HSP-029 won 99.9% of participating voting power, approving a plan to reduce new NEAR Protocol (NEAR) token issuance and potentially ease dilution for holders who do not stake.
NEAR traded at $3.90, down 4.82% over 24 hours as of 12:50 UTC Tuesday. About 3.28 million veNEAR supported the measure. The cap would reach 1.6% after a two-year phase-down from its current 2.5% level. It projects 11.8 million fewer tokens over the first two years, with cumulative reductions reaching 66.1 million over six years.
The lower issuance may ease dilution for non-stakers, a potential benefit discussed in EconoTimes' earlier coverage of the House of Stake vote. The proposal also models gross staking yields at 3.3% when the transition ends, compared with 5.2% before.
The approval leaves the current rate in place for now. The Security Council has a 14-day window to block HSP-029. If it passes that stage, ratification starts a 90-day grace period, and validators must adopt the technical upgrade before the lower cap applies.
