灰度研究主管：ETH与SOL或迎供应收缩，降低通胀机制将强化代币稀缺性

Odaily News - Grayscale Head of Research Zach Pandl said that Ethereum (ETH) and Solana (SOL), two major blockchain networks, are considering adjusting their token economic models to reduce future token supply growth by lowering annual inflation rates, thereby enhancing asset scarcity.

As important blockchain-native assets underpinning the stablecoin and tokenized asset ecosystems, ETH and SOL prices are primarily determined by supply and demand dynamics. If the relevant code upgrade proposals are approved, lower supply growth could support token prices, all else being equal.

According to Grayscale's analysis, if the related adjustments are implemented, the supply inflation rates of BTC, ETH, and SOL will continue to decline over the next five years. By the end of 2031, Bitcoin and Ethereum are expected to have annual inflation rates of approximately 0.4% each, with Solana at around 1.1%—lower than gold's annual supply growth rate of about 1.8% and the US CPI inflation level of roughly 3.3%.

Currently, these token economic adjustments remain in the community discussion phase. Among them, the Solana-related proposal has gained broader support and has a higher likelihood of implementation, while the Ethereum plan still requires further discussion.

Should the adjustments take effect, stakers may face reduced token rewards, as staking yields partially derive from newly issued tokens. However, with slower circulating supply growth, the scarcity value of tokens could increase, potentially providing support for prices. For ETH and SOL holders who do not stake, they could directly benefit; stakers' ultimate returns would depend on the balance between lower rewards and higher prices.

Zach Pandl concluded that ETH and SOL are becoming important digital commodities underpinning stablecoins and the tokenization of real-world assets, and economic model adjustments to reduce inflation could further strengthen the scarcity attributes of both.