On November 2nd, the House of Stake, the governing body of the NEAR Protocol, passed proposal HSP-029 with 99.96% support, granting voting rights of 3.29 million veNEAR. The proposal plans to gradually reduce the annual token issuance cap from 2.5% to 1.6% over 24 months. Initiated by SVRN CEO Sal Ternullo, the proposal requires approval from the House of Stake security committee and completion of the protocol upgrade. Model estimates suggest that approximately 11.8 million fewer NEAR tokens will be issued in the first two years after implementation, and approximately 66.1 million fewer over six years, reducing the daily issuance from approximately 89,500 to 57,300. (Source: Bitcoin.com News)
