NEAR 协议拟升级代币经济学，以应对通货紧缩

NEAR协议, 一个分片 1层 在过去五年中处理了数十亿交易量的区块链，目前正在推进一项由社区主导的计划，以完善其代币经济。这项提案的提出正值该网络活跃度高企之际，包括仅在过去30天内通过其跨链Intents基础设施实现的超过1亿美元的交易量，以及House of Stake治理平台等功能的推出。 

The changes aim to address evolving needs in network security, decentralization, and participant incentives, building on recent upgrades that have reduced gas prices by a factor of ten and introduced stateless validation. While the original economic model served to establish a robust validator set, current conditions—such as lower fee burning rates and a mature ecosystem—have prompted discussions on sustainability. The 近 Foundation supports these efforts in a facilitative role, emphasizing research and communication to aid community decisions via the House of Stake.

Validators began voting on the protocol upgrade on October 21, 2025, with adoption requiring at least 80% of staked validators to update their nodes to the new binary. This process, which avoids any network fork unless the threshold is unmet, reflects input from ecosystem participants including 近 One, Aurora, RHEA Finance, MetaPool, LiNEAR, and Hot DAO. An initial community poll showed 91% approval, though some validators abstained due to regulatory constraints. The overall package includes a halving of inflation alongside two reward programs, designed to balance reduced issuance with continued support for key network roles.

Halving Upgrade: Reducing 近’s Maximum Inflation

The proposal aims at a direct reduction in 近's maximum annual inflation rate from 5% to 2.5%, intended to curb unnecessary token dilution and align with the protocol's current phase of increased real-world usage. This adjustment, detailed in the nearcore version 2.9.0 release notes, will adjust staking rewards to approximately 4.75% assuming half the total supply remains staked. 

The rationale stems from the network's growth: with over 300 validators and efficiencies from stateless validation, the original inflation rate now exceeds what is needed for security. Each month under the current model adds millions of tokens to circulation, potentially discouraging DeFi participation and other on-chain activities. By contrast, the halving could foster greater engagement, as seen in similar adjustments on other blockchains. Ecosystem members note that emerging fee sources, such as those from Intents and upcoming AI products, will help offset the change while promoting a positive economic cycle. 

If approved, this marks 近's first halving, setting a foundation for future inflation strategies managed through House of Stake governance.

HSP-002：支持小型验证者以确保网络去中心化

To mitigate potential consolidation among validators following the inflation cut, the HSP-002 proposal allocates an annual budget of 100,000 近 from the House of Stake to assist smaller operators. Distributed quarterly, this program targets the 100 smallest validators by stake who maintain at least 97% uptime over three months. Eligible participants could receive 150 近 per quarter initially, with snapshots taken at the start and end of each period to confirm qualifications.

This measure addresses concerns that halved rewards—dropping by about 50%—might challenge independent validators more than larger ones, risking reduced decentralization. Network resilience depends on a diverse validator set, which prevents vulnerabilities from concentrated control. Exclusions apply to those already benefiting from other incentive programs by the 近 Foundation, LiNEAR Protocol, or MetaPool, promoting equitable distribution. 

完整提案可在 House of Stake 治理论坛上获取，其中概述了绩效评估，以便根据需要调整该计划，并且该提案仅在通胀降低生效后才会生效。验证者可以通过查看细节并参与讨论来完善资格标准。

HSP-003：增加 veNEAR 持有者的奖励以奖励治理参与

Complementing the validator support, HSP-003 introduces a three-month pilot program with a 280,682 近 budget to incentivize veNEAR holders, who lock tokens for governance voting power in the House of Stake. veNEAR, obtained by locking LiNEAR, stNEAR, or rNEAR for varying durations, grants weighted influence based on lock length, encouraging long-term commitment.

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The structure scales dynamically: Month one targets 10 million 近 staked with a 7.5% annual reward rate, distributing about 62,500 近; month two aims for 30 million with a 3.6% rate and 90,374 近; month three seeks 60 million at 2.6% and 127,808 近. These estimates, informed by Gauntlet research on comparable ecosystems, use a formula to align rewards without excessive dilution. Participation requires active governance involvement, and the program assumes HSP-002's approval for broader economic coherence. For those looking to join, staking begins at the House of Stake platform, where users can lock tokens and delegate votes. The full document on the governance site includes plans for extending beyond the pilot, allowing community feedback on adjustments.

像 Vini Barbosa 这样的验证者已经表示支持，公开承诺支持升级，而 HOT Protocol 等实体则强调了这些变化在促进稀缺性和一致性方面的作用。一些讨论指出，验证者在平衡短期收益和长期可持续性方面面临挑战，但总体而言，人们倾向于转向更高效的模式。

这些增强功能定位 近 to capitalize on its strengths in cross-chain liquidity and AI integration, such as the Zolanear connection for privacy assets. By refining tokenomics, the protocol seeks to sustain decentralization while rewarding contributors, potentially drawing more developers and users. Stakeholders can influence the outcome by upgrading nodes or engaging in House of Stake, where ongoing votes will shape future parameters. 

来源：

• _{Supporting Community Proposals to Upgrade 近 Tokenomics (近 Foundation Blog): https://near.foundation/blog/supporting-community-proposals-to-upgrade-near-tokenomics-halving-inflation-and-introducing-rewards-to-support-small-validators-and-venear-holders/}