Both Ethereum(CRYPTO: ETH) and Solana(CRYPTO: SOL) are considering tokenomics changes that would make them scarcer than gold by 2031, according to a new Grayscale research note.
What Would the Proposed Tokenomics Changes Actually Do?
Grayscale Head of Research Zach Pandlwrote that both networks are considering code changes that would cut annual token inflation significantly.
If implemented, ETH and Bitcoin(CRYPTO: BTC) would both sit at roughly 0.4% annual inflation by the end of 2031, while SOL would land at around 1.1%.
Both figures sit below gold’s 1.8% annual supply growth and well below U.S. CPI inflation at 3.3%.
The mechanism is straightforward. Both networks currently issue new tokens as staking rewards.
Reducing that issuance means fewer tokens enter circulation each year, and lower supply growth pushes scarcity higher, all else being equal.
Pandl noted the Solana proposals appear to have broader community agreement and a better chance of passing. The Ethereum changes remain under active debate.
Who Benefits and Who Doesn’t From Lower Inflation
The tradeoff cuts differently depending on how you hold. Token holders who stake would receive fewer new tokens since staking rewards come directly from inflation.
Holders of unstaked ETH and SOL could benefit from the scarcity value increase. Whether stakers come out ahead depends on whether higher token prices offset the reduction in rewards.
Pandl’s bottom line is that both ETH and SOL power the leading blockchains for stablecoins and tokenized assets, and reduced inflation would add a scarcity premium on top of that existing utility demand.
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