NEAR Token Drops 7% After Issuance Cut Vote

Near Protocol's NEAR token fell by roughly 7% on Tuesday after the community approved a proposal to reduce annual issuance from 2.5% to 1.6% over 24 months. The vote received 99.9% support, preventing 11.8 million tokens worth about $45 million from entering circulation. Staking yields are projected to drop from 5.2% to 3.3% by the end of the period.