Solana’s SGP-0002 proposal to double the network’s disinflation rate passed with 67.001% of votes, just 0.334 percentage points above the required two-thirds supermajority threshold, in the first binding governance referendum the network has held. Without Jito’s liquid staking mechanism under JIP-30, the proposal would have failed, as roughly 10 million SOL, then worth close to $1 billion, were directed toward the vote through the JitoSOL stake pool. The decisive swing came in the final seconds when Kraken’s validator reversed course and flipped approximately 8.1 million SOL. Solana’s network revenue fell 87% year-over-year in the first half of 2026, dropping from $1.09 billion to $141 million, with memecoin trading’s share of spot volume falling from 40% to 16%. Robinhood Chain is emerging as a new competitor to Solana for tokenized equities trading.
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