NEAR launches vote to reduce issuance rate to 1.6% within 24 months According to Golden Finance, on October 21st, the NEAR ecological governance proposal HSP-029 has entered the voting stage, intending to gradually reduce the maximum annual issuance rate of NEAR tokens from 2.5% to 1.6%. The proposal was put forward by Sal Ternulli, CEO of SVRN, and plans to linearly decrease by approximately 3.75 basis points per epoch over a period of 24 months, while retaining a 90/10 pledger to treasury allocation ratio. After the vote is passed, there will be a 90 day grace period, followed by the official start of the reduction. The proposal calculation shows that the plan is expected to reduce the issuance of NEAR by about 11.8 million pieces within two years, with a cumulative reduction of about 66.1 million pieces over six years, equivalent to a 4.36% reduction in supply compared to the current situation. The annualized yield of pledge will gradually decrease from the current 5.268% to 3.372%. The author points out that this move aims to reduce the degree to which non pledged holders are diluted, and responds to the discussion after the withdrawal of the Sovereign Fund proposal that the agreement should not internalize discretionary risks. This proposal needs to go through a dual process to take effect: after the House of Stake vote is passed, the verifier also needs to independently adopt it through the standard protocol upgrade process. The proposal cites Solana's SGP-0002 passed in August 2026 as a precedent, which approved a similar issuance reduction with a pledge weight of 67.001%. At present, there are 406 active validators in the NEAR network, with a staking rate of 42.71%.