this is what $NEAR has accomplished since its 2022 ATH: -shipped Intents: $33B+ in cumulative swaps across 36 chains -turned on the Intents fee switch, directing a portion of Intents revenue into $NEAR buybacks -shipped Chain Signatures so NEAR contracts can transact across other blockchains -upgraded sharding and cut block times to 600ms -launched Confidential Intents for private cross-chain swaps -launched NEAR AI Cloud and Private Chat -cut maximum annual inflation from 5% to 2.5% -completed the original token unlock schedule the argument has gone from “nobody uses it” to debating how much value all that usage captures. different fundamentals now

Thanks to everyone who joined us at The Langham in London last week, and to @NAVFundServices for co-hosting. Great conversations about the future of on-chain finance. Looking forward to the next one. @Langham_London

Lower highs on both timeframes? bittensor:native

Onchain equities could grow 1,000× from roughly ~$2.91B and still be under 5% of the S&P 500. The use cases are already here: tokenized stocks trading beyond market hours, SPY and TSLA tokens used as collateral, and 2,000+ stock tokens available to European and world investors. Extrapolate what this does to the protocols that facilitate this. $HYPE $NEAR $UNI $SOL $LIT

The cypherpunk dream has never been more real. You can deopsit $ZEC (unshielded) into $NEAR intents, fund a dedicated $HYPE account, trade perps on crypto and public equities with leverage and then exit to shielded $ZEC.

Number go up is the best marketing near:native

I’m hosting a small digital assets gathering in London with NAV Fund Services on October 6. If you’ll be in town and want to join, DM or email me. I’d be glad to send the details.

$BTC is an institutional asset at this point. Even $ETH. Part of the reason $ZEC and $NEAR feel so exciting, it’s a new day for crypto natives as the incumbents become the institution.

The Bittensor people remember from 2024 barely exists anymore. When solana:taoC6xyv2v8tDLcev4uaGUgV4vdQsWJrGft2kcBRrBY topped $700 in March 2024, there were roughly 32 subnets, emissions were allocated through Root validators, there were no subnet tokens and most activity revolved around miners competing for TAO. Today there are 128 subnets spanning inference, compute, coding, data, prediction and scientific research. dTAO created an internal capital market where holders can price individual subnets. Some teams are generating outside revenue and using it for buybacks. Daily TAO issuance has been cut in half, while ownership and institutional access are materially broader than in 2024. And the network is accelerating again. V440 makes emissions more selective, directs rewards toward subnets attracting real demand and lowers the economic barrier for new teams to enter. That clears the way for Bittensor to support more subnets without simply diluting the strongest ones. In 2024, TAO was primarily scarcity plus a vision. Today it is scarcity plus 128 competing AI markets, with capital actively searching for the ones creating real value. Same ticker. Completely different network.

Crypto is finally learning that every project does not need to rebuild the entire stack. Venice owns the user experience and base:0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf /DIEM economy while NEAR AI Cloud supplies part of its verifiably private inference infrastructure. L()NG builds markets like $AI/NVDA and $MOO/MU using Uniswap v4 and Doppler hooks, then layers stock pairings, fee-funded vaults and supply sinks on top. solana:3M6cMH5vxR8sHVGSMXUT4rYyLH1Z7UcQweVVerm8pump keeps its differentiated pair and basket-trading UX, analytics, agents and automation while routing execution into Hyperliquid’s order book. Its planned token migration to Hyperliquid spot and HyperEVM adds native distribution, composability and more efficient buybacks without Pear giving up what makes the product valuable. The application keeps the customer and differentiated product. The underlying protocol supplies compute, liquidity or execution and gains usage and volume. These are only a few examples. The onchain economy is starting to look less like isolated projects fighting to own every layer and more like specialized protocols making one another stronger. Crypto is finally becoming an economy, not a collection of islands.

The market is finally rewarding protocols where product usage creates direct value accrual for the token. Pear has processed nearly $1.8B in volume, generated over $1.1M in revenue and directs 70% of revenue to solana:3M6cMH5vxR8sHVGSMXUT4rYyLH1Z7UcQweVVerm8pump buybacks. Now the token is moving onto Hyperliquid, where much of that activity already occurs. Similar thesis to $DRV, but Pear is building the intelligent execution layer across venues rather than another standalone exchange. Real usage, transparent economics and a team that ships.

This is the bittensor:native flywheel beginning to close. Every Bittensor subnet is effectively its own AI startup. Owning TAO gives you broad exposure to an entire ecosystem of them. When subnets generate real customer revenue, use it to buy back alpha and burn excess emissions, they create scarcity inside a market denominated in TAO. BlockMachine is now using paying customer revenue to buy back alpha, has burned its 67.7 TAO reserve, and is working toward offsetting 100% of miner emissions. This is what matters: real AI products generating external revenue and converting it into sustained token demand. As more subnets do this, TAO begins to look less like a speculative L1 and more like the reserve asset for an index of productive AI businesses.

Here is what near:native has built: -NEAR Intents has processed $19B in volume, letting users specify the outcome they want while competing solvers handle execution, routing, bridging and gas across 35+ chains and 150+ assets. -Its chain-abstraction stack is already integrated into Ledger, Brave, Infinex and THORSwap, making NEAR invisible infrastructure rather than another destination users must bridge into. -Venice AI ($VVV) actively uses NEAR’s confidential-computing infrastructure for private inference, processing prompts and outputs inside secure hardware environments so sensitive user data is not exposed. -The underlying chain has processed 5.4B transactions with 600ms blocks and 1.2-second finality. Dynamic sharding lets capacity expand alongside demand. -A live Intents fee switch directing product revenue toward near:native buybacks, while 70% of base-layer transaction fees are burned. Both product adoption and network activity now accrue value to the token. Crosschain execution, private AI and token value accrual built on sharded infrastructure. Not your mother’s L1.

Crypto casuals are going to be increasingly discombobulated until they understand the 4 year cycles does not matter now. The best examples are the DeFi bear market in 2021 while bitcoin:native hit all time highs, and ripple:native hitting ATH in 2025 after 8 years.

Crypto casuals are going to be increasingly discombobulated until they understand the 4 year cycles does not matter now. The best examples are the DeFi bear market in 2021 while BTC hit all time highs, and XRP hitting ATH in 2025 after 8 years.

Almost completely out of ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 now. Waiting for spots to retvrn to hyperliquid:native

He really nailed it with the shielded supply increase. Particularly clean in 2022 when many things were deteriorating or collapsing. Shielded activity is zcash:native closest equivalent to product usage imo

Less than a week and it’s over $5. $LIT

-More Plasma One users = more card spending and stablecoin activity. -Cashback distributes $XPL to every spender, giving users ownership and turning customers into token holders. -Users can lock 20,000 XPL for Core or 100,000 XPL for Platinum for 12 months, removing tokens from liquid supply and unlocking better cashback/perks. Plasma locking rules⁠ -More network activity generates base fees that are permanently burned, while staking should eventually lock additional XPL. -It’s as if American Airlines paid AAdvantage miles in liquid American Airlines equity

Vertical accumulation after a massive cup and handle you say?