NEAR community begins vote on proposal to cut annual token issuance to 1.6%

The NEAR community has begun voting on governance proposal HSP-029, which would lower the token’s maximum annual issuance rate to 1.6% from 2.5%, The Defiant reported. The proposal calls for a gradual reduction in the issuance rate over 24 months. The cut is estimated to reduce new issuance by about 11.8 million NEAR over the next two years and by a total of 66.1 million NEAR over six years. That would leave supply 4.36% lower than under the current policy scenario. Annual staking yield is expected to fall to 3.372% from 5.268%.