@sanicorus
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Nearvana
Joined April 2009
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Sanico retweeted
There are ton of new and old devs building on NEAR in the past couple of weeks. Building itself got easier too, so it's really about what to build and how stand out to get distribution.
Few ideas I wanted to share:
- AI Tamagochi - use @near_ai to run verifiable inference from prompt encoded onchain, have each character as NFT with some $NEAR attached that pays for it's inference, add gamification with feeding, dressing. Can add all kinds of things on top with battle arena, competitions, etc.
- Universal checkout widget - let any merchant/app to add "checkout" button that allows to pay via intents from whatever wallet and chain user has. Offer it to merchants, try to get it into Shopify.
- AI encyclopedia with prediction markets - instead of community curation, every fact becomes a perpetual truth seeking market (Augur style). The final pages are generated by AI based on current market understanding.
- Private OTC market using 'private deals' from NEAR Intents. Currently there is no way to find counter party unless you already know you are transacting with. Create a more open way to communicate what are deals open and allow people to fill them via NEAR Intents.
- "Never get liquidated" - manage positions via NEAR Intents to keep lending and perp positions to maximize interest while not getting liquidated
- Event registration where funds get escrowed and let the host to check in guests. If guests have showed up - they split all contributed funds (prev project was called Kickback). Make crypto side events signups reliable again, now across any chain and any asset.
- Code review that is fully private - agent that verifiably privately runs code review on private PRs using @near_ai - Company cap table + all instruments around it to raise funds, accept crypto and support banking
- Delta neutral anything - take spot + perp controlled via NEAR contract that manages it via NEAR Intents.
- Private trading where you sell your viewing keys for people to follow/copy trade. NEAR Intents confidential trading is all private and so one can have a social trading app where people sell "keys" for only select people to see. PnL can be publicly displayed so people can choose to buy-in.
- Private medical second opinion - medical frontend that e2e encrypts and sends your data to NEAR AI to get second opinion from AI in guaranteed private way. Use it in combination with crypto and fiat payments. Allow to have custom prompts in NFTs that people can use as a way to get better expertise out of agents.
- Private Granola - desktop app that uses @near_ai to do private transcriptions but keeps all your records with you (and encrypted with your key backups). Use $NEAR staking as an alterantive to pay subscriptions.
- AI benchmarking with private test sets. Submit harness (or new model in hosted privately in @near_ai) and evaluate on private tests sets and see results that are certified for given model and given hash of test set, without revealing any data.
Distribution:
- Engage @NEARLegion
- Make sure your app supports every wallet via @aurora Intent Connect, so user from any chain can engage with it without bridging/figuring out NEAR
- Engage other communities by cross pollinating
- Don't forget about Product Hunt & similar product distribution
- And ofc X
Sanico retweeted
The funds from the $3.8M NEAR Intents exploit have been returned, just one day later, and the investigation is closed.
Thanks to SHIELD, the AI security layer on Intents, along with some aggressive detective work, the Intents team identified the party responsible less than 24h after the hack, established communication, and got the funds back in full at 14:30 UTC today.
Thank you to @alexauroradev and the whole @near_intents team for this fast and clean resolution – as well as the broader @NEARProtocol ecosystem and SHIELD partners for the support and help. There’s been relentless work over the past 24 hours by so many people to make this right and it is a great testament to this community’s values and determination.
To echo Alex: for security researchers looking for exploits, we encourage you to use bug bounties. They exist for a reason.
At NEAR, we believe that privacy is a right, but not as a way to facilitate crime. Our technology is built to expand human agency and opportunity, not to facilitate criminal activity. The events of the last week have shown the value of SHIELD to find suspicious activity before things escalate too far, as well as to accelerate resolution so the vast majority of legitimate users are not affected. Confidentiality cannot come at the expense of lawfulness and I strongly believe it doesn’t have to.
We’ve learned a great deal from this incident and work is already underway to harden our security systems and further adapt to the changing cybersecurity landscape. AI may be accelerating exploits, but it can also help us defend against them. I hope our entire industry responds with vigilance and feels the same sense of urgency to work together.
The funds from the $3.8M NEAR Intents hack were sent back in full.
We are stopping the investigation.
Please use bug bounties instead of disrupting the services.
Sanico retweeted
The funds from the $3.8M NEAR Intents hack were sent back in full.
We are stopping the investigation.
Please use bug bounties instead of disrupting the services.
