NEAR (NEAR) -rahakkeen tokenomiikka

Issuance Mechanism

NEAR Protocol utilizes an inflationary model designed to secure the network and incentivize participation. At its launch in April 2020, the network started with an initial supply of 1.00 billion NEAR tokens.

The protocol maintains a fixed annual inflation rate of approximately 5.00% of the total supply. These newly issued tokens are primarily used to pay network operators, known as validators. As of December 18, 2024, this issuance mechanism has resulted in a total token supply of approximately 1.23 billion NEAR.

The issuance is dynamic in practice because it is offset by a deflationary mechanism. The network charges transaction fees (gas) in NEAR tokens, and 70% to 100% of these collected fees are algorithmically burned. Consequently, the actual net inflation rate is calculated as 5% minus the burned transaction fees. If network activity reaches a sufficiently high level, the amount of tokens burned could exceed the amount issued, potentially making the protocol deflationary.

Allocation Mechanism

The initial 1.00 billion NEAR tokens were distributed across several categories to support the ecosystem, development, and community. The project team manages several of these allocations:

Other smaller allocations include pre-seed rounds (2.16%), venture rounds, and private rounds. The "Community Grants" are dedicated to funding community efforts and technical components, while "Operations Grants" support the individuals maintaining and developing the system.

Usage and Incentive Mechanism

The NEAR token serves multiple critical functions within the ecosystem:

• Network Fees (Gas): NEAR is used to pay for processing transactions, deploying smart contracts, and performing state changes.
• Validator Staking: To participate in the Thresholded Proof of Stake (TPoS) consensus, nodes must stake NEAR. The minimum amount required, known as the "seat price," is dynamically calculated. As of late 2024, the seat price was approximately 11,110 to 14,226 NEAR.
• Storage Staking: Smart contract deployers must stake NEAR tokens based on the amount of data stored (currently 1 NEAR per 100kb). These tokens are locked as long as the data is maintained.
• Incentives:
  • Validators and Delegators: Receive 90% of the annual 5% inflation as rewards for securing the network.
  • Protocol Treasury: Receives the remaining 10% of the annual inflation to fund ecosystem initiatives.
  • Smart Contract Creators: Receive 30% of the transaction fees generated by their contracts, providing a direct revenue stream for developers.

Locking Mechanism

NEAR Protocol employs several locking mechanisms for different purposes:

• Staking Locks: Tokens committed to a validator for consensus are effectively locked. To participate in the TPoS auction, tokens must be committed for at least three days.
• Storage Locks: Tokens used for storage staking are unavailable for other uses, such as paying for transactions or delegated staking, as long as the data remains on-chain.
• Governance Locking (Future): A proposed governance framework involves locking NEAR to receive vote-escrow NEAR (veNEAR). This non-transferable token would grant voting power and APY rewards. The proposed lock duration ranges from a minimum of 3 months to a maximum of 48 months.
• Vesting Locks: Tokens from early rounds and grants are subject to specific vesting schedules. Notably, tokens can often be staked or delegated even while they are under a vesting lock.

Unlocking Time

The unlocking of the NEAR network occurred in phases. During Phase I, token transfers were limited and staking rewards were disabled. The transition to Phase II (Community-Governed MainNet) required an on-chain vote. Once two-thirds of the staked funds voted to unlock transfers, the restriction was lifted instantly, and lockup contracts allowed users to send and receive available tokens.

Specific vesting schedules for private sales and grants began upon the token's launch in April 2020. While detailed individual unlock dates for every participant are not provided, these schedules generally dictate the gradual release of tokens into the circulating supply over several years. For standard staking, tokens typically become available after the unbonding period required by the consensus mechanism.