The NEAR community has voted to pass a proposal to reduce the inflation rate, lowering the annual maximum inflation rate from 2.5% to 1.6%.

On November 3, NEAR Protocol officially announced that NEAR's decentralized on-chain governance body, House of Stake, has voted to pass a proposal to reduce its maximum annual issuance rate from 2.5% to 1.6%, with phased implementation over 24 months. The proposal must first be reviewed and approved by the House of Stake Security Committee. After approval, a grace period of approximately 90 days will be established, and the proposal will only become binding once adopted by validators via a protocol upgrade.

Thereafter, the issuance rate will gradually decrease each epoch until it reaches 1.6% at the 24-month mark. The official team will also publish quarterly reports to track discrepancies between actual issuance and the planned timeline.