Solana hits 1.3B weekly transactions as validators weigh disinflation vote

Solana processed 1.3 billion non-voting transactions in a single week, a record driven by meme token apps and renewed retail activity.

Solana processed 1.3 billion non-voting transactions in the week ending August 24, a record driven by meme token apps FOMO and Pump.fun. The surge pushed Solana's daily burn rate to 1.53 percent as of August 23, the highest since early 2025, according to Blockworks analytics.

The network generates over $10 million in daily app-based fees and more than $250 million in monthly app revenues, per DefiLlama. Network bribes and priority fees are back above $1 million daily, close to a six-month high. Pump.fun's DEX logged $4.9 million in daily fees, surpassing Hyperliquid, while the FOMO app continues to drive copy-trading of influencers.

The activity comes as Solana validators vote on three governance proposals through August 27, including a plan to double annual disinflation to 30 percent and a fee restructure that could raise daily SOL burns from roughly 648 to as much as 9,000.

Meme Token Apps Drive the Activity Spike

The FOMO app, a venue for meme token launches that allows users to copy-trade influencers, is a primary driver of the transaction growth. The app is now seeking its first trading influencer with over 1 million followers. Pump.fun, meanwhile, has returned to form, with its DEX generating $4.9 million in daily fees and once again outpacing Hyperliquid.

Solana's roughly 2.6 million daily active users are performing a larger number of transactions per user than in prior cycles, contributing to the sustained volume. The network's transaction activity has remained elevated for four consecutive weeks, with weekly non-voting transactions regularly exceeding 1 billion.

Governance Vote Tests Solana's Tokenomics

Solana opened its first formal governance vote on August 22, bundling three proposals for validators to weigh through epoch 1023, expected to close around 15:30 UTC on August 27. SGP-0001 formalizes a constitution that weights voting power by economic stake while allowing token holders to override validators. SGP-0002 would double the annual disinflation rate from 15 percent to 30 percent, pulling the terminal inflation rate of 1.5 percent roughly three years closer and trimming projected issuance by an estimated 18.9 million SOL over six years. SGP-0003 replaces the current 5,000-lamport transaction fee with a 2,500-lamport inclusion fee paid to leaders plus a usage-based resource fee that gets burned in full.

The proposals needed a 15 percent staked-SOL threshold to reach a formal vote, a bar cleared with validators Helius and Jupiter contributing roughly 16 million and 12.47 million SOL in support, respectively.

Not all validators back the changes. Solana Company, a Nasdaq-listed SOL treasury and staking firm trading as HSDT, backed the constitution but opposed both tokenomics proposals. Chairman and CEO Joseph Chee said institutions "make decisions based on consistent, predictable structures" and need economic rules they can model across several years before Solana reshuffles its issuance and fee schedule during its first governance cycle.

If SGP-0002 and SGP-0003 pass, Solana's annual supply growth could fall from about 3.695 percent today toward 1.1 percent by 2031, a level below gold's roughly 1.8 percent annual supply growth, according to Bitcoin.com News. SIMD-0550 does most of that work on its own, while the burn contribution from SIMD-0553 stays modest relative to total issuance unless network activity rises substantially.

The vote outcome will shape Solana's supply trajectory for years. A rejection of SGP-0002 or SGP-0003 would not affect SGP-0001, since each proposal is voted on independently.

This article is for informational purposes only and does not constitute investment advice.