NEAR’s halving upgrade is logical, straight-forward cryptoeconomics. With proof of stake systems, inflation is ultimately the network’s security budget to incentivize good behavior. NEAR’s initial 5% inflation rate helped jumpstart an active validator set. But now with hundreds of validators and upgrades like stateless validation, as well as $NEAR price appreciation, the protocol is over-subsubsidizing security. When you think about the aggregated security budget that's allocated to professional validators across all chains, it’s becoming even more redundant. This halving keeps NEAR’s tokenomics healthy, lean, and sustainable for the long term. And the proposals in House of Stake help balance the other side of the equation around validator incentives. Today is definitely a win for $NEAR.