NEAR Protocol proposal would cut max token issuance to 1.6% over 24 months
In brief
- NEAR's max annual issuance would fall from 2.5% to 1.6% over 24 months under the proposal.
- Stakers would keep 90% of issuance, with 10% still flowing to the treasury.
- Projected staking yields could fall from about 5.4% to 3.5%, Crypto Briefing reports.
- House of Stake vote tentatively scheduled for mid-October 2026, anticipated by October 11.
How the step-down would work
Ternullo's plan doesn't flip a switch overnight. Under the proposal, as reported by Crypto Briefing, the issuance rate would step down in small increments every epoch. The existing split stays in place (stakers receive 90% of issuance, and the remaining 10% flows to the treasury).
It also includes a 90-day grace period meant to give wallets, staking providers and other ecosystem players time to adjust. There's one more guardrail.
Governance could pause the reduction mid-schedule, but it could not reverse course and push issuance back up.
That makes it a one-way door.
At the current 2.5% rate, the network adds roughly 89,500 new NEAR tokens per day. Crypto Briefing estimated that, if approved, the change could keep approximately 66 million NEAR out of circulation (about $329 million at prices when it published).
The yield trade-off
Projected staking yields could fall from about 5.4% to 3.5% once the new target rate is reached, according to the report. Crypto Briefing said that drop could change how competitive NEAR staking looks against networks offering higher nominal returns. It also pointed out that the treasury's income would shrink alongside stakers' rewards as total issuance falls, which could affect how the ecosystem funds development.
A second cut, with a vote ahead
This isn't NEAR's first issuance reduction. The network previously cut its rate from 5% to 2.5%, a change that won approximately 80% support from validators and went live with the nearcore v2.9.0 upgrade in late 2025.
The longer-term destination is a fixed total supply, though decisions on fixed-supply elements aren't part of this phase. Validators and the broader community are being asked for feedback first, with a full technical proposal expected afterward. The final call rests with the House of Stake, and a vote is tentatively anticipated by October 11, 2026.
For now, it's still only a proposal.
Frequently asked questions
How would NEAR's proposed issuance cut be implemented?
Under Sal Ternullo's proposal, NEAR's maximum annual issuance would fall from 2.5% to 1.6% over 24 months, stepping down in small increments every epoch rather than all at once. A 90-day grace period would give wallets, staking providers and other ecosystem players time to adjust.
What would the proposal mean for NEAR staking yields?
Crypto Briefing reported that projected staking yields could fall from about 5.4% to 3.5% once the new target rate is reached. Stakers would still receive 90% of issuance, with 10% going to the treasury.
When will NEAR vote on the issuance proposal?
Community discussion began on the NEAR Governance Forum on September 30, 2026. The House of Stake makes the final decision, and a vote is tentatively scheduled for mid-October 2026, anticipated by October 11.
