$NEAR Protocol | Great Discussion on Rollup Check out one of the better discussions covering NEAR and its impact on this market cycle w/ @Matt_Hougan, @sal_ternullo, and @robbieklages who discuss why Bitwise launched $NRR, and how the repricing may only be starting. Key takeaways: 1. Product Market Fit | AI Free Call Option - Intents revenue justifies valuation - AI vision "comes along free for the ride" - Agentic economy heating up - Recent @Muse launch - @OpenAI DOTS release 2. Couple Weeks Late | Many Years Early - Wanted investors to catch more of the move - Crypto-native AI investors already get it - Wealth advisors are just starting to 3. Private Inference | AI wedge - NEAR facilitates private inference - Can prove no operator sees prompts - OpenRouter launch = market catalyst - NEAR agentic token consumption growth 4. Tokenomics Improving | Supply Tightening - Emissions halved 5% to 2.5% last October - New proposal: 1.6% over two years - Intents buybacks live; AI fee switch next 5. Current Cycle | Bull Market Differentiated - Bottom was in June - 130% dispersion across Top 20 (30d) - Fundamentals winning - Zombie chains fading 6. Q4 Momentum | Wirehouse Wave - Retail first, institutions follow - Expect significant ETF inflows this quarter *Our math on point 4: - Buybacks: ~17k NEAR/day - Covers ~19% of issuance at 2.5% - Covers ~30% at 1.6% Thanks for a great discussion, lads - definitely worth the full listen; available below.
