Ethereum and Solana could become scarcer if proposed changes to their token supply plans are adopted, according to crypto asset manager Grayscale. Zach Pandl, the firm's Head of Research, said both networks are reviewing changes that would reduce their annual inflation.

By 2031, Ethereum's annual inflation could reach about 0.4%, matching Bitcoin's projected rate, while Solana's could fall to roughly 1.1% — below the projected rates of gold and U.S. consumer prices. Lower issuance could reduce staking rewards, while holders may benefit from greater token scarcity if demand remains strong.

Ethereum and Solana Review Token Supply

Both networks are reviewing changes to their tokenomics, according to Pandl. Tokenomics refers to the rules governing a token's supply, including how many new units are issued each year to reward participants such as stakers. Ethereum and Solana each operate native tokens whose prices depend on supply and demand, and the proposals under discussion would reduce the amount of new ETH and SOL entering circulation each year. However, the changes remain under discussion within their respective communities.

Grayscale said the proposals could make both tokens relatively scarcer, and its report compared their projected supply growth with Bitcoin, gold and U.S. inflation. By 2031, Bitcoin and Ethereum could each post annual inflation near 0.4%, while Solana could reach about 1.1% under the proposed changes.

Projected Rates Below Gold and U.S. CPI

In Grayscale's comparison, the projected rates would sit below gold's 1.8% annual supply inflation and the 3.3% U.S. CPI rate. Comparing token issuance with gold's supply growth and consumer-price inflation offers a familiar yardstick for scarcity, showing how quickly each asset's supply expands relative to a traditional store of value and to U.S. price increases. Pandl said the proposed changes would lower future token supply growth, adding that lower supply growth could support higher prices, assuming other conditions remain unchanged.

Neither network has adopted the changes yet. Grayscale said Solana's proposals have broader community agreement and a better chance of implementation, while the report did not give the same assessment for Ethereum. Instead, it described both sets of changes as proposals still being debated. For readers tracking the outcome, the milestones to watch are procedural: whether Solana's broader community agreement translates into adopted changes, and how Ethereum's ongoing debate concludes.

Stakers Could Receive Fewer New Tokens

The changes could also affect holders who stake their ETH or SOL. Staking rewards come partly from newly issued tokens created through network inflation, meaning stakers would receive fewer newly issued tokens if inflation falls.

At the same time, fewer tokens in circulation could increase scarcity value if demand remains sufficient. According to Pandl, unstaked ETH and SOL holders could benefit from reduced supply growth, while for stakers the outcome would depend on the balance between lower rewards and token prices.

Grayscale noted that ETH and SOL power blockchain networks used for stablecoins and tokenized assets, and Pandl framed the proposals around supply growth and token issuance. The findings were published in Grayscale's research on Ethereum and Solana tokenomics.