NEAR（NEAR）代幣經濟學

1. Token Issuance Mechanism

• Inflationary Model: NEAR Protocol operates with a fixed annual inflation rate of ~5% based on the total token supply. The initial supply at the Token Generation Event (TGE) in April 2020 was 1 billion NEAR tokens.
• Supply Schedule: There is a continuous token issuance, with 5% new tokens created each year relative to the total token supply. Of this, 10% of the newly issued tokens annually is allocated directly to the NEAR treasury for ecosystem development and incentives.

2. Allocation Mechanism

• Initial Distribution: The allocation from the initial 1 billion NEAR tokens was as follows (approximate percentages):
  • Community Grants and Programs: 17.2%
  • Operations Grants: 11.4%
  • Foundation Endowment: 10%
  • Early Ecosystem: 11.7%
  • Remaining tokens were allocated to core contributors, backers, small backers, and community sale participants.
• Transparency: While general categories are public, exact associated wallet addresses for these allocations are not disclosed.

3. Usage and Incentive Mechanism

• Network Utility: NEAR tokens are used for paying network transaction (gas) fees, deploying smart contracts, storing data, and making state changes. Storage-staked tokens are locked for the duration of storage and cannot be used elsewhere until storage is released.
• Fee Distribution:
  • 70% of transaction fees are burned (removed from supply).
  • 30% of transaction fees are rewarded to smart contract creators associated with the relevant transaction.
  • Notably, gas fees are not awarded to validators; validator incentives are separate.
• Governance/Staking (veNEAR Proposal):
  • A major proposal as of July–December 2024, still under discussion, introduces vote-escrowed NEAR (veNEAR).
  • Locking NEAR for between 3 and 48 months earns users veNEAR (non-transferrable) and proportional governance/voting power. Longer lock-up periods grant higher voting power multipliers: e.g., 1 NEAR locked for 12 months = 1.5 veNEAR; for 48 months = 3 veNEAR.
  • veNEAR holders: Earn NEAR-based rewards (APY), with reward rates set by a Screening Committee, paid from NEAR treasury funds (from the 10% of annual inflation directed to the treasury), and potentially other ecosystem revenue sources.

4. Lock-Up Mechanism

• Team, Foundation, Backer Lock-Ups: Team, foundation, and certain backer allocations are subject to vesting/lock-up schedules to align incentives and limit sudden market supply.
• Storage Staking: NEAR staked as storage collateral is locked for the required period and is illiquid until storage is released.
• veNEAR Locking: If the governance proposal is enacted, voluntary locking of NEAR for governance will follow a strict lockup (3–48 months) with no early unlock.
• Public Vesting Data: While the lockup and vesting schedule are referenced and were linked in official material, there is no current, centralized public schedule detailing every future unlock for all allocations.

5. Unlocking Time

• Team/Foundation/Venture: Historically, these allocations have vesting over multiple years, with monthly or quarterly unlocks. Specific unlock dates for future tranches are often referenced in project documentation but detailed recent and upcoming unlock schedules were not available in the latest data.
• veNEAR Unlocking: Governed strictly by the user-defined lock period (minimum 3, maximum 48 months). Upon maturity, locked NEAR becomes liquid, and the associated voting power ceases.
• Storage Staking: NEAR is unlocked as soon as storage is released and not before.
• Ecosystem Funds: Often vest according to custom multi-year schedules; direct, up-to-date breakdowns require tracking through governance forums or reported disclosures.

Summary Table: NEAR Token Economic Mechanisms

Nuances and Implications

• Deflationary Counterbalance: Fee burning reduces effective inflation and aligns incentives for long-term holders.
• Adaptive Governance: The veNEAR system aligns stakeholder influence with longer-term commitment, discouraging short-term speculation in governance.
• Treasury Sustainability: Allocating inflation to the treasury funds ongoing growth and incentivizes ecosystem development.
• Vesting Schedules: Standard practice for credible projects; aligns core contributors/investors with project success while minimizing sharp market supply shocks.
• Unlock Data Transparency: Vesting details for NEAR are periodically published, but comprehensive real-time unlock data may be fragmented across ecosystem documentation and governance forums.

Potential Risks and Considerations

• Governance Risk: If the veNEAR proposal is implemented, decisions on APY and governance parameters may centralize power within the Screening Committee unless checked by community processes.
• Inflation Dilution: Although fee burning offsets some inflation, long-term holders need to assess actual dilution via circulating supply growth.
• Unlock Cliff Events: Major unlock events for team/backers may lead to supply shocks if not well-telegraphed.

Recommendations

• For governance participation, consider lock durations that match your intended level of influence and risk tolerance.
• Monitor ecosystem communications and governance forums for the latest on unlock schedules and proposal developments.
• Assess inflation, fee burning, and treasury distributions when contemplating the long-term value thesis for NEAR.

For technical documentation, up-to-date schedules, and the latest governance proposal statuses, refer to the NEAR Protocol official documentation and governance forums. If the veNEAR voting escrow mechanism is critical to your strategy, follow the finalization of the ongoing proposal closely, as its implementation will significantly shape future token dynamics.