🗳️ i voted FOR reducing near:native emission to 1.6% addressing one common concern that says: “too many people will unstake and security/yield will collapse.” this is a multi-disciplinary proposal, with many implications to @NEARProtocol and its ecosystem (i'll try to address some diff implications in the next few days) so, on this "unstake" concern (which is a fair one) ↓ NEAR has a (clever) self-balancing mechanism: lower emission reduces the reward pool, but any unstaking raises the effective APY for those who stay (same rewards shared among fewer stakers). game theory: that higher yield pulls capital back in. worst-case basis @ the 1.6% floor (90% to stakers = 1.44% of total supply to the staking set): • baseline (42.71% staked) → ~3.37% gross APY • 10% of stakers unstake (ratio → 38.4%) → ~3.75% • 20% unstake (→ 34.2%) → ~4.21% • 30% unstake (→ 29.9%) → ~4.82% • 40% unstake (→ 25.6%) → ~5.62% to fully restore the current ~5.27% APY you’d need ~36% of current stakers to exit (staking ratio down to ~27%). even then the remaining stakers earn more, which incentivizes re-staking. the system equilibrates. this looking solely to APY measured in NEAR, not USD. if NEAR price increases against the dollar, the effective dollar-based APY compounds into a much larger ROI. this is the same dynamic that already showed up recently: staking ratio fell while price rose and gross yield increased. lower dilution + higher real yield for committed capital is net positive for long-term holders and for the network’s store-of-value case (talked about that in the quoted post). but it's important to say that the benefits goes beyond speculative APY. validators, stakers, and delegators also have other intrinsic motives to stake beyond pure reward farm (keeping the network secure, for example, which is the infra for their businesses, projects, holdings, and settlement network -- to mention a few) i’ll keep supporting the second step (validator upgrade) once the vote passes with thecoding.pool.near (currently with 420K+ NEAR staked and a self-sustainable node thanks to community delegation that will keep operating @ 1.6% tail emission