NEAR Protocol’s community approved proposal HSP-029 in a House of Stake vote that ended on Nov. 2, 2026. It would gradually cut the NEAR token’s maximum annual issuance from 2.5% to 1.6% over 24 months. The vote did not change the network’s parameters: the plan still needs a Security Council review, a protocol upgrade and adoption by validators. The reduction would begin only after an approximately 90-day transition period.
The proposal’s authors project that issuance over the first two years would be 11.8 million NEAR lower than under the current model. They also estimate that, once the target rate is reached, 24 of 405 validator pools may no longer cover operating costs solely from earned rewards.
