NEAR Issuance Cut Vote Closes With Over 99% Backing From Token Holders
The change phases in over 24 months and keeps the 90/10 split between stakers and the treasury, while staking rewards fall with the lower mint rate.
Key Takeaways
- NEAR's House of Stake vote on proposal HSP-029 closed on November 2, 2026 at 16:48 UTC.
- About 99.96% of votes backed the proposal, far above the required supermajority.
- Maximum annual token issuance falls from 2.5% to 1.6%, a 36% reduction phased over 24 months.
- A separate validator-adopted protocol upgrade and a 90-day grace period come before the reduction starts.
NEAR Protocol (NEAR) token holders backed a 36% cut in the network's maximum annual token issuance as the House of Stake vote on proposal HSP-029 closed on November 2, 2026 at 16:48 UTC. The tally stood at about 99.96% in favor, far above the required supermajority.
The proposal lowers the maximum rate at which new NEAR enters circulation from 2.5% a year to 1.6%, with the change rolling out gradually over 24 months.
What Proposal HSP-029 Changes
HSP-029 targets NEAR's issuance rate, the source of both new supply and staking rewards. Maximum annual issuance falls from 2.5% to 1.6%, and the reduction is applied gradually across individual network epochs over 24 months, according to the House of Stake proposal.
The distribution of issuance stays as it is. Staking participants receive 90% and the treasury receives 10%, the same split as before the vote.
Issuance is NEAR's main lever for new supply, funding both staking rewards and the treasury, so the mint rate sets how quickly new tokens enter circulation. HSP-029 needed a supermajority to pass.
How the Issuance Cut Rolls Out
The vote does not change token economics right away. Validators must first adopt a separate protocol upgrade. A 90-day grace period follows that upgrade, and only then does the mint rate step down epoch by epoch across the next two years.
What Changes for NEAR Holders
As the reduction phases in, fewer new NEAR tokens enter circulation each year. Nominal staking rewards fall with the mint rate, because staking income is funded directly by issuance. The 90/10 split between stakers and the treasury is unchanged.
Holders who do not stake see the pace of new supply growth slow as the cut phases in. Every step of the reduction is tied to network epochs, so the mint rate changes in small increments rather than in one move.
NEAR Intents, the network's cross-chain swap system, has generated more than $52 million in cumulative fees, with over $8 million captured for token buybacks, according to figures reported by Nansen. Traders can follow the NEAR Protocol price chart as the upgrade steps move ahead. NEAR is one of the layer 1 blockchains tracked on Coinranking, and the lower mint rate also changes what staking coins like NEAR pay out over time.
Frequently Asked Questions
What Is NEAR Proposal HSP-029?
HSP-029 is a House of Stake proposal that cuts NEAR's maximum annual token issuance from 2.5% to 1.6%. The vote closed on November 2, 2026 with about 99.96% in favor.
When Does the NEAR Issuance Cut Take Effect?
Not right away. Validators must first adopt a separate protocol upgrade, then a 90-day grace period runs before the gradual 24-month reduction begins.
How Does the Issuance Cut Affect NEAR Staking Rewards?
Nominal staking rewards fall as the mint rate drops from 2.5% to 1.6% over 24 months, because rewards are funded by issuance. The 90/10 split between stakers and the treasury stays the same.
How Much Will NEAR Issuance Drop?
Maximum annual issuance falls by 36%, from 2.5% to 1.6%, applied epoch by epoch over 24 months.
Did the NEAR Issuance Vote Pass?
The vote closed on November 2, 2026 at 16:48 UTC with about 99.96% in favor, far above the required supermajority. The result is not yet reflected in the protocol's rules.
Sources
- Proposal HSP-029: issuance reduction · NEAR House of Stake
- NEAR governance vote proposes a 36% issuance reduction · AltCoinBuzz
Prices and market data: Coinranking.
