Sal Ternullo

I would never call anything immune.

We live in a highly competitive marketplace, so nothing is immune.

I think you will see fee compression from the exchange feature be a competitive surface to near-intense and the take rates that can be realized through the system.

but I wouldn't look at it as purely a direct competitor to the protocol on these topics that we're talking about, scaling laws and block space costs.

Yeah, I mean, I think the biggest kind of like

popular project in the category that people perceive as a direct competitor, which I have different views on, is Layer Zero.

And so Layer Zero has done a great job.

And in many regards, obviously had issues recently in certain specific examples, but they would probably be like the largest competitor as we go to market on the near intense, go to market motion, the most commonly discussed project.

competitor.

And I even look at that where it's not direct.

It's not feature parity on both sides.

They offer slightly different trade-offs.

And I think Near Intents, just on a market capture basis, has proven its worth in the design choices that were made.

Yeah, that's a great point.

And I completely agree with you.

The structural change that Nira has gone through over the past two years has led to a place where right now, today, I view the asset network as misvalued, and it probably has a multiple towards the $4 to $6 billion FDV range that you're describing.

Tokens fully unlocked, there's no more vesting quiffs.

So I feel like today, right now, just based on fundamentals from intents with human interactions, we should be at that type of price point.

When you contemplate the scale of a billion or billions of agents interacting and this system being the most robust to serve that market as it grows in adoption scales, I think that's where you start to get the force multiplier on top of, okay, this is what the economics look like.

behind the token today with just human interactions and just the intense product vertical proving product market fit, now look towards the lead indicators that show you the opportunity around private, secure, user-owned AI and agents that will operate and transact at scale is when you start to get that force multiplier of, okay, if we have