اقتصاد توکنی NEAR (NEAR)

NEAR Protocol’s token economics are designed to balance network security, incentivize participation, and support ecosystem growth. Below is a comprehensive breakdown of the key mechanisms: issuance, allocation, usage/incentives, locking, and unlocking.

Issuance Mechanism

• Initial Supply: NEAR launched with an initial supply of 1 billion tokens at its Token Generation Event (TGE) in April 2020.
• Annual Inflation: The protocol employs a fixed ~5% annual inflation rate, resulting in a total supply of approximately 1.23 billion NEAR as of December 2024.
• Distribution of New Tokens:
  • 90% of new tokens from inflation are distributed as staking rewards to validators and delegators.
  • 10% are allocated to the protocol treasury.
• Deflationary Mechanism: All transaction fees are burned, introducing a deflationary pressure that can offset inflation as network usage increases.
• Dynamic Adjustment: The actual inflation rate can vary based on network activity and staking participation, with the goal of maximizing security while minimizing inflation.

Allocation Mechanism

The initial allocation of NEAR tokens was distributed across various stakeholders and ecosystem initiatives. The table below summarizes the main allocations:

• Ecosystem Grants: Managed by third-party partners (e.g., Aurora, Proximity Labs, Mintbase) and the NEAR Community Treasury.
• Treasury: As of December 2024, the NEAR Community Treasury holds ~3.49 million NEAR (~0.29% of total supply).

Usage and Incentive Mechanism

• Staking: NEAR is a Proof-of-Stake (PoS) network. Validators and delegators stake NEAR to secure the network and earn rewards.
  • Validator Selection: Determined by a “seat price” auction mechanism, dynamically set by the total staked NEAR.
  • Rewards: Distributed per epoch (about twice daily).
• Transaction Fees: Paid in NEAR for all network operations (transactions, smart contract deployment, storage).
  • Fee Distribution: 70% of transaction fees are burned; 30% go to smart contract creators involved in the transaction.
• Smart Contract Incentives: Developers earn NEAR when users interact with their contracts.
• Governance (Future): A proposal is under discussion to introduce vote-escrowed NEAR (veNEAR), granting governance power and additional rewards to those who lock their tokens.

Locking Mechanism

• Staking Lock: Tokens staked for validation are locked for the duration of the staking period.
• veNEAR (Proposed):
  • Users can lock NEAR for veNEAR, a non-transferable governance token.
  • Lock duration ranges from 3 to 48 months.
  • Voting power increases with longer lock duration (e.g., 1 NEAR locked for 12 months = 1.5 veNEAR; for 48 months = 3 veNEAR).
  • veNEAR holders are eligible for additional NEAR rewards, sourced from the protocol treasury.

Unlocking Time

• Staking Unlock: Unstaking NEAR typically requires a waiting period (unstaking delay), after which tokens become liquid.
• veNEAR Unlock (Proposed):
  • Minimum lock: 3 months
  • Maximum lock: 48 months
  • Tokens become available after the lock period ends.

Summary Table

Additional Notes

• Ecosystem Support: NEAR has dedicated significant resources to ecosystem growth, including an $800 million funding initiative for grants, startups, and regional development.
• Governance Evolution: The protocol is moving toward more decentralized capital allocation and governance, with DAOs and community-driven treasuries playing a larger role.
• Sustainability: The combination of inflation, fee burning, and staking incentives is designed to ensure long-term sustainability and security for the network.

For further details, you can explore the official NEAR Protocol documentation and economics blog posts.