A controversial Solana proposal that could slash SOL token inflation by a staggering 80% is facing an uphill battle as validator support remains tepid with just hours left in the voting period.

Proposal SIMD-0228, which would drastically reduce SOL’s annual inflation rate from 4.5% to approximately 0.87%, has garnered support from only 37.8% of voting validators as the deadline approaches. The vote, scheduled to conclude at Epoch 755 in about 11 hours from press time, requires significantly more backing to pass.

According to Dune Analytics, 746 validators—representing about 58% of the 1,334 active validators—have participated in the vote. While 37.8% voted in favor, 18.5% opposed the measure, and 1.2% abstained. The current voting pattern suggests the proposal is trending toward rejection.

The proposal advocates for implementing a market-based token emission mechanism that would ensure the network avoids overpaying for security. Proponents argue this change would positively impact Solana-based decentralized finance projects and enhance liquidity in SOL markets.

“Since 2023, the Solana network has transformed significantly. Back then, on-chain volumes were often below $100 million daily, reflecting limited activity. Today, the ecosystem consistently achieves billions in daily on-chain volume, marking a dramatic shift. Given this progress, we believe now is the opportune moment to reduce the inflation rate in line with SIMD-228,” Logan Jastremski, co-founder and managing partner at frictionless Capital, said on X.

The proposed inflation reduction has significant implications for SOL token holders. Tagus Capital noted in its Thursday newsletter that approval “would significantly reduce staking rewards and fresh SOL supply, potentially boosting its value.”

However, the firm also highlighted a potential downside: “Lower rewards could force smaller validators out, raising concerns about network decentralization.”

This double-edged sword represents the classic crypto dilemma—attempting to balance token value appreciation against network security and decentralization. The proposal’s fate remains uncertain as the clock ticks down on this pivotal vote that could reshape Solana’s economic model.