Sal Ternullo

It's also been across the investor buy side community, a lot of liquid funds, candidly, a lot of family offices looking at taking positions and seeing the points that I've been making around the asset being mispriced based on fundamentals and tokenomics.

So over the past 12 months, Near has had a revolution in tokenomics starting in October.

We have the protocol emissions.

All the validators voted in favor of doing this.

We're down to 2.5% annualized emissions on the inflation side.

And Near Intense in February flipped the switch where all of the fees that are being generated through Near Intense are now a buy force on Near Token.

The analogy to EIP-1559, I would put at like the protocol layer.

And I think about Near Intense as kind of a hyperliquid-esque vertical integration where the fees that are being generated at the app and middleware layer are now also driving buying demand and ultimately permanent removal of Near from supply.

And I think there's a dashboard live now, revenue.near.org, that is tracking this in real time that you can take a look at.

But it's about 3 million near that has been removed from circulation from the higher levels of the stack, not contemplating the protocol level burn.

Yeah, it's this conscious strategic approach that Near took over the past 18 months, which was to build these vertical products.

So Near Intents being the first, Near AI and Ironclaw being the second, which were core and intentional bets.

to facilitate value accrual across the entire stack to near token, which varies in some regards to how you look at the Ethereum world.

On the Ethereum side, you would contemplate kind of the DEX exchange feature in the Uniswap context as, well, soon, if not today, being the mechanism that accrues value to your token.

In the near land, as you're describing it, the value accrual from that vertical product integration, the middleware that near intents provides, and the flow from the applications using it are all accruing to near.

And so when I look at this from an investor and buy side perspective, having these vertically integrated products that are all accruing value to near token presents a really, really compelling upside case as these things scale past human interactions using intents towards agentic interactions at higher scale and higher volume.

Yeah, I think it is a philosophical difference.

And the design looks more like Hyperliquid, in my opinion, where you have in the Hyperliquid context, you know, the layer one protocol that is bundling consensus and execution together with perps being the primary use case on it, creating incredible value accrual type token.

Near Intense as a vertical is the same thing in the context of Near and Ironclaw and Near AI present kind of the next wave of consumption and buy side pressure on Near token.

So to your point, very conscious and different design approach than what we see in Ethereum and thus far proving product market day and continue to go that direction, even in a candidly challenging market over the last six months.