposals at once in front of validators. SGP-0001, which sets the basic rules for future decision-making, was approved by a wide margin with 95.35% support. SGP-0003, which proposed changes to transaction fees that would have burned more SOL, did not make it across the line and ended up with about 54% support.
The outcome shows that Solana validators now have a direct say in the core rules around decision-making and tokenomics. That matters for how the network is governed in practice, especially now that the governance structure has only just been introduced.
What This Means for Solana
Solana’s on-chain governance was introduced in July 2026. Validators with at least 100,000 SOL in stake can submit proposals, while voting power is weighted based on the amount of SOL staked. The process has several steps, including support, review, snapshot, and voting.
For European crypto followers, the main point is that votes like this directly affect the economic rules around a major layer-1 network. If proposals about token issuance and burning are decided this way more often, it could give a clearer picture of how divided the community is over Solana’s monetary policy.
