UPDATE: NEAR governance approves HSP-029 to cut issuance with 99.96% support
CIE News ·
Update to NEAR governance approves proposal to reduce token issuance ceiling to 1.6%
Based on reporting by The Block; not yet independently confirmed.
NEAR's House of Stake passed HSP-029 with 99.96% approval to reduce annual token issuance to 1.6% over 24 months, saving about 11.8 million NEAR tokens.
Implementation details for NEAR Protocol's issuance reduction have emerged after the House of Stake approved proposal HSP-029 with 99.96% support, altcoinbuzz.io reported. As previously reported, the network voted to lower its maximum annual token issuance ceiling from 2.5% to 1.6%.
The proposal plans to roll out the cut linearly across network epochs at roughly 3.75 basis points per month over a 24-month span, according to altcoinbuzz.io. This schedule is projected to prevent roughly 11.8 million NEAR from being issued during the two-year timeframe, while leaving the existing 90/10 split between staking rewards and the protocol treasury unchanged.
Execution requires a review by the Security Council, a 90-day grace period, and client upgrades by network validators before the reductions begin.
Key facts
- HSP-029 approved with 99.96% vote
- Issuance cut from 2.5% to 1.6%
- Linear 24-month rollout
- 11.8M fewer NEAR tokens issued
Read the original at The Block