Roll Call

A NEAR investment thesis, rebuilt from the chain

NEAR's supply is now set by a vote. Here is who casts it.

On 2 November 2026 House of Stake voted to cut new NEAR from 2.5% to 1.6% a year. 36 accounts voted. This page reads every House of Stake vote from the chain: who holds the voting power, whose NEAR it is, and whether a vote turns into a rule.

5 accounts

hold half of all House of Stake voting power at block 224,000,000. 3 of them could meet the quorum on their own.

Reading NEAR...
Voted for the ramp
36 accounts
of 496 that could; 99.6% of the power they cast was lent to them
From two linked sources
90%
of the power cast for the ramp came through delegates funded by two sources
To defeat it
1.64M
veNEAR voting Against, about $6.0M. The three largest holders who did not vote had that much
From vote to rule
124 days
from the gas rebate vote to the protocol change at block 223,012,337

The thesis in brief

Claim. For the next five years NEAR's supply will be set by House of Stake votes that a handful of accounts decide, and carried out by validators who do not vote. So far that has worked for holders: supply growth was halved in 2025, a cut to 1.6% has passed, and a vote has already become a protocol rule. But the decision rests on about fourteen accounts, most voting with power lent from two sources, and on 43 validators. Treat House of Stake as NEAR's central bank: decisive, holder-friendly so far, and held by very few.

What it means for a holder. If validators adopt the ramp, about 67.5M NEAR are never created over six years, a supply 4.4% smaller. Stakers' gross reward falls from 5.06% to 3.24% a year. The same few accounts could vote the other way, so watch the roll call, not only the price. 9 tests say what would prove this wrong.

01

Do you have a say?

Type any NEAR account. Your browser reads it from House of Stake's own contracts: how much voting power it holds now, who it lends that power to, and how the account or its delegate voted on each of the 11 votes. It also reads what the account stakes, since the ramp cuts what stakers are paid. Nothing is sent to us, and no wallet is needed.

Or try a delegate:
The query
POST https://free.rpc.fastnear.com  query call_function venear.dao.get_account_info {"account_id": account}   voting power, delegations
POST https://free.rpc.fastnear.com  query call_function venear.dao.ft_total_supply {}                        all voting power
POST https://free.rpc.fastnear.com  query call_function vote.dao.get_vote {"account_id": account, "proposal_id": 29}
GET  https://api.fastnear.com/v1/account/{account}/staking                                                   pools, then {pool}.get_account

Voting power is computed in the browser with the contract's own integer arithmetic: the locked NEAR, plus a bonus that grows about 50% a year on it, less what is lent out, plus what others lend in. The record of past votes comes from data/raw/votes.json, read at block 224,000,000.

02

The roll call: every vote so far

House of Stake has held 11 votes since 20 October 2025, plus one test vote. Each was recounted here from the ballots and each voter's power at the vote's snapshot block. All 11 recounts match the totals the contract recorded, to the last yoctoNEAR. All 11 passed.

Whose power was cast, vote by vote

On the ramp, 48% of the power cast came from delegates lent power by Source A and 42% from Source B. The three largest holders, who vote with their own NEAR, cast 0%: none of them voted.

The query
POST https://archival-rpc.mainnet.fastnear.com
query call_function vote.dao.get_proposal {"proposal_id": N}                     the snapshot block and the recorded totals
query call_function venear.dao.get_accounts {"from_index": 0, "limit": 600}  at the snapshot block: every account's power
query call_function vote.dao.get_vote {"account_id": A, "proposal_id": N}     for every account in the snapshot: 3,597 calls

Run by pipeline/fetch_governance.py. A source is the account that funded a large lock, followed one step back; see who holds it. The voting contract was upgraded 4 times; each vote is counted with the arithmetic of the version that counted it, read from its code hash at the snapshot block.

Every vote

The median vote drew 40 voters, and the power of 3 of them was enough to pass it. 117 accounts have ever voted. The most contested vote passed with 65% of the decided power; 6 passed with 99% or more.

