- Near’s dev team wants to make the token scarcer.
- Validators to vote on the upcoming upgrade.
- Near’s token is down 90% from its peak.
The developers behind Near, a $2.8 billion blockchain, are pushing through an upgrade that will reduce the chain’s inflation by 50% despite pushback from within the project’s community.
A governance vote held in the summer to halve Near’s annual token inflation to 2.5% failed to pass, due to falling short of the required quorum.
Rather than scrap the idea, Near’s developers have pivoted: the blockchain will trigger the halving automatically once 80% of validators upgrade to a new version.
Critics of the plan, like Chorus One, a staking service provider, say it sets a “dangerous precedent” that “undermines the integrity” of the blockchain, since a governance vote on the matter failed. Chorus One said the move signifies that Near’s developers can unilaterally enforce decisions not agreed…