Sanico retweeted
Sometime in the next few years most transactions on the internet will be initiated by software acting on someone's behalf. I've been thinking about what money looks like when the buyer is a machine. So, I wrote about why NEAR is the money agents will choose:
svrn.net/news/near-money-age…
An agent has no tax bracket, no nationality, and no bank branch. What it needs from a monetary instrument is narrow. Finality it can verify, privacy it can rely on, security it can measure, and a supply schedule it can price without guessing what a committee might decide next year.
A machine will route around any asset that fails those tests. Instantly, at scale, forever. I still contend the networks that win the agentic era are the ones that take those tests seriously.
@NEARProtocol has already built the demand side. Chain Signatures for settlement on any chain. Confidential Intents for private execution. An Agent Market where agents bid, escrow, and get paid. @near_intents has settled $32B+ and cleared $1B in a single week.
Since February, that revenue buys $NEAR on the open market and removes it from circulation. And the bigger market is still ahead: private inference is meeting demand for confidentiality at exactly the moment businesses are asking for it.
The one piece that hasn't caught up is the monetary policy of the token. NEAR launched with 1B tokens. There are 1.3B+ today. At 2.5% issuance the network mints ~89,500 new NEAR every day, and 57% of supply isn't staked. A majority of holders pay for a transfer they don't receive.
So next week SVRN is bringing one change to a House of Stake vote.
Ramp max issuance from 2.5% to 1.6%, every epoch, over 24 months. Same 90/10 split. Guardrails can pause it, but can't reverse it. A permanence covenant so this is the final scheduled issuance debate.
Over six years that keeps ~66M NEAR from ever existing. The costs are real and they're in the piece, like yield moving from ~5.4% to ~3.4%. When NEAR halved issuance last October, the validator set grew from 342 to 413 anyway.
Phase 2 is the destination. I believe NEAR's issuance should eventually end. Fixed supply.
Every NEAR a permanent share of the network, which pays for what it needs out of what it earns. No oracle, no registry, no discretionary allocation. Mechanics to be designed with the community, in the open.
SVRN holds ~56M NEAR. This costs us roughly 855K NEAR a year in yield and creates no program we benefit from. I'll trade a revenue line for a balance sheet in the billions, built on an instrument no one can dilute by decision.
That is the sovereignty mission applied to money.
For Phase 1: read the proposal when it posts on @NEARGovernance, check the numbers, tell us where you disagree.
For Phase 2: join us. The agents are coming and they'll need money. Let's build the instrument they choose. Thanks to @ilblackdragon and the @NEARProtocol community for the discussion that shaped this.
Sanico retweeted
The first spot NEAR ETF in the US is live on NYSE Arca. Ticker NRR, from Bitwise, inception September 28.
The details that matter:
It stakes 100% of the NEAR it holds. The whole position goes to validators and the rewards go back into the trust.
So the share accrues. The fund holds 5.219207 NEAR per share today, and that number rises every epoch. Most crypto ETFs work the opposite way, where the fee is paid out of the asset and the per-share backing shrinks each year. The math after costs. NEAR staking runs around 5% gross, staking expenses take 33%, and the 0.75% sponsor fee is also paid in NEAR.
Supply. NEAR bought by the trust gets bonded to validators, not parked on an exchange order book. Redemptions wait for unbonding, a few epochs, so it is slow money in both directions.
Timing. NEAR supply is fully unlocked and inflation was cut to 2.5% per year. Inflows here do not have to absorb a vesting overhang.
Access. Advisors, brokerage accounts and retirement accounts can hold NEAR now without an exchange login or a wallet. That is a different buyer than the one this network has had for four years.
The future is NEAR.
Introducing $NRR—the Bitwise NEAR ETF—giving investors exposure to the emerging agentic economy.
$NRR is the first spot $NEAR ETP in the U.S. and offers in-house staking to maximize NEAR's ~5% staking rewards.*
Why @NEARprotocol?
↳ Built at the intersection of AI x crypto by foundational AI researchers: The team helped shape modern AI, and now they're building its transaction layer.
↳ Growing quickly: NEAR Intents has processed $32B+ in volume, up from under $1B a year ago.
↳ Designed for security: NEAR Intents settle cross-chain transactions through smart contracts to avoid the potential risks of centralized bridges.
↳ Made for scale: Transactions finalize in ~1.2 seconds and cost a fraction of a cent.