#OpenedProposalNeedsVotersTurnoutForFewest to passLentRecount
2919 Oct 2026Establish a 24-Month Issuance Ramp to a 1.6% Target Rate Of NEAR Token Emissionstwo thirds36 of 49662%>99.999%699.6%exact
2830 Aug 2026Establish House of Stake as Registrar for the NEAR Top-Level Account Namespacetwo thirds34 of 48573%100.0%360%exact
2728 Jun 2026Remove the NEAR Developer Gas Rebatehalf46 of 46992%99.96%371%exact
2616 Jun 2026Establish House of Stake Operational Budget for July 2026 – June 2027half31 of 46838%99.999%666%exact
2511 Mar 2026NEAR House of Stake Constitutional Documents (HSP 008-013)half54 of 40359%100.0%456%exact
245 Feb 2026HSP-007: Establish a Sustainable MPC Node Infrastructure Financing Program Funded via Protocol Emissionshalf59 of 38489%65.0%465%exact
171 Dec 2025HSP-006: House of Stake - Mission Vision Valuessensing47 of 28560%81.0%298%exact
1630 Oct 2025HSP-002: Validator Support Programhalf40 of 21867%99.9%364%exact
1530 Oct 2025HSP-003: veNEAR Holder Rewards Programhalf43 of 21876%70.6%268%exact
620 Oct 2025HSP-003: veNEAR Holder Rewards Programsensing25 of 6683%74.2%199%exact
520 Oct 2025HSP-002: Validator Support Programsensing28 of 6699%79.5%199%exact

Turnout is power cast over all power at the snapshot; the quorum is 35%. For is For over For plus Against. Fewest to pass is how many of the largest For voters were enough on their own. Lent is the share of the power cast that others had lent to the voter. Sensing votes test opinion before a binding vote.

Voters on each vote

At most 59 accounts have voted on any proposal. 106 accounts that hold a vote have never used it, but together they hold only 0.3% of the power.

The query
voters(N) = accounts in the snapshot of proposal N whose get_vote is not null

The count matches total_votes recorded by the contract for every proposal.

The ramp, ballot by ballot

For: 3,287,729 veNEAR from 32 voters. Against: 0.0000155 veNEAR from 1. Abstain: 1,071 from 3. Turnout 62.3%, 1.78 times the quorum. It needed two thirds of the decided power.

All 36 ballots
AccountVoteveNEARShare of castLentPower from
delegatetoyuen.nearFor400,18912.2%99.9%Source B
tony_bc.nearFor348,54710.6%99.998%Source B
vinibarbosa.nearFor330,21610.0%99.96%Source A
klausbravegov.nearFor330,19310.0%99.96%Source A
hos.chicago.nearFor320,4599.7%>99.999%Source B
india.sputnik-dao.nearFor316,9939.6%99.999%Source B
alan777.nearFor302,4359.2%99.9%Source A
vote.mob.nearFor301,5879.2%99.998%Source A
charles-hos.nearFor300,2799.1%>99.999%Source A
zaki.nearFor225,7276.9%97%bcc328…58f5
aurora_hos.nearFor104,7323.2%>99.999%as.near
delegate.sleet.nearFor2,0380.1%99.6%its own or small locks
vadim.nearFor1,8170.1%1%its own or small locks
hmtri1011.nearFor1,6960.1%0%its own or small locks
axianetwork.nearAbstain9760.03%99%its own or small locks
192080…d7b3For4390.01%0%its own or small locks
undermines.nearFor1510.005%15%its own or small locks
ramgor.nearAbstain940.003%40%its own or small locks
coffee-crush_gov.nearFor850.003%0%its own or small locks
edwinck.nearFor450.001%0%its own or small locks
kinguin.nearFor190.001%1%its own or small locks
23387b…c7beFor170.001%0%its own or small locks
oration02.tgFor16<0.001%0%its own or small locks
q8i.nearFor15<0.001%0%its own or small locks
rahulgoel.nearFor9<0.001%99%its own or small locks
pgov.nearFor7<0.001%0%its own or small locks
haenko.nearFor5<0.001%42%its own or small locks
0a7f22…5215For4<0.001%0%its own or small locks
east.nearFor3<0.001%0%its own or small locks
marian_h1.tgFor2<0.001%0%its own or small locks
guillermorusso.nearFor2<0.001%0%its own or small locks
gayus.nearFor2<0.001%0%its own or small locks
i1470625112-hot.tgFor0.1176964<0.001%0%its own or small locks
bebekxbt.nearAbstain0.1174609<0.001%0%its own or small locks
alexander.nearAgainst0.0000155<0.001%0%its own or small locks
b0562f…3fa0For0.0000151<0.001%0%its own or small locks
03

