NEAR Protocol price: Issuance cut still awaits implementation

The NEAR Protocol price remains tied to the implementation path for a tokenomics reform approved by the network's House of Stake. The governance body passed proposal HSP-029 on November 2, 2026, according to The Block, which reported the decision on November 3.

What the governance vote changes

HSP-029 would lower NEAR's maximum annual token issuance from 2.5% to 1.6% over 24 months. The ceiling would decline gradually each epoch by roughly 3.75 basis points per month until reaching the target in the 24th month. The proposal changes the issuance ceiling, but keeps the existing allocation of newly issued tokens: 90% for staking participants and 10% for the protocol treasury.

The reform is intended to slow dilution over time. The proposal estimates that approximately 11.8 million fewer NEAR tokens would be issued during the first two years and 66.1 million fewer over six years than under the existing ceiling. The Block said the modeled supply would be about 4.36% lower than under the current path.

Implementation remains a key condition

The vote alone does not activate the new schedule. The House of Stake's Security Council must first review the result. A 90-day grace period would then follow, and validators would still need to adopt a protocol upgrade before the change becomes binding. Investors therefore face a distinction between governance approval and an actual reduction in token issuance.

There is also a trade-off for stakers. Based on the participation assumptions used in the proposal, gross staking yield is projected to decline from 5.268% to 3.372% as the lower issuance ceiling is phased in. That projection is conditional and does not represent a guaranteed future return.

Current market snapshot

The Investing.com NEAR Protocol price page showed 3.6302 USD when read on November 11, 2026. The same page displayed a market capitalization of 4.75 billion USD, 24-hour volume of 645.57 million USD and a circulating supply of 1.31 billion NEAR. These figures are a contemporaneous market snapshot rather than a UTC daily closing comparison.

For investors, the central issue is whether the approved supply reform progresses through review, the grace period and validator adoption. Until those steps are completed, the potential reduction in dilution remains a future protocol change rather than an active change in NEAR's issuance schedule.

More coverage is available on the NEAR Protocol topic page.