Solana Company, the Nasdaq-listed validator operator and SOL treasury firm, announced opposition to SGP-0002 on August 21, a governance proposal to double annual disinflation from 15% to 30%. The move places the company at odds with delegators whose stake will follow its default vote unless they override it.
The timing underscores a structural tension in Solana’s governance design. Solana Company derived 99.4% of its Q2 revenue from staking, earning $2.512 million on company-held SOL against total Q2 revenue of $2.526 million. Faster disinflation would reduce staking yields over time: under the SIMD-0550 economic model, nominal staking yield would fall from 5.84% in the current schedule at 68% participation to 4.34% in year one, 3.00% in year two, and 2.25% in year three under the accelerated schedule.
Solana Company’s validator cluster launched in July, after the Q2 period ended. The company holds 500,000 SOL delegated to its validator cluster by filing date, and automatically restaked 31,200 SOL in quarterly staking rewards during Q2.
Under Solana’s governance rules, delegated stake follows a validator’s position by default. However, native stakers can override a validator’s vote without undelegating their SOL before, after, or when the validator abstains. Solana Company highlighted this mechanism in its announcement, saying holders could override an operator and that it disclosed its positions so delegators could act.
The Aug. 23 voting snapshot showed 5.27 million SOL voting For SGP-0002 and 547,019 SOL voting Against across 24 votes, with 90.6% of decisive stake in favor. One recorded override vote of 15.585838993 SOL cast For the proposal appeared on Aug. 23 at 14:52:53 UTC. Voting runs through Epoch 1023, with results expected to close around Thursday, approximately 15:30 UTC at the Epoch 1024 boundary.
SGP-0002 proposes to accelerate disinflation while leaving the 1.5% terminal inflation rate unchanged. Over six years, the faster schedule would result in 18.89 million fewer SOL issued than under the current 15% annual disinflation rate.
Solana Company reported a $32.7 million operating loss and $30.3 million net loss in Q2, with $25.4 million in realized digital-asset losses. A portion of company SOL depends on third-party custody, staking, or infrastructure providers.
Approval of SGP-0002 requires For stake to equal at least two-thirds of For plus Against stake. Solana’s public materials contain conflicting guidance on the approval threshold: the governance proposal repository policy specifies the two-thirds rule, while the governance FAQ and dashboard display a one-third participation requirement alongside a two-thirds approval threshold.
