NEAR Co-founder Rejects Token Burn Proposal, Prepares New Plan for Fixed Supply

Illia Polosukhin, co-founder of NEAR Protocol, has publicly responded to community suggestions to burn tokens held by the NEAR Foundation, calling such burns 'very inefficient' and citing precedents where other blockchains saw no real benefit. He revealed that he is drafting a new proposal to achieve a fixed supply of NEAR tokens through a different approach, expected to be implemented within the next few years. The discussion was sparked by community member @KYSb_q who proposed burning part of the foundation's holdings and upgrading the buyback program. Earlier, @zacodil noted that NEAR has been using 100% of Intents fees for market buybacks and has reduced its inflation rate to 2.4%.