Who holds the votes

Voting power comes from locking NEAR in House of Stake. A lock earns extra power over time, and its owner can lend that power to a delegate who votes with it. 507 accounts have locked; 184 hold at least 1 veNEAR. In all 3,936,347 NEAR is locked, 0.30% of supply.

The fourteen largest holders, share of all voting power

Five accounts hold 50.7% of all voting power and fourteen hold 98.7%. The other 170 accounts with a vote share 1.3%.

The query
POST https://archival-rpc.mainnet.fastnear.com
query call_function venear.dao.get_accounts {"from_index": 0, "limit": 600}  at block 224,000,000
power = locked NEAR + bonus, less what is lent out, plus what is lent in      metrics.voting_power

The powers of all 507 accounts add up to the contract's own total, 5,394,374 veNEAR, to the last digit. House of Stake's own dashboard (stats.houseofstake.org) showed on 11 November 2026 the ten largest wallets with 81.1% and 5 delegates for a majority; this page gets 81.1% and 5.

Where the voting power comes from

Nine large locks funded from two sources hold 55.2% of all voting power, and lend nearly all of it to 9 delegates. Source A is one key-only account, 76c32e…c14c: it sent 820,025 NEAR to four other locks and locked some itself, all lent to vinibarbosa.near, klausbravegov.near, alan777.near, charles-hos.near and vote.mob.near. Source B is nfendowment03.near, which funded locks that lend to delegatetoyuen.near, tony_bc.near, hos.chicago.near and india.sputnik-dao.near; three of them are DAOs that share the signers nf-payments.near and nf-payments1.near.

LockNEAR lockedShare of powerLends toFunded bySource
cc96f5…c807599,99715.3%keeps it0ac0e2…b263 sent 500,000; 32400a…81e6 sent 99,996
4783b5…6172499,02812.8%keeps itits own money came back from a staking pool or lockup
nfendowment03.sputnik-dao.near300,0056.6%tony_bc.neareb3fb6…e7c2 sent 2,499,989; c1f4ca…f2a3 sent 149,999B
chicagonode.sputnik-dao.near300,0026.3%hos.chicago.nearnfendowment03.near sent 300,000B
c1f4ca…f2a3300,0006.7%delegatetoyuen.nearopgran01.near sent 3,500,000; nfeco08.near sent 2,400,000; 0680f6…7e57 sent 1,699,990B
cn4.sputnik-dao.near299,9996.0%india.sputnik-dao.nearnfendowment03.near sent 300,000B
spareuni818.near291,5208.2%keeps it1faca8…21f1 sent 291,520
0df78d…9d63220,0056.2%vinibarbosa.near76c32e…c14c sent 220,010A
76c32e…c14c219,9806.2%klausbravegov.near30d620…3f62 sent 1,000,000A
a268c8…3f38200,0995.7%alan777.near76c32e…c14c sent 200,000A
26945c…8416200,0025.7%charles-hos.near76c32e…c14c sent 200,005A
2c494a…9cc4200,0005.7%vote.mob.near76c32e…c14c sent 200,010A
bcc328…58f5144,9464.1%zaki.neard73888…71b9 sent 571,943
as.near50,0001.4%aurora_hos.nearno transfer of 10,000 NEAR or more in its first 100 transactions
The query
GET https://api.nearblocks.io/v1/account/{lock}/txns?order=asc&per_page=25&page=1..4   the first 100 transactions
POST https://archival-rpc.mainnet.fastnear.com  query call_function {dao}.get_policy {}     who signs for each DAO

A lock is large if it holds 50,000 NEAR or more. Two locks are linked if one sent the other 10,000 NEAR or more, if one account sent both that much, or if both are DAOs with a signer in common. Money that came back from a staking pool or lockup is not a funder. The funding trace uses NearBlocks, an indexer, checked on 2026-11-11; the locks and loans themselves are read from the chain. The names nfendowment03 and nf-payments suggest NEAR Foundation, but no public source found says who controls these accounts, and this page does not claim it.

