NEAR Protocol Proposes Sovereign Fund Amid Mastercard Stablecoin Acquisition

The crypto market started August 4th quietly but saw significant news. Ilya Polosukhin, co-founder of NEAR Protocol, proposed creating a sovereign fund for the ecosystem to support long-term tokenomics.

This fund would be filled from existing and future treasuries as well as protocol revenues. The funds would work within the ecosystem by holding NEAR tokens and generating income through investments.

The approach is considered more beneficial than burning tokens, which can temporarily reduce inflationary pressure but does not create a financial base for future development.