Solana Company (HSDT) Rejects Two Solana (SOL) Tokenomics Proposals With 99.4% of Q2 Revenue From Staking

Solana Company (HSDT) Balks at Tokenomics Overhaul

Solana Company (HSDT), a Nasdaq-listed entity built around staking, has come out against two of the three proposals in the first formal on-chain governance vote for Solana (SOL), the altcoin whose tokenomics the ballot would reshape. The vote opened Aug. 22 and runs until roughly 15:30 UTC on Aug. 27. In its Aug. 21 statement, HSDT said it supports the governance charter, SGP-0001, but opposes the disinflation proposal, SGP-0002, and the fee-reform proposal, SGP-0003. The company's second-quarter revenue totalled $2.526 million, of which $2.512 million, or 99.4%, came from staking. HSDT cautioned that the ratio should not be read as a simple 99.4% earnings cut, noting its own validator only began operating in July and that external delegators had placed roughly 500,000 SOL with it by the filing date. It also reported a $32.7 million operating loss and a $30.3 million net loss. SGP-0002 would double the annual disinflation rate to 30%, pulling forward the 1.5% terminal inflation target from about 5.7 years to roughly 2.8 years and cutting cumulative issuance by about 18.89 million SOL over six years. SGP-0003 would separate fees into an inclusion component paid to block leaders and a resource component that would be burned.

Solana led major tokens during Tuesday's session, climbing almost 8% to just above $101, as the governance vote coincided with a broad risk-on move. The seven-day gain reached roughly 35%, with the rally tracing to the U.S. Treasury's plan to expand bond buybacks, a policy that revived the “debasement trade” argument for holding assets outside government control. Treasury Secretary Scott Bessent offered no fresh detail on Monday, saying the department would stick to its regular program of sales until the next quarterly refunding announcement in November. Ether added more than 2% to just under $2,500, while XRP led all majors on the week with a gain above 52%, according to market data. The move left SOL just above $101, still far from all-time highs. Validators are weighing proposals that would slow new SOL issuance and raise daily burns to as much as $800,000. Positioning has become stretched: a momentum gauge tracked by Bitfire Research sat near 78 for bitcoin, a level that historically signals a pause, with selling pressure identified between $78,500 and $82,000 and support near $72,400-$73,500. Federal Reserve Chair Kevin Warsh is scheduled to speak at Jackson Hole on Wednesday, and traders are treating the appearance as a possible catalyst.

Solana Developers formally flagged the start of voting in its official announcement, confirming that SGP-0001, SGP-0002 and SGP-0003 would run until the end of epoch 1023. The process uses stake-weighted voting: a participant's influence is proportional to the SOL delegated to validators, rather than to the number of wallets or votes. The governance site listed all three proposals with a VOTING status. SGP-0001, described as the Solana Constitution, would formalize network-level decision-making rules and designate the on-chain governance framework svmgov. SGP-0002 is tied to the technical specification SIMD-0550 and aims to accelerate disinflation, while SGP-0003 is linked to SIMD-0553 and would rework the current flat fee of 5,000 lamports per signature, under which half is burned and half goes to the block leader, into a fixed inclusion fee of 2,500 lamports plus a variable resource fee that is burned in full. Approving an SGP is directional; implementation still requires the related SIMD to be accepted and activated through the normal process. Under current conditions, signature-fee burns amount to about 648 SOL per day against roughly 60,000 SOL in daily issuance, which is why the burn proposal alone would not offset new supply. Unlike an airdrop, the ballot distributes no tokens; it only changes the rules under which future supply is created.

Read together, the corporate opposition, the price rally and the procedural debut show a network transitioning from informal signaling to on-chain governance, with tokenomics still the main fault line. Our reading of the on-chain vote record as of Aug. 23: roughly 5.27 million SOL in favor and 547,019 against, zero abstentions across 24 votes, putting the yes share near 90.6% of deciding votes. That majority masks an unresolved rule question. The proposal repository states no quorum and a two-thirds approval threshold based on yes-plus-no, while the official FAQ and dashboard add a one-third participation requirement. If the margin stays wide, the discrepancy may not matter; if it narrows, the result could be challenged. A compressed-yield path could also make staking less attractive in a sustained bear market, even though the schedule itself is not a directional price signal. Live market data shows SOL up about 6.9% over the past 24 hours, underscoring that traders are pricing the possibility of supply-side change.