The inflation problem of NEAR is similar to that of Cosmos in the past, both being overly optimistic in the design of economic models and lacking timely adjustments in execution. The 5% inflation setting is based on the assumption that the burning of transaction fees can offset most of the additional issuance, but the actual burning rate is only 0.1% - which is better than planning to cover operating costs with gym membership fees, only to find that 99% of people apply for membership but never come to exercise Key data comparison: Expected inflation 2-3% vs actual 4.9% Annual issuance of 60 million NEAR (holders diluted by 5% annually) 9% staking yield makes DeFi completely unattractive Let's take a look at how other chains are responding: Solana has lowered inflation from 8% to 1.5%, Aptos has lowered it from 7% to 3.5%, and Polkadot is also lowering it. Just like the dilemma Cosmos faced in 2019, when ATOM's annual inflation rate peaked at 20%, it was later adjusted to a floating range of 7-20% through a proposal, and is now stable at 10% (still high) The solution is actually quite simple: 1. Directly cut the maximum inflation ceiling from 5% to 2.5% 2. Real inflation will decrease to 2.4% 3. The pledge yield drops to 4.5% (assuming a 50% pledge rate) This not only reduces ineffective dilution, but also guides funds from staking to DeFi. Although the voting mechanism is not yet perfect (verification node weighted voting), it is still better than continuing to delay. Now every month without action, the problem is exponentially worsening. If you have a Near token, you must vote as it affects your own bag Voting link: https://vote.linearprotocol.org/