Grayscale research head Zach Pandl said Ethereum (ETH) and Solana (SOL) are considering tokenomic changes that would reduce annual inflation rates and curb future supply growth, a shift he said could strengthen the scarcity of both assets.
Pandl said ETH and SOL are native assets of two blockchain networks that support stablecoin and tokenized-asset ecosystems, and their prices are largely driven by supply and demand. If the relevant code upgrade proposals are approved, lower supply growth could support token prices, assuming other conditions remain unchanged.
Grayscale projects lower supply inflation for BTC, ETH and SOL
According to Grayscale’s analysis, supply inflation for BTC, ETH and SOL would continue to decline over the next five years if the proposed adjustments are implemented. By the end of 2031, annual inflation for Bitcoin and Ethereum is projected at about 0.4%, while Solana is projected at about 1.1%.
Those levels would be below gold’s annual supply growth of about 1.8% and below U.S. CPI inflation of about 3.3%.
Solana proposal has broader support, Ethereum plan still under discussion
The tokenomic changes are still at the community discussion stage. Among them, the Solana-related proposal has received broader support, making implementation more likely. Ethereum’s proposal, by contrast, still requires more discussion.
Stakers may see lower rewards
If the adjustments move forward, staking users may face lower token rewards because part of staking yield comes from newly issued tokens. At the same time, slower growth in circulating supply could increase scarcity value and offer potential price support.
For ETH and SOL holders who do not stake, that shift could provide a more direct benefit. For stakers, the final outcome would depend on the balance between lower rewards and any price increase. Pandl said ETH and SOL are becoming important digital commodities for stablecoins and real-world asset tokenization, and that lower-inflation tokenomic models could reinforce their scarcity.