$NEAR is betting it comes from machines. Agent to agent settlement, paid for by users who mostly do not exist yet. ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 is betting it comes from paper. Tokenised Treasuries and ETFs already sitting with BlackRock and Franklin. Same question sits under both: Who actually captures the flow? The chain the machines settle on. Or the wrapper the institutions already use. Future users. Or current allocators. One of these pools starts printing real fees first. Which one? Drop it below.
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