Grayscale Forecasts Increase in Scarcity for Ethereum and Solana

The Ethereum and Solana networks are considering tokenomic changes that could reduce the annual growth of the supply of native coins and make the assets more scarce. This was stated in an analysis by Grayscale's Head of Research, Zach Pandl.

Pandl views Ethereum ($ETH) and Solana ($SOL) as digital commodities that power two major blockchain networks for stablecoins and tokenized assets.

He noted that both networks are discussing technical protocol changes capable of reducing future token emissions. All else being equal, lower supply growth can create additional potential for asset value appreciation.

Inflation for Ethereum and Solana Could Significantly Decrease

Grayscale compared the projected annual supply inflation of Bitcoin, Ethereum, and Solana over the next five years, assuming the proposed changes are implemented. By the end of 2031, the figure for the first and second cryptocurrencies could be about 0.4% per year, and for Solana coins - about 1.1%.

For comparison, according to estimates provided in the report, the annual growth of the gold supply is about 1.8%, while US consumer price inflation is about 3.3%.

At the same time, the changes are not yet approved. The proposals are being discussed by the communities of both blockchains, and according to Pandl's assessment, Solana's initiatives have broader support and a higher chance of implementation.

Lower Emission Will Change Staking Economics

Lower inflation will directly affect coin holders participating in staking, as their rewards are paid from new issuance. In case of reduced issuance, they will receive fewer new Ethereum ($ETH) or Solana ($SOL) tokens, but the asset scarcity could potentially support their market price.

Therefore, according to Grayscale's assessment, owners of Ethereum ($ETH) and Solana ($SOL) who do not use the cryptocurrencies for staking could benefit from the reduced supply. For stakers, the outcome will depend on the balance between lower rewards and the potential appreciation of the assets themselves.

For Ethereum, the issue of Ethereum cryptocurrency scarcity has already become a separate topic of discussion. In particular, developers have proposed EIP-8363, which includes a mechanism for burning a portion of staking rewards. According to the draft, the share of rewards to be burned could increase along with the share of the asset locked in staking, up to 100% at a certain level of supply participation.

Pandl concluded that the proposed changes "will increase the scarcity of both assets and could create upward pressure on prices."

Meanwhile, the Solana ecosystem continues to develop network infrastructure. In particular, developers have already begun testing the Alpenglow upgrade, which should significantly reduce transaction finality time. Against this backdrop, Solana is also showing growth in the use of tokenized assets: according to the Santiment data you provided, their volume increased from $2.69 billion in Q1 to $5.7 billion in Q2 2026.