↳ Smart tokenomics: With a ~$6B market cap, NEAR's supply is fully unlocked, inflation was recently halved to 2.5% per year, and fees now fund buybacks.
Why in-house staking?
Staking in-house brings Bitwise's institutional expertise directly to NRR investing with transparency, security, and oversight.
As AI and crypto converge, the Bitwise NEAR ETF ($NRR) gives investors straightforward exposure to the network leading the charge.
Learn more at nrretf.com
Sanico retweeted
last cycle Solana ran on memes. launchpads brought the degens, degens brought the volume, and builders followed.
now launchpads are showing up on $NEAR, and the one that caught my eye is @nearlytrade. one transaction from ~0.16 NEAR and your coin trades on Rhea right away. no bonding curve, no graduation, no presale.
the real reason i like it: the four classic rug moves are closed at the contract level.
1. pull the liquidity. the whole 1B supply goes into a Rhea pool through a locker, and the locker has no function to withdraw it. its only call to the pool removes exactly 0 liquidity, which just collects the fees.
2. mint more. supply is minted once at launch and the token has no mint function. nobody holds a single token before the pool opens, not even the creator.
3. jack up the tax. rates are written into the token at launch, max 4% a side, and nothing can change them. no 99% sell tax honeypot.
4. freeze your wallet. the token has no freeze or blacklist function, so nobody can block your wallet.
what makes it stick: the locker and the tokens have no access keys. on NEAR that means nobody can sign for those accounts or swap their code. not the dev, not the nearly team.
what devs do get is 0.64% of every trade, paid out hourly, so their incentive is to keep the coin trading. Rhea takes 0.2% of every trade too, so meme volume feeds NEAR DeFi directly.
when DeFi is up, everyone wins and more builders come. $NEAR is the SOL of this cycle.
Sanico retweeted
Appreciate @near_intents / SHIELD for stepping up on the Bitget incident: flagged $50M+ in attempted laundering flows, froze $503k mid-execution, and waived their own bounty share so we can recover more.
This is what permissionless but not "facilitating known stolen funds" should look like. A public chain doesn't have to choose between being open and excluding hackers, you can build the risk detection in and still let anyone use the chain. More protocols should take notes.
We'll follow the appropriate legal and recovery process on our end. Thank you for showing up and this matters a lot, to Bitget and to our industry.
@AlexAuroraDev @ilblackdragon @NEARProtocol
The $NEAR ETF news is interesting, but the bigger story for me is what Bitwise is actually assuming behind its valuation model.
The Bitwise NEAR ETF is registered for NYSE Arca under NRR, with the fund designed to hold NEAR and potentially earn staking rewards.
Bitwise's 2030 model puts its base case around $155 and its higher scenario around $562.
Those are Bitwise's own scenarios, not guaranteed price targets.
But the assumptions are what caught my attention:
> 16B AI agents by 2030.
> 2% using NEAR infrastructure.
> 1K onchain transactions per agent.
> 30 bps captured by NEAR.
If even part of that plays out, NEAR stops looking like just another L1.
That's what I think people sometimes miss with NEAR.
The team has been building around AI agents, intents, interoperability and compute for a while.
So the thesis isn't simply “AI is coming, buy an AI coin.”
It's more about whether NEAR can actually become infrastructure that AI agents use to transact and interact onchain.
The ETF gives NEAR another route into traditional markets.
But IMO, the real test is usage.
If agents actually start using NEAR's infrastructure at scale, that's where the valuation story gets interesting.
Sanico retweeted
RHEA is powering native NEAR swaps inside Meteor App ☄️
Built on RHEA DEX Aggregator V2, a smart router that pulls liquidity from multiple LPs and handles token registration automatically.
Better rates, lower slippage, zero extra steps.
Why you need the Meteor App ☄️ if you're new to @NEARProtocol 👇
› The only wallet supporting NEAR quantum resistance
› NEAR chain swaps powered by @rhea_finance
› Cross-chain bridging powered by @near_intents
› $NEAR staking across every NEAR validator
› Explore the whole NEAR ecosystem from the Explore tab
› One-click access to NEAR and stablecoin yield
› The only wallet still actively serving 2.3M+ users natively on NEAR
› The wallet that provide you cash back on trades
Your receive address sits right at the top of the page once you create your account — as a simple .near name.
Visit meteorwallet.app to secure your account
Sanico retweeted
Your bank gives you proof of payment. Your crypto wallet gives you a hash.
near.com now gives you both.
