Sal Ternullo

I mean, it makes you feel quite good.

And it's even almost more aligned in that there is no equity corporation here, right?

Like we're talking about near foundation and the other nodes of the ecosystem being near AI, being diffuse labs, who is the primary developer of near intense.

Yeah, and there are adjacent nodes and legal corporations that are driving these different development verticals that we're talking about.

But it makes me feel that there is a cohesive effort around value accrual to NEAR.

And so I think that's been, you know, one of the pieces in the industry that we missed on through the period of kind of regulatory gray space and challenges was trying to decentralize so far that we ended up creating coordination challenges and capital investment or grant allocation issues.

And that has really been resolved by the way that NEAR is approaching the last 12 months intense NEAR AI and Ironclaw.

Yeah, that's a good point.

And it kind of gives me a segue to like a broader view.

I know you've been in the Ethereum ecosystem for a long time.

When I first started underwriting and diving deep into near back in 21 and 22, I

In many ways, it was the embodiment in a cohesive system architecture from day one of a lot of the thinking of Ethereum 2 back in 2016, 17, 18.

We talk about account abstraction as a hot topic in 21 and 22.

Account abstraction has been embedded in their protocol since day one, which has allowed for them to implement and integrate quantum-resistant cryptography with accounts that can migrate signature schemes.

So you're not losing your accounts.

There's no massive upgrade process to quantum-resistant cryptography.

At the layer one protocol itself, dynamic resharding.

So if you remember back in the days before the two roll ups and roadmap came to play, it was always a focus on how do we get to synchronous sharding, which Nira is not at today, they are still an asynchronous sharding system, but allows for horizontal scalability that has proven out with nine shards live today interacting with 100% uptime.

So behind all of that, the fees question that you're asking,

This is not necessarily a bug, but it is not the predominant source of value accrual.