Sal Ternullo

And Near has delivered the first building block of this through Intense, which is how do those agents actually

transact seamlessly across any surface, whether it's Web3 Rails, public networks, or in the context of some features that will come on the intent side to integrate into traditional payment systems or RWAs, as you saw with the Tether Gold announcement recently.

So it's really this ubiquitous transaction settlement layer and unified liquidity with intents, enabling agents to

to operate across any surface and doing that in a manner that's private and secure, which is really where Ironclaw is differentiating in this kind of secure harness category.

Yeah, exactly.

And like Zashi and kind of the Zcash moment in October, maybe even earlier September, October, November of 2025, was a demonstration of human interactions, leveraging intents for these seamless cross-chain swaps and opening up access to Zcash at a moment where the privacy narrative and private money was extremely hot.

I think you saw incredible volumes.

Zashy has done more than 3 million and fees are generated on top of Intents today.

And it has become the primary mechanic for anyone in the retail context to interact with Zcash and swap between Zcash, Bitcoin, etc.

But those are all human interactions.

The whole vision that Ilya and the team have been building towards is towards this agentic future.

And so...

I look at it as the proving ground to show product market fit, which absolutely is the case.

We're almost $20 billion in total volume that's been processed through Intense, $30 plus million in fees to date.

And that's going to explode as we start to see the realization of these production use cases using your AI and ironcloth.

of which there have been a couple announcements the past week.

Government of Bermuda, Abound, which is effectively like the Times of India, all using the combination of ironclad plus intense, and that motion will continue to scale.

Yeah, it's a good point.

It's a conversation I've been having with a lot of buy side investors.

To your point, it's not just in kind of the media side that Nier has had a spotlight on it.