NEAR Protocol approves cut to max annual issuance from 2.5% to 1.6%

House of Stake passed proposal HSP-029, phasing in a 36% lower issuance cap over 24 months after a 90-day grace period NEAR Protocol is turning down the token printer again. Its governance body, the House of Stake, voted on November 2, 2026 to approve proposal HSP-029, which lowers the network’s maximum annual issuance from 2.5% to 1.6%. The change will not land overnight. It phases in over 24 months, which is a long runway for a cut that amounts to a 36% decrease in the issuance ceiling. This is the second time NEAR has trimmed its issuance cap. The first cut, from 5% to 2.5%, took effect in late October 2025. For a network that once allowed 5% annual inflation, the new 1.6% ceiling marks a very different monetary posture. What HSP-029 actually changes The proposal keeps the existing 90/10 split in place. Stakers continue to receive 90% of newly issued tokens, while the protocol treasury gets the remaining 10%. The proposal also introduces no new spending and no validator subsidies. It is a straight reduction in how many tokens get minted, with no side deals bolted on. The timeline has two stages. First comes a grace period of roughly 90 days, which begins after the Security Counc...