NEAR Protocol price

NEAR

#32

The total supply of NEAR is 1 billion tokens, according to the following token distribution:

• 17.2% - Community Grants
• 11.4% - Operation Grants
• 10% - Foundation Endowment
• 11.7% - Early Ecosystem
• 14% - Core Contributors
• 17.6% - Backers
• 6.1% - Small Backers
• 12% - Community Sale

NEAR Protocol launched its mainnet on April 22, 2020 with 1 billion NEAR tokens created at genesis. 5% of additional supply is issued each year to support the network as epoch rewards, of which 90% goes to validators (4.5% total) and 10% to the protocol treasury (0.5% total). 30% of transaction fees are paid out as rebates to contracts that interact with a transaction, while the remaining 70% are burned. The NEAR token is used for:

• Fees for processing transactions and storing data.
• Running validator nodes on the network via staking NEAR tokens.
• Used for governance votes to determine how network resources are allocated.