The House of Stake vote on cutting issuance of the NEAR token (NEAR) could ease dilution for non-stakers, although any supply change would depend on a later protocol upgrade adopted by validators.
A supermajority is required for the proposal to advance. Ratification would start a 90-day grace period before the gradual phase-down begins. The ballot is an initial governance decision, rather than an immediate change to the amount of NEAR created.
Even after the waiting period, the reduction would depend on technical work. A finalized specification and a protocol upgrade that has been implemented, tested and released are prerequisites. The rate could fall only after validators adopt the change.
The proposed split would send 90% of new tokens to stakers and the remaining 10% to the protocol treasury. That allocation describes how new issuance would be divided; it does not remove the separate steps required to reduce the amount created.
For its yield estimate, the proposal uses the staking ratio measured Sept. 22. It models gross staking yield at 5.268% before the reduction and 3.372% at the target issuance rate. The proposal says actual yield at that level would vary with the amount of NEAR staked.
The effects would differ by participation: lower issuance would slow dilution for people holding NEAR without staking, while leaving fewer newly created tokens available for staking rewards. The planned 90% share for stakers would apply to a smaller issuance total if the reduction takes effect.
Balloting is set to end at 11:48 a.m. ET (16:48 UTC) on Nov. 2. A successful ballot would advance the proposal, with the grace period and technical requirements still to follow.
