NEAR token sinks 7% as proposal to cut annual token issuance passes

NEAR fell 7% after a governance proposal to reduce annual token issuance passed. The cut would keep 11.8 million NEAR out of circulation over two years, worth roughly $45 million at current prices. Traders read the drop as a reaction to reduced staking rewards and supply dynamics rather than a supply shock, since lower issuance is structurally deflationary but near-term bearish for holders.