Solana holds first on-chain governance vote for all token holders
Solana's first vote extends power to all holders
Solana has completed its first on-chain governance vote. This is a first for the network. For the first time, any holder of SOL tokens could cast a vote. Previously, decision-making power was held only by validators, who run the network's servers. The vote focused on the network's constitution, inflation rate, and transaction fees.
Voting was decided in the final seconds
The outcome of the vote was determined in the last moments. A proposal to lower the inflation rate, known as disinflation, was finalized with eight seconds remaining in the voting period. According to Nick Almond, Head of Governance at the Jito Foundation, the final result came after the exchange Kraken changed its vote.
Robinhood enters the meme coin market
The same period saw Robinhood launch its own blockchain. This new network is moving into the meme coin sector. Meme coins are a type of cryptocurrency that has traditionally been a major area of activity on the Solana network. The Defiant reports that this move presents a new competitive challenge for Solana in that specific market segment.
JitoSOL influenced the vote outcome
Nick Almond explained that JitoSOL, a liquid staking token, had a significant impact on the result. The JitoSOL stake pool utilized a 13% quorum trigger. This mechanism allowed the entire stake pool to cast a vote that swung the outcome. Almond believes Solana remains strong for attracting new applications, including tokenized stocks and meme coins, despite the new competition.
- Solana held its first on-chain vote, allowing all SOL holders to participate in network decisions.
- A disinflation proposal was approved in the final eight seconds after Kraken flipped its vote.
- Robinhood is launching its own chain, which targets the meme coin market previously dominated by Solana.
What the sources confirm
The sources confirm that the vote involved changes to the network's constitution, inflation, and fees. They also confirm that Robinhood is entering the meme coin space with its own chain. Almond, speaking as the Head of Governance at the Jito Foundation, provided details on the voting mechanics and the role of the JitoSOL stake pool.
Viewing this event as a historic shift
The Defiant describes the governance vote as a historic step for Solana. The extension of voting rights from validators to all token holders changes how the network is governed. The competition from Robinhood is presented as a significant development because it targets the meme coin sector, which has been a key driver of Solana's user activity.
Reference for this news
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