"Wow that's quite a positive development, will the NEAR price break through $10 this time?"
As a result of collaboration with Gauntlet and the NEAR Foundation, its protocol that presents key governance proposals has successfully driven the NEAR cryptocurrency to a steady climb up to $6.48.
The proposal aims to deepen the decentralized nature of the NEAR ecosystem through a comprehensive plan that ensures better governance, accountability and performance, thereby giving token holders more control.
In addition to the change in the controlling node, the proposed proposal also looks at other key aspects such as the Endorsed Delegate Mechanism which includes important delegation functions and procedures for operational governance.
Recommended new funding capital to support the new governance model requires new types of funding as well as incentives for representation and veNEAR which is a key component of the NEAR voting mechanism.
In context, veNEAR allows staking of NEAR tokens for three months to four years but it should be noted that the longer the stake, the higher the voting rights to encourage long-term commitment and increase the role of governance.
Please note that the main governance proposal also examines the matter of the annual inflation rate of 0.5% and returns 50% of it to fund the proposed governance inflation and encourage ecosystem watchers.
At the same time, the proposed governance framework represents a major evolution in the decentralized process of the NEAR ecosystem with the addition of representative membership and the implementation of periodic reviews by the Screening Committee.
As of this writing, NEAR price has surged by 3.95% to $6.27 in the last 24 hours with a market capitalization of over $6 billion then recorded a 34.16% climb over the last week.