Grayscale research head Zach Pandl said Ethereum (ETH) and Solana (SOL) are considering changes to their tokenomics models that would lower annual inflation rates and slow future token supply growth, a shift he said could make both assets more scarce.
Pandl said ETH and SOL serve as key native assets for blockchain ecosystems that support stablecoins and tokenized assets, and that their prices are largely shaped 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 over the next five years
According to Grayscale’s analysis, the supply inflation rates of BTC, ETH and SOL would continue to decline over the next five years if the proposed changes are implemented. By the end of 2031, Bitcoin and Ethereum are expected to post annual inflation rates of about 0.4%, while Solana is projected at about 1.1%.
Those figures would sit below gold’s annual supply growth rate of roughly 1.8% and below U.S. CPI inflation of about 3.3%.
Solana proposal has broader backing, Ethereum plan needs more debate
The tokenomics changes remain under community discussion. Pandl said the Solana-related proposal has received broader support, which makes implementation more likely. The Ethereum-side proposal, by contrast, still requires more discussion.
Stakers could see lower rewards as non-staking holders may benefit more directly
If the changes are adopted, stakers 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, the effect could be more direct. For stakers, the final outcome would depend on the balance between reduced rewards and any price gains tied to tighter supply growth.
ETH and SOL are gaining weight in stablecoin and tokenized real-world asset markets
Pandl said ETH and SOL are becoming important digital commodities that underpin stablecoins and real-world asset tokenization, and that lower-inflation tokenomics could strengthen the scarcity characteristics of both assets.