NEAR's governance body, the House of Stake, voted on November 2 to approve proposal HSP-029, lowering the network's issuance ceiling by 36%. It is the second cut after the cap fell from 5% to 2.5% in late October 2025.

The change starts with a roughly 90-day grace period once the Security Council ratifies the proposal and validators adopt the upgrade, followed by a 24-month ramp down to 1.6%. The 90/10 split between stakers and the treasury stays in place, with no new spending or validator subsidies. The proposal, authored by SVRN CEO Sal Ternullo, passed with about 3.29M veNEAR in favor.

Daily issuance is projected to fall from about 89,500 NEAR to 57,300 NEAR, with roughly 11.8M fewer tokens minted over the first two years.

Gross staking yields are expected to drop from about 5.27% to 3.37%, while non-staking holders face less dilution. Until ratification and validator adoption, the current 2.5% cap remains in effect.