Linked money is not one vote

On 7 of the 11 votes where two or more of Source A's delegates voted, they did not all vote the same way. On the two votes about NEAR's supply and fees, the gas rebate and the ramp, every one of them voted For. The three largest holders vote with their own NEAR: cc96f5…c807 and 4783b5…6172 voted For removing the gas rebate in July, then stayed away from the ramp.

#AccountveNEARShareLentPower fromVotedOn the rampnear.social
1cc96f5…c807827,86715.3%0.003%its own lock5 of 6did not vote
24783b5…6172690,53612.8%0%its own lock4 of 6did not vote
3spareuni818.near448,8208.3%1%its own lock1 of 9did not vote
4delegatetoyuen.near410,3357.6%99.9%Source B (nfendowment03.near)11 of 11For
5tony_bc.near357,7446.6%99.998%Source B (nfendowment03.near)3 of 3For
6vinibarbosa.near336,9706.2%99.96%Source A (76c32e…c14c)11 of 11Foryes
7klausbravegov.near336,9396.2%99.96%Source A (76c32e…c14c)11 of 11For
8hos.chicago.near329,4296.1%>99.999%Source B (nfendowment03.near)1 of 2For
9india.sputnik-dao.near326,1866.0%99.999%Source B (nfendowment03.near)1 of 1For
10alan777.near308,6085.7%99.9%Source A (76c32e…c14c)10 of 11For
11vote.mob.near307,7485.7%99.998%Source A (76c32e…c14c)9 of 11For
12charles-hos.near306,4085.7%>99.999%Source A (76c32e…c14c)7 of 11For
13zaki.near230,3284.3%97%bcc328…58f58 of 11For
14aurora_hos.near106,9932.0%>99.999%as.near7 of 9For

Voted counts the votes the account took part in, of those it could vote on. Key-only accounts are shown by the start and end of their 64-character name.

04

Who pays, and who has to act

New NEAR goes mostly to stakers: 90% of it, the rest to the protocol treasury. So the ramp is a cut in what stakers are paid. And a vote changes nothing by itself: the ramp takes effect only when validators run a release that includes it.

The voters are not the stakers

Every account that has ever voted stakes 154,969 NEAR with validators: 0.027% of the 582M NEAR staked. The 36 who voted for the ramp stake 8,213. Even if every NEAR locked in House of Stake were also staked, voters would hold 0.8% of the stake whose pay the ramp cuts.

The query
GET  https://api.fastnear.com/v1/account/{voter}/staking                  pools the account has used
POST https://archival-rpc.mainnet.fastnear.com  query call_function {pool}.get_account_staked_balance  at block 224,000,000

Stake held through liquid staking tokens, or by the same person under another account, is not counted. The pool list comes from FastNEAR's index, checked on 2026-11-11.

Validators who must adopt it

A protocol change takes effect once validators with 80% of the stake run it. That takes the 43 largest of 351 validators. The 5 largest, with 21.7% of the stake, could hold it up. None of those 43 validators' owner accounts holds a House of Stake vote.

The query
POST https://rpc.mainnet.fastnear.com  validators [null]                  epoch 4958: every validator's stake
POST https://archival-rpc.mainnet.fastnear.com  query call_function {pool}.get_owner_id {}
EXPERIMENTAL_protocol_config  protocol_upgrade_stake_threshold = 4/5

The five validators that could hold up an upgrade

PoolStake, NEARShareOwner accountOwner holds a vote
astro-stakers.poolv1.near33,207,9655.7%astrostakers.nearno
figment.poolv1.near28,657,4904.9%figment.nearno
ledgerbyfigment.poolv1.near23,199,6794.0%ledgerxfigment.nearno
staked.poolv1.near21,234,6553.6%staked.nearno
binancenode1.poolv1.near20,149,6913.5%binancenode1.nearno
05

Does a vote become a rule?

