Solana (SOL) is the top gainer among the top 10 cryptocurrencies by market cap today, surging 13.4% on the back of Charles Schwab’s plans to launch SOL trading and the successful passage of a deflationary proposal.
Source: CoinPedia
Charles Schwab introduces Solana trading
Charles Schwab, America’s second-largest investment management firm (commanding over $13 trillion in total client assets), announced today its plans to offer Solana spot trading in the upcoming months.
Back in May, the company rolled out spot crypto trading on its platform, but this was limited to Bitcoin (BTC) and Ethereum (ETH). Later in June, Schwab launched 24/7 futures trading for Solana and XRP.
The latest news now increases the number of spot crypto offerings to five, with plans to launch Avalanche (AVAX) and Chainlink (LINK) trading alongside that of SOL.
Notably, Schwab will charge a 0.75% flat fee on the dollar value of every transaction, with trading seamlessly unified across its website, mobile app and thinkorswim platform. Clients across all US states are eligible for these Schwab crypto accounts, with the exception of New York and Louisiana.
Passage of economic proposals
Another major occurrence in the Solana ecosystem today is the voting and successful passage of three landmark economic proposals in Epoch 1023.
The first is Solana’s new constitution, while the second is a measure to double the network’s annual disinflation rate by 30%. Analysts estimate the latter will reduce SOL emissions by 18.9 million tokens over the next six years. It would also pull back the timeline for Solana to reach its 1.5% terminal inflation floor from 2032 to 2029.
Third and final was the proposal to burn 100% of resource-based transaction fees while validators earn a baseline fee. Once initiated, this will increase token burns by 12x-14x (from 600-800 SOL to 7,500-9,000 SOL daily).
While largely deflationary, institutions opposed them, saying they would gradually cut staking yields, which would hurt institutional adoption and small validator business. These cohorts now have a narrowing timeline to adjust, after which developers will integrate the proposals through upcoming technical releases.
Following these developments and general market upside, SOL is now up 46.33% on the monthly chart, trading at $108 at press time.
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