Bitwise Publishes Votes on Three Solana Governance Proposals

Bitwise released a thread on the voting results for three Solana governance proposals, SGP-0001 through SGP-0003, saying it stakes more than 14 million SOL on behalf of clients. Its validators include Bitwise Onchain Solutions, Bitwise Onchain Solutions | Jito BAM, Bitwise Onchain Solutions 02, Ledger by Bitwise, and Bitwise Research. According to Foresight News, Bitwise said it prioritizes voting according to client instructions and, when clients do not express a view, tries to determine the action most beneficial to the SOL they hold. For SGP-0001, the Solana Constitution proposal, clients that asked Bitwise to vote on their behalf were split into support, opposition, and abstention based on their holdings. Bitwise said its ETP products did not vote to avoid affecting the ecosystem’s assessment of the best option. It said its general approach is to evaluate but not participate in protocol governance for ETPs unless it believes participation is essential to protect ETP assets or fulfill its obligations. For SGP-0002, which would double the pace of inflation cuts, client votes were also split by holdings. Most ETP products did not vote, and when a validator had to vote for other clients, it chose to abstain because investor views were mixed and no consensus had formed. For SGP-0003, which would change transaction fees from fixed to variable, client votes were split by holdings, while ETP products voted against the proposal. Bitwise said that after review and consultation, it believed the proposal could have significant second-order effects on the ecosystem, and it was still unclear whether those effects had sufficient consensus or understanding. Bitwise said it welcomes discussion from clients and ecosystem participants on the proposals. It added that it is not all-knowing, but will remain attentive, stay aligned with clients and the success of the assets they invest in, and support effective decentralized governance on Solana.