Solana supply reduction governance proposal approved; actual implementation requires a separate procedure

Solana's first major governance proposal, SGP-0002, has been finally approved. The final tally showed 176.29 million SOL in favor, 66.19 million SOL against, and 20.63 million SOL abstained. Based on Validator Info, the total voting participation amounted to 263.12 million SOL. Solana's governance policy excludes abstentions from the calculation of the ratio of votes for and against, so the actual decision-making threshold is 242.48 million SOL, with a two-thirds threshold of approximately 161.65 million SOL. Since the votes in favor exceeded this threshold by approximately 14.64 million SOL, the approval rate was finalized at 72.7%. The simple percentage of votes in favor compared to the total votes was 67.0%, which caused confusion within the community until the very end of the voting period regarding whether it would pass. In the final stages of the voting, there were dramatic shifts in the positions of Kraken and Galaxy validators. Kraken's major validator converted 8.92 million SOL from 100% against to 90.34% in favor and 9.66% against. Galaxy redistributed its existing 92% abstention rate to 58.36% in favor. Helius CEO Mert Mumtaz posted on X (formerly Twitter):