A new proposal to change how Solana (SOL) controls its inflation is stirring conversation among crypto stakeholders. Just a month after a previous inflation-reduction vote failed, a fresh approach by Galaxy Digital has entered the spotlight—aiming to make token emissions more market-driven. But not everyone agrees on whether it’s the right move for the network.

Galaxy’s new idea, called Multiple Election Stake-Weight Aggregation (MESA), is designed to give Solana validators more control over how new coins are printed. Instead of deciding inflation rates through a one-time vote, validators would participate in regular votes to determine the best rate for the network. The outcome would be an average of those votes, setting the pace at which new SOL tokens are created.

The goal of this method is to make inflation more flexible and reactive to market conditions. In other words, rather than sticking with a fixed number or adjusting it just once, the system would adapt continuously based on what participants believe is best at any given time.

A new take on an old challenge

Solana’s inflation model has long been a topic of debate. Currently, the network issues new tokens at a rate of 5% per year, with plans to bring this number down to 1.5% through a fixed annual disinflation rate of 15%. However, critics argue that high inflation can hurt the token’s value by flooding the market with too many coins.

In March, an earlier proposal known as SIMD-228 attempted to solve this by suggesting an 80% cut in inflation. While bold, that plan was rejected by the community. Galaxy’s MESA is now stepping in as a more gradual, democratic alternative.

But this approach comes with its own set of concerns.

Pushback from industry leaders

Tushar Jain, co-founder of Multicoin Capital, voiced skepticism about the MESA proposal. Jain’s firm was also behind the previous SIMD-228 proposal that failed to pass. He argues that MESA would place too much burden on everyday stakers—people who lock up their SOL to support the network in exchange for rewards.

According to Jain, asking stakers to vote repeatedly on inflation settings is unrealistic and might discourage participation. He believes most stakers prefer a simpler system, such as a one-time vote or automated adjustments based on network demand.

Jain also warned that MESA could be manipulated or exploited if not carefully implemented, potentially harming the network’s credibility.

Support from Solana’s founder and community discussion

Despite the criticism, Solana co-founder Anatoly Yakovenko had a different perspective. He called the proposal “cool” and suggested that vote outcomes should be weighted based on the size of each participant’s stake. This would ensure that those with the most at risk have a stronger say in the network’s economic future.

The crypto community remains divided, with some seeing the proposal as a step toward decentralization, while others worry it may create uncertainty for investors and slow adoption.

Whales move in as price approaches $150

Meanwhile, some investors seem to be unfazed by the debate. On-chain data shows that large holders—known as whales—have been increasing their positions in SOL. According to the Whale vs. Retail Delta indicator, whale activity has picked up recently, which could signal growing confidence in the token’s long-term value.

If this trend continues, analysts suggest that Solana could test the $150 level in the near future, especially if broader market conditions remain favorable.

What’s next for Solana’s inflation model?

The bigger picture remains clear: Solana needs a long-term inflation model that balances investor confidence, validator participation, and network sustainability. While MESA is still just a proposal, it opens the door for more community-driven governance and shows how serious developers are about finding a workable solution.

Whether it gains enough traction to replace the current system—or at least improve on it—will depend on how validators and stakeholders respond in the coming weeks.

For now, Solana continues to evolve, with its community actively shaping the future of the network’s economy.