SVRN CEO Sal Ternullo has proposed reducing NEAR’s maximum annual issuance from 2.5% to 1.6%, gradually over 24 months. He disclosed that SVRN holds more than 55 million NEAR, most of it staked.
His estimates put staking yield at roughly 3.5% after the transition, versus about 5.4% currently. The schedule would avoid issuing approximately 66 million NEAR over six years, valued at $329 million using the post’s price assumptions. He says 58.7% of NEAR is unstaked and absorbs dilution without rewards.
The plan preserves the 90/10 split between stakers and the treasury, with a proposed 90-day grace period before reductions begin. It requires a House of Stake vote and subsequent validator adoption. A formal proposal is expected next week.
Ternullo cites validator growth from 342 to 413 following the previous issuance cut from 5% to 2.5%. A participant challenged that argument, pointing to delegation programs and questioning smaller operators’ ability to absorb lower rewards.
Ending issuance altogether is a separate research direction. Ternullo says a fixed supply would require sustainable funding for security and development; no replacement mechanism is proposed yet. Any eventual design would undergo its own discussion and vote.
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