NEAR (NEAR) טוקנומיקה

The NEAR Protocol utilizes a sophisticated economic model designed to balance network security, ecosystem growth, and long-term sustainability. Launched in April 2020, the protocol's native token, NEAR, serves as the primary unit of account and medium of exchange within its decentralized cloud-based platform.

Issuance Mechanism

NEAR Protocol operates on an inflationary model with a fixed annual inflation rate of approximately 5.00% of the total token supply. This issuance is primarily used to pay network operators, known as validators, for providing computation, storage, and security.

The net inflation is dynamic because the protocol includes a deflationary offset:

• Transaction Fee Burn: The network algorithmically burns 70% of all transaction fees (gas).
• Net Issuance: The actual annual issuance is calculated as 5% minus the total transaction fees burned. As network usage increases, the burn rate could potentially exceed the inflation rate, leading to a deflationary supply.
• Supply Growth: At the Token Generation Event (TGE) in April 2020, the initial supply was 1.00 billion NEAR. As of December 18, 2024, the total supply has grown to approximately 1.23 billion NEAR due to this inflationary mechanism.

Allocation Mechanism

The initial 1.00 billion NEAR tokens created at genesis were distributed across several key categories to ensure a diverse and incentivized ecosystem.

Additional funding initiatives have been launched since genesis, including an $800.00 million ecosystem growth fund announced in October 2021, which allocated capital to Proximity Labs ($350M), existing projects ($250M), startup grant pools ($100M), and regional funds ($100M).

Usage and Incentive Mechanism

The NEAR token has multiple utilities that drive demand and incentivize participation:

• Network Fees (Gas): Users pay gas fees in NEAR for processing transactions, deploying smart contracts, and performing state changes.
• Validator Rewards: 90% of the annual inflation is distributed to validators and their delegators. These rewards are distributed per epoch, roughly twice per day.
• Developer Incentives: Unlike many other protocols, NEAR rewards smart contract creators directly. While 70% of gas fees are burned, the remaining 30% is allocated to the creators of the smart contracts called by the transaction.
• Storage Staking: To prevent state bloat, the protocol requires "storage staking." Smart contract deployers must lock NEAR tokens based on the amount of data stored (currently set at 1 NEAR per 100kb). These tokens are unavailable for other uses while the data is stored.
• Protocol Treasury: 10% of the annual inflation is directed to the protocol's treasury to support grassroots initiatives and ecosystem development.

Locking Mechanism

NEAR employs several locking mechanisms related to security and governance:

• Staking Lock: Validators must stake NEAR to participate in the Thresholded Proof of Stake (TPoS) consensus. This effectively locks the committed tokens for at least three days.
• Seat Price: The minimum amount required to be a validator (the "seat price") is dynamically calculated based on the total amount staked by other participants. As of late 2024, this price was approximately 11,110 to 14,226 NEAR.
• Vote-Escrowed NEAR (veNEAR): A proposed future governance framework (House of Stake) introduces a locking mechanism where users can lock NEAR for a minimum of 3 months up to a maximum of 48 months. In exchange, they receive non-transferable veNEAR, which grants increased voting power and APY rewards based on the duration of the lock.

Unlocking Time

The unlocking of tokens was structured to occur gradually following the TGE:

• Mainnet Phases: During Phase I of the Mainnet launch, token transfers were limited and staking rewards were disabled. The transition to Phase II (Community Governed) required an on-chain vote by validators. Once two-thirds of the staked funds voted to unlock, transfers were enabled instantly.
• Vesting Schedules: Most initial allocations, including those for the project team, private rounds, and grants, were subject to specific vesting schedules. These schedules generally began at the token's launch in April 2020 rather than at the time of the individual sales.
• Staking Unbonding: For active participants, the primary "unlocking" time is the unbonding period for staked tokens, which requires a minimum of three days (or several epochs) before tokens become liquid again.