Download a signed Proof of Transaction PDF. Anyone can verify it. No account needed.
We’re building the best modern financial app, hands down.
Sanico retweeted
Another reason NEAR Intents is growing this fast, and will keep growing.
MetaMask charges 0.875% on a swap. Phantom charges 0.85%. Binance charges 0.1%. People pay the wallet almost nine times more and do not argue, because moving to another wallet is painful. That fee is rent on switching costs, and Phantom alone has collected over half a billion dollars of it.
AI agents have no switching costs. They do not even need a wallet. An agent assembles and signs the payload itself, so the front end and its fee both go away.
What an agent cannot assemble is the rails. Liquidity, counterparties, settlement across chains. That leaves permissionless infrastructure. Deep liquidity, many chains, no account to open, no KYC.
NEAR Intents is an AI-native CEX backend you reach with a blockchain signature instead of a login, and that is the only kind of venue an agent can actually use.
Sanico retweeted
Half of the @zksnarks_ auction's volume settled through Aurora Intents.
$19M+ swapped cross-chain into ZEC. 1.2K new wallets. 8+ origin chains.
Half the bidders didn't hold ZEC going in. They didn't need to.
Sanico retweeted
Native @Zcash lending on RHEA is now easily accesible on your browser powered by @noir_wallet 🛡️
As the first browser extension wallet for $ZEC, Noir brings RHEA X Chain Lending & Perp right into its dashboard.
With just your Zcash wallet, you can:
→ Supply $ZEC as collateral and borrow assets on any network
→ Borrow $USDC against your $ZEC straight into your perp account (powered by @HyperliquidX )
Try it now 👉 app.zknoir.com
Sanico retweeted
if $NEAR ever reaches ETH’s market cap, that’s roughly $250 per coin - about 54x from here.
sounds ridiculous today. $ETH has far deeper liquidity, a much bigger ecosystem, and way more institutional capital behind it.
but the gap in what the chains can actually do is much smaller than the gap in valuation.
NEAR already covers the core primitives: smart contracts, DeFi, stablecoins.
then it adds things ETH doesn’t really have at the base experience level: private AI used by Venice and Brave, plus one account that can swap across 35+ chains.
and the pace matters.
ETH is still shipping too, but its biggest upgrade since the Merge slipped from H1 to Q4 and is still in testing.
NEAR has been shipping something new every couple of weeks since June. this week: tokenized stocks on near(.)com.
maybe NEAR never reaches ETH’s market cap. maybe it doesn’t happen this cycle.
but if the product gap keeps shrinking while the valuation gap stays this wide, that starts getting interesting.
Sanico retweeted
ZEC made the case that money should be private, and it was right.
Early on that was the whole ask: money you could hold and send without anyone watching. But the ecosystem grew. Now I want to borrow against my ZEC, trade perps, bid on prediction markets, earn on stablecoins, buy tokenized stocks. A shielded pool cannot reach any of that. There is no shared state to compute over, so private money there can only sit and move.
That is the gap NEAR fills. Its confidential shard and Intents let you do all of it while your balance stays private.
ZEC made money private. NEAR keeps it private once you put it to work.
Sanico retweeted
Ondo Stocks are now live on near․com and across @near_intents.
Buy and trade NVDAon, TSLAon, AAPLon and more using crypto from 30+ supported chains.
Sanico retweeted
How does the NEAR token actually benefit from Intents and NEAR AI?
> Intents feeds buy pressure. NEAR Intents has generated nearly $50M in fees and captured $1.84M of net revenue in the last 30 days, $560K of it in the last week alone. That revenue feeds buybacks that buy NEAR on the open market. It is not a promise and not an emission, it is a standing bid that grows as volume grows.
> NEAR AI turns holding into demand. Staking is being wired to inference: your staked NEAR pays for AI compute instead of sitting idle, so holding stops being passive and starts buying you intelligence. Its confidential compute already holds $100M in TVL, and every agent that runs on NEAR needs the token as fuel. AI usage becomes token demand.
> The bought-back NEAR is not burned. Burning only destroys the asset. Buying it back and locking it pulls near:native out of circulation and keeps it productive, earning and backing the network. Real scarcity comes from somewhere else too: a falling issuance rate and a path to a fixed supply cap. Burning tokens is a headline. Capping supply and capturing revenue is a machine.