Solana completes first on‑chain governance vote as Robinhood Chain targets meme‑coin market

Solana executed its inaugural binding on‑chain governance vote, expanding voting rights beyond validators to any SOL holder. The vote covered three proposals, including a disinflation measure that narrowly passed.

Key proposals and outcomes

• SGP‑0002 – Disinflation rate increase: The proposal to double the rate at which Solana’s annual issuance shrinks passed with 67.001% support, just above the 66.667% supermajority threshold.
• SGP‑0001 – Constitution ratification: The Solana Constitution, which established the new voting framework, was approved with 85.97% support on a 51.96% turnout.
• SGP‑0003 – Transaction fee split: A proposal to split the flat transaction fee into resource and inclusion components failed to reach the required supermajority.

JitoSOL’s voting override

The Jito Foundation’s liquid‑staking token, JitoSOL, exercised a voting‑override mechanism (JIP‑30) that allowed its holders to cast a bloc vote. Approximately 13% of total value locked – roughly 10 million SOL, valued near $1 billion – voted as a single unit, pushing the disinflation proposal over the threshold after a late reversal by Kraken’s validator.

Validator landscape

Validator count has fallen to around 700 from roughly 1,000, a shift attributed to higher hardware requirements as Solana pursues larger blocks and faster block times. Stake distribution remains comparable to Ethereum, according to internal analysis.

Revenue pressure and competition

Solana’s network revenue dropped 87% year‑over‑year in H1 2026, falling to $141 million from $1.09 billion, as meme‑coin trading volume declined. The network’s intentional increase in block size has reduced competition for block space, lowering priority fees and MEV tips.

Robinhood Chain, an Arbitrum‑based layer‑2 launched by Robinhood Markets, is entering the meme‑coin niche and has seen gas fees surge 82‑fold over 11 days, briefly exceeding combined fees of Ethereum, Solana and Tron.

Market snapshot

• SOL: $99.48 (up 2.4% 24 h, down 1.7% week‑to‑date)
• JTO (Jito token): $0.4254 (up 3.4% 24 h)
• JitoSOL TVL: just over $1 billion