Illia Polosukhin, NEAR Protocol's co-founder, pushed back on a call to burn foundation-held tokens and said he is working on a plan to make NEAR fixed supply within the next few years.
Polosukhin wrote on X on July 2 that burning is a "very ineffective" approach, adding that other ecosystems have burned foundation funds without seeing much benefit.
- His comment came in response to KYSЬ, an X user who argued that NEAR could improve its tokenomics by burning some NEAR Foundation-held tokens.
"I have a proposal cooking that flips the script and provides a clear plan to NEAR becoming fixed supply in next few years," Polosukhin wrote.
- Still, that proposal doesn't appear to be public yet.
- As of press time, NEAR has roughly 1.3 billion tokens in circulation and no hard max supply.
NEAR already tried to tighten supply in 2025 by cutting annual inflation from 5% to 2.5%, after supporters argued fee burns were barely reducing supply.