NEAR token sinks 7% as proposal to cut annual token issuance passes

The proposed issuance cut would prevent 11.8 million NEAR from entering circulation over two years, worth about $45 million at today’s price.

Near Protocol’s NEAR token fell by roughly 7% on Tuesday, despite community approval of a proposal to gradually reduce the maximum annual issuance rate from 2.5% to 1.6% over 24 months.

NEAR traded at $3.82 as of 11:06 am UTC, extending its weekly decline to roughly 13%, according to CoinMarketCap.

The latest drop followed Monday’s approval of HSP-029, which received support from 99.9% of participating voting power. About 3.28 million vote-escrowed NEAR (veNEAR) tokens were cast in favor, according to the NEAR House of Stake governance platform.

Read more