Solana fees hit record as validators double disinflation rate

Solana's fee generation reached a seven-day average of nearly 9,200 SOL on Thursday, Aug. 27. The average was over 80% higher than three months ago. Non-vote transactions reached a record 191 million on a seven-day basis. Non-vote transactions totaled 88 million a year earlier. Jito validator tips averaged 2,073 SOL per day over the past week. Jito validator tips rose 26% from the previous week. Validators passed SGP-0002, the Double Disinflation proposal, with just over 67% support. The proposal required 66.67% support to pass. Turnout reached 60.7% across 1,326 validators. The turnout was the highest onchain governance participation in Solana's history. The proposal doubles the annual disinflation rate from 15% to 30%. The change removes roughly 18.9 million SOL from projected issuance over six years. Staking rewards are about 5.25% before the projected decline. Staking rewards will fall to 2.25% by year three. Many validators will likely become unprofitable within the next three years. The change will likely affect smaller independent operators more than the largest operators. The average user will likely notice nothing in network speed or fees.