Voting power is a powerful incentive to attract validators and improve overall network health.
The idea is simple: Giving validators a say in governance enables greater participation in the network. More validators mean stronger security, improved network health, developer activity and therefore more demand.
In this context, Solana’s last move attracts attention.
Solana Foundation has launched Solana Governance Proposals (SGP), a new on-chain governance mechanism that allows validators to vote on ecosystem governance issues through stake-weighted voting.
Interestingly, any validator with at least 100,000 delegated SOLs can submit an SGP. However, a proposal must first receive support from at least 15% of the network’s total SOL stake before it can move on to a formal vote.
From a technical perspective, the impact can be significant.
Approximately 68% of Solana’s circulating supply is currently distributed across more than 700 validators, according to Blockworks data. With SGP now live, governance participation can become more active, potentially pushing more SOLs to stake and further strengthening the validator ecosystem.
From a market perspective, the timing couldn’t be better. Just at the beginning of the third quarter, the launch adds another bullish catalyst; Solana (Sun) It will build on its recent momentum as network participation and staking activity continues to evolve.
Why might Solana’s OI increase signal strength?
Despite the overall weakness in the market, Solana closed the month of June with strong on-chain momentum.
The movement was basically directed. Solana’s total RWA value It’s up more than 25% month-over-month, surpassing its all-time high of $3 billion and outperforming every other major chain.
The launch of SPCX in Solana further strengthens RWA infrastructure, making the sector an increasingly important growth driver for the network heading into the second half.
It is noteworthy that this momentum is now reflected in the derivatives market.
As the chart below shows, SOL Open Interest rose 17.3% in the last 24 hours to a five-week high of $2.3 billion, while Bitcoin and Ethereum Open Interest remained largely flat.
The likely catalyst is Solana’s expanding role in tokenized stocks, xStocks, and other on-chain financial products.
Normally a sharp jump in Open Interest indicates increased leverage and a risk of volatile unwinding. Solana’s current setup looked different, though.
Forward Industries continued to accumulate the asset, with SOL trading around $80.
The largest corporate SOL treasury added more than 500,000 SOLs in the third fiscal quarter at an average purchase price of $79, bringing total assets to 7.55 million. This suggests that the latest Open Interest expansion may have been supported by renewed demand.
Meanwhile, the SGP gives validators a greater role in protocol governance, creating stronger incentives to join and participate in the network. If more SOL continues to be staked, the liquid supply may tighten further.
In this context, SOL’s retest of the $80 level looks more like the early stages of a broader trend continuation rather than a resistance test.
Final Summary
- SGP encourages higher staking participation by giving validators more governance power.
- Strong RWA growth, treasury purchases and rising Open Interest are pushing SOL’s momentum beyond speculation.
