NEAR Issuance Cut to 1.6%: What Stakers Should Know
Short answer: NEAR proposal HSP-029 would lower maximum annual issuance from 2.5% to 1.6% over 24 months. Modeled gross staking yield falls from about 5.27% to 3.37%. The House of Stake vote is reported to close November 2, 2026, and validators must then adopt a separate upgrade. Nothing has passed yet.
A vote is open that would make NEAR scarcer and staking less generous.
This guide explains the numbers in HSP-029, the two approvals it needs, and what it could mean for stakers versus holders who do not stake.
Educational content, not investment advice. Yield figures are the proposal’s own model, not guaranteed returns; reporting is dated October 2026.
Jump to a Section
- What does NEAR proposal HSP-029 change?
- When does the NEAR issuance vote end and who decides?
- Will staking NEAR pay less if it passes?
- Has another chain done this before?
- What should a NEAR holder watch next?
What does NEAR proposal HSP-029 change?
NEAR governance proposal HSP-029 would cut the network’s maximum annual token issuance from 2.5% to 1.6% of supply, phased in over 24 months after a 90-day grace period that starts once the vote is ratified.
The split of new tokens stays the same: 90% go to stakers and 10% to the protocol treasury. The proposal was authored by SVRN’s Sal Ternullo, per Hokanews, and the vote runs in the House of Stake, NEAR’s governance body.
| Item | Today | After the full ramp (proposal figures) |
|---|---|---|
| Maximum annual issuance | 2.5% | 1.6% |
| Gross staking yield (modeled, Sept 22 staking ratio) | 5.268% | 3.372% |
| Stakers / treasury split | 90% / 10% | 90% / 10% (unchanged) |
| Schedule | n/a | Linear cut over 24 months, about 3.75 basis points per epoch |
| Estimated supply reduction | n/a | About 66.1 million NEAR over six years, a 4.36% decrease |
When I checked the sources side by side, I found that the yield figures are modeled on a specific staking ratio and the proposal itself warns that the final yield depends on conditions at the end of the ramp. Read 3.372% as an estimate, not a promise.
When does the NEAR issuance vote end and who decides?
The NEAR HSP-029 vote opened around October 19 to 21, 2026 and is reported to close on November 2, 2026, but passing it in the House of Stake is only the first of two approvals.
Sources disagree on the opening date: Hokanews gives October 19 and a 14-day window, while one report puts the opening on October 21. TokenPost, published October 21, gives no closing date at all. I would treat November 2 as likely, not certain.
Here is the part that matters. After a successful House of Stake vote, validators must separately adopt the change through a network upgrade. The vote alone changes nothing on-chain. Polkachu has said it would adopt the upgrade, according to TokenPost.
Will staking NEAR pay less if it passes?
If HSP-029 passes and validators adopt it, the modeled gross NEAR staking yield falls from about 5.27% to about 3.37% at the target rate, but the actual change would appear gradually over 24 months and only after a 90-day grace period.
Gross yield is not what you keep. It ignores validator commission and token price. A staker earning fewer new tokens is also diluted less, which is the stated aim: to reduce dilution for holders who do not stake.
Honestly, the trade-off is simple. Stakers give up some yield, and non-stakers lose less share of the network each year.
| Holder type | Likely effect if the cut happens | Why |
|---|---|---|
| Staking NEAR | Lower token income over time | Gross yield modeled at 3.372% instead of 5.268% |
| Holding NEAR unstaked | Less dilution per year | Annual issuance cap falls to 1.6% |
| Running a validator | Revenue pressure | Axia asked for an assessment of validators that rely on delegation programs |
Has another chain done this before?
Solana passed SGP-0002, an issuance-related proposal, in August 2026 with a staking-weight approval of 67.001%, and the NEAR proposal cites it as precedent, according to coverage of the proposal.
That number is useful as a yardstick. A governance vote is not a poll of coin holders. Stake weight counts, and large delegators can swing it. I did not find a current NEAR vote tally, so I cannot say whether HSP-029 is on track.
For context, our Solana Alpenglow Activates October 21: What Changes for You guide covers the other big Solana staking change this month.
What should a NEAR holder watch next?
A NEAR holder should watch three things: the House of Stake tally before the vote closes, validator announcements about the follow-up upgrade, and the date the 90-day grace period would start.
- Check the live vote on NEAR’s governance pages before it closes.
- Look for validator statements, such as Polkachu’s, on adopting the upgrade.
- If you stake through a pool, check its fee and whether it plans to change terms.
- Re-run your yield math at 3.4% instead of 5.3% to see if staking still fits.
Don’t sell or restake on a proposal alone. It has not passed.
Tips
- Treat 3.372% as a model output, not a forecast.
- Watch for validator upgrade announcements after the vote.
- Compare pool fees before changing where you stake.
Warnings
- Passing the House of Stake vote does not change issuance by itself.
- The vote closing date differs between sources.
- This is not investment advice.
FAQ
Has the NEAR issuance cut passed?
No. As of October 22, 2026, HSP-029 is in a House of Stake vote, and even if it passes, validators must adopt a separate network upgrade before issuance changes.
How much would NEAR staking yield fall under HSP-029?
According to the proposal figures reported by TokenPost on October 21, 2026, modeled gross staking yield would fall from 5.268% to 3.372% at the target rate, based on the September 22 staking ratio.
When would the NEAR issuance reduction start?
Per TokenPost, a 90-day grace period follows ratification, and the reduction then phases in over 24 months, so no change would appear on-chain right away.
Sources
- TokenPost: NEAR governance opens vote to cut annual token issuance (October 21, 2026)
- Hokanews: NEAR Protocol opens vote to cut annual issuance
- NEAR Protocol
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Fact-checked against TokenPost and Hokanews reporting as of October 22, 2026. Not investment advice.