House of Stake's contract can move tokens and call contracts, but it cannot change the protocol. Issuance and fees are protocol settings. So the test of the system is whether a vote is carried into a nearcore release and validators run it.

New NEAR created, as a yearly rate over 30 days

Supply grew 5.03% a year before the 2025 cut and 2.47% after. That cut reached the chain at block 170,351,519 on 29 October 2025, through a validator upgrade, before House of Stake's first vote. About 88,323 new NEAR are created a day now.

The query
POST https://archival-rpc.mainnet.fastnear.com  block {"block_id": H}               header.total_supply at 251 blocks
POST https://near-mainnet.gateway.tatum.io       EXPERIMENTAL_protocol_config {"block_id": H}   max_inflation_rate, burnt_gas_reward
growth = (supply now / supply 30 days earlier) ^ (365.25 / 30) - 1

As a second source, BigQuery's circulating_supply table (sql/03_supply_daily.sql) gives 2.48% a year over the last 365 days, against 2.48% from block headers.

The gas rebate: voted, shipped, in force

  1. 3 July 2026: House of Stake passes proposal 27, Remove the NEAR Developer Gas Rebate, 99.96% For, 46 voters (forum thread).
  2. 23 July 2026: the change is merged into nearcore (pull request 16108) and ships in release 2.14.0 (releases).
  3. 4 November 2026: from block 223,012,337, protocol version 87, contracts get 0% of the gas they burn instead of 30%. 124 days after the vote closed.

The block is found by binary search on burnt_gas_reward in the protocol settings. The rebate was worth at most 299 NEAR a day over the last 30 days of fees, 0.3% of daily issuance: a small change to supply, and a clear test that a vote can reach the protocol.

The ramp: passed, not yet a rule

  1. 2 November 2026: the vote closes. 32 voters For, 1 Against with 0.0000155 veNEAR, 3 abstaining.
  2. Until 16 November 2026, 16:48 UTC: the timelock. Any one of the five council accounts can veto it on its own (contract source). Status at block 224,000,000: Timelock.
  3. Then: the proposal carries no on-chain action, so nothing happens on chain when it passes. Per its text, activation comes one full quarter after ratification, once a nearcore release implements it and validators with 80% of the stake run it (forum thread).

Issuance cap on chain at block 224,000,000: 2.5%. The test "Validators carry out what House of Stake votes" is due on 1 June 2027.

06

What the ramp moves, and what it would have cost to stop

The ramp lowers the issuance cap from 2.5% to 1.6% in a straight line over 24 months. At today's supply that is 11.8M fewer new NEAR a year once it is done, about $42.8M at $3.62.

Total supply with and without the ramp

Over six years the ramp leaves 67.5M NEAR uncreated, a supply 4.4% smaller, worth $244.5M at today's price. Defeating it would have taken 1.64M veNEAR voting Against: one veNEAR for every 7.2 NEAR a year the ramp moves.

The query
cap(month) = 2.5% - 0.9% x min(month, 24) / 24
supply(month) = supply(month - 1) x (1 + cap(month) / 12),  from 1,311,369,546 NEAR at block 224,000,000
Against needed = For / (2/3) - For - Against                     the ramp needed two thirds of the decided power

metrics.supply_path, metrics.issuance_avoided and metrics.power_to_block. This is arithmetic on a stated rule, not a forecast: it ignores burned fees and starts the ramp at once, where the proposal waits a quarter.

Stakers' gross reward
5.06% → 3.24%
a year, before pool fees, if the staked share stays at 44%
Paid to stakers a year
$106.8M → $68.3M
at $3.62, the price on 2026-11-10
Dilution of a holder who does not stake
2.5% → 1.6%
a year, at the cap
Power cast For the ramp
3.29M
veNEAR, about $11.9M of locked NEAR and bonus
07

What would change my mind

Each test is computed on every rebuild from the same raw data. The limits are my own choice, set after seeing the data, and are written in pipeline/falsifiers.py. Now: 7 holding, 2 due, 0 broken.

ClaimIt breaks ifNowState
A handful of accounts can decideIt takes 10 or more accounts to hold half of all voting power5 accounts hold half, at block 224,000,000Holding
Most of what is cast is lent powerLess than 50% of the power cast on the median vote was lent to the voter67.9% on the median of 11 votesHolding
One source stands behind a large block of votesThe largest group of linked locks holds less than 20% of all voting power29.5% in 5 linked locksHolding
Votes are decided by a few dozen accountsThe median vote has 100 or more voters40 voters on the median vote; 59 at mostHolding
The voters are not the stakers who are paid by issuanceEvery account that has voted, together, stakes 10% or more of all staked NEAR0.03% of 582M staked NEARHolding
Very little NEAR is locked to voteNEAR locked for voting power reaches 1% of supply0.30% of supply (3.94M NEAR)Holding
Defeating a supply vote costs little next to what it movesThe Against power that would have defeated the ramp is 1% of supply or more1.64M veNEAR, 0.13% of supplyHolding
The vote for the ramp standsProposal 29 is vetoed or rejected before its timelock ends on 2026-11-16 16:48 UTCStatus "Timelock" at block 224,000,000Due 2026-11-16
Validators carry out what House of Stake votesThe issuance cap read from the chain is still 2.5% on 2027-06-01, or is raisedCap is 2.5%. The rebate vote became a rule 124 days after it closed; the ramp has no on-chain action and needs a protocol releaseDue 2027-06-01

Read live from NEAR in your browser: proposal status loading; issuance cap loading.

08

Town hall, on near.social

A few dozen accounts decide; hundreds of thousands of accounts hold and stake the NEAR that is decided on. near.social puts both on the same footing: every author is a NEAR account, so each post tagged #houseofstake below is shown with the author's voting power and their vote on the ramp, read live. Ask a delegate how they will vote; tell them how you want your NEAR used. As of 11 November 2026, 14 of the 299 accounts that hold a vote or have been lent one have a near.social profile, on a network of 151 accounts. Among the 14 largest holders, only vinibarbosa.near has one.

or write it on near.social

Posts tagged #houseofstake

The query
GET  https://api2.near.social/v1/hashtags/houseofstake?limit=20                       posts
POST https://free.rpc.fastnear.com  query call_function venear.dao.get_account_info {"account_id": author}
POST https://free.rpc.fastnear.com  query call_function vote.dao.get_vote {"account_id": author, "proposal_id": 29}

The same from a terminal: python -m social.read. To post the roll-call report from your own account: python -m social.post --report (a dry run unless you add --send).

09

Re-run it

Every number on this page is filled in by code from the raw data in the repository. A missing number stops the build.

python rebuild.py            # recompute everything from data/raw, run the tests, check the headline numbers a second way
python rebuild.py --fresh    # download the raw data again first: no keys, about forty minutes

Needs Python 3.10 or newer and nothing else. Data to block 224,000,000, 2026-11-11 01:50 UTC. Dataset hash dadf23a3595adebed5b58540dbd8648039437647e8c460bccc529ac781af06d2.

SourceUsed forKey needed
NEAR archival RPC (FastNEAR, Tatum)House of Stake proposals, every account's voting power at each snapshot, every vote, contract code hashes, supply, protocol settings, at fixed blocksNo
NEAR RPC (FastNEAR, dRPC, Shitzu)Validators, pool owners and staked balances at the last block; the live readings on this pageNo
NEAR BigQuery public datasetDaily active accounts and transactions; contract calls and every caller of vote.dao during the ramp vote, as a check on the roll call; daily supplyA Google account, to run it again
NearBlocks, FastNEAR indexThe first transactions of each large lock; daily price; the pools each voter has usedNo
near.socialProfiles of voting accounts; posts tagged #houseofstakeNo, to read

For context, from BigQuery: 69,526 accounts signed a transaction on an average day from 2026-09-01 to 2026-11-10, and 756,226 transactions were made a day. During the ramp vote, from 2026-10-19 to 2026-11-02, vote.dao received 41 calls from 39 accounts: 2.1 of every million contract calls on NEAR. All 36 ramp voters are among those callers.