{"id":"MKCQIFXq9hY","title":"[REDACTED] 2024 | NEAR and the Future of DeFi","description":"Harshit Tiwari lays out how NEAR will power the future of DeFi.\n\nHarshit Tiwari - NEAR Foundation\n\nTakeaways:\nEvolution of DeFi on NEAR: The NEAR ecosystem has undergone a transformation from a lackluster DeFi landscape to a vibrant one with significant growth. Over the past year, TVL (Total Value Locked) on NEAR has grown nearly fivefold, and native stablecoins have expanded by 20x, positioning NEAR as a more competitive platform within the DeFi space.\n\nChain Signatures for Cross-Chain DeFi: NEAR is buildin “chain signatures” to allow users to engage in DeFi activities with non-smart contract assets like Dogecoin, without needing to wrap or bridge assets. This aims to create a seamless, cross-chain DeFi experience, offering flexibility and expanding DeFi’s reach to previously inaccessible assets.\n\nNEAR Intents for Multi-Chain Flexibility: NEAR Intents introduce a multi-chain transaction framework, allowing smooth cross-chain transactions and off-chain actions. The framework’s highlight is account functionality that enables users to manage their entire NEAR accounts—including assets, reputation, and soulbound tokens—across chains, enhancing interoperability and usability.\n\nNative Ethereum Wallet Integration: Aurora Labs has enabled Ethereum-native wallets (like MetaMask) to log into NEAR dApps, reducing the friction for users and builders. This integration simplifies onboarding for Ethereum users, making NEAR a more accessible platform for developers and DeFi users.\n\nThe Future Vision for NEAR: The NEAR team envisions a future where trillions of AI-driven agents operate within NEAR’s DeFi ecosystem, managing billions of on-chain assets through millions of intents. This growth, fueled by thousands of developers, aims to establish NEAR as a key player in the fusion of DeFi and AI technology.\n\nNEAR is the Blockchain for AI\nWebsite: https://near.org/\nNEAR AI: https://near.ai/\nIntents: https://near.org/intents\nChain Abstraction: https://www.proximity.dev/\nSharding: https://nearone.org/\n\nFor the devs\nGitHub: https://github.com/near \nDev Docs: https://docs.near.org/\nDevhub: https://devhub.near.page/ @NEARDevHub\n\nConnect with socials\nTwitter:   / nearprotocol  \nBlog: https://near.org/blog/\nMedium:   / nearprotocol  \n#NEAR #nearprotocol #NEARAI","channel_name":"NEAR Protocol","published_at":"2024-11-12T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/MKCQIFXq9hY/hqdefault.jpg","transcript_text":"GM how's everyone doing day two I hope you had a good night's sleep enjoyed day one I'm very honored to be here um and talk about the future of defi on the year so day one was AI today it's all about defi um we'll hear from a bunch of Stellar speakers it's an actionpack agenda I'll keep it quick um so the title of our uh title of my talk here is the future of D um but let's first talk about the present state uh of D on near so the biggest critique we've had you know we we heard for a long time was that there was nothing exciting to do in the near ecosystem in terms of defi you know we were lagging behind other ecosystems uh Builders could not do anything unique uh we had like basic money Legos the slides here um we had nothing special frankly so what we did was we took some time went back to the drawing board we as in we collectively as an ecosystem and figured out what kind of Primitives we need to have uh What teams do we need to onboard um what sort of infra as well as consumer applications we need to have for all verticals um and so far we've not only made our money Legos more robust but we've onboarded a ton of new teams institutions alike and we've identified uh key weaknesses vulnerabilities that were uh uh that that we needed to fix and um you know here here we are at with uh a more robust defi landscape on near so we're laying the foundations of a thriving onchain economy on near the past 12 months were very exciting I'll let some numbers uh speak for themselves so um we had less than $100 million in tvl which wasn't great by any measure uh we're almost 5x now more than 5x um and then we had less than $35 million in natively issued stable coin now we have not only native usdt but usdc as well as fra on near and we have 20x our stable coin count on near can we have it for the near foundation and the ecosystem awesome thank you so much so our job's not done uh 700 million in stable coin uh we want to continue to uh grow these numbers uh not only for builders in the near ecosystem but unlock net new flows of value for all chains um and everyone in D5 now we've heard a lot about you know the future of D5 and and what we did in the past year but let me start with a quick question how many of you here own eth show off hands great as expected how many of you do defi with your e awesome now let's let's go to the more fun part how many of you own Doge here rookie numbers trumps Trump just won we need more hands okay cool how many of you would be interested in doing D5 with your Doge great so that's the future we envision uh that will be unlocked with chain signatures where without wrapping assets without bridging assets users will be natively able to do defi with even non-smart contract assets so before proceeding um I'll play a quick video of what we've been working on with new teams in the near ecosystem these are teams which are not copy pasta or of you know just a compound Fork on near or an a fork on near these are net New Primitives built by solid Rockstar teams uh on near so let me play this quick video it's the new chain of traction cohort on near nine new teams building the future of cross chain D5 so we had a very sort of uninspiring defi landscape one year ago now we have not only these eight new teams but deep liquidity on the books users can plug into new use cases so to just give an example we have a variety of use cases such as native Bitcoin reaking liquid staking as well as cross chain derivatives cross chain Perpetual debt issuance cross chain lending cross chain swap cross chain margin like you you name it and the ecosystem now has it uh imagine the future uh of defi across uh the near ecosystem when once these teams launch on the main net so so the cohort has already uh launched officially as of today and these teams will be going through the cohort throughout winter and going into 2025 all of these teams will be on the main net uh you can expect a lot of cool stuff you can play with so this is what the future of D on near will look like uh in 3 to 6 months when all these teams launch so as you can see it's a star contrast to the first slide where we not only have more stable coins more uh money Legos but we have unique verticals Possible only on near powered by near intents and the liquidity layer that was unveiled yesterday and we have a bunch of these teams plugging into near intents the chain ofaction cheack and unlocking novel use cases net new flows of value for crypto so we have one special announcement as well um one major critique we've heard was well onboarding into the near ecosystem you know it it sucks you know we have no clear um differenti onboarding is hard so for D5 Builders to have easy access to the near ecosystem Aurora Labs which is a major contributor to the near ecosystem they spent eight months building something that no other layer one has we are as of today the only layer one outside of ethereum to have native ethereum wallets can we have it for our Labs so starting right now users can log into keyd Apps on near uh ref burrow you name it with all the wallets that are compatible with wallet connect uh you can log in with your metamask account uh it will be no different than your ethereum experience uh it nears just a chain like ethereum for you um and yeah have fun without even downloading a near wallet so let's do a quick recap of near intents um Alex discussed what the near intense Vision was what can be unveiled and then Elia uh give a definition give a high level explanation of uh you know how near intense uh will will be uh fundamental pillar in in building the future of AI as well so what are near intents uh for for those who uh are interested is it's a new multi-chain transaction framework for crypto wherein near intents will not only on board uh will not only enable a new way to transact across all chains seamlessly but also power offchain actions through a near smart contract uh the uh near intense team has been building a set of apis for for uh Builders to integrate a variety of front ends um and then use cases such as seamless multi-chain swaps of native assets across chains smart contract and non-smart contract alike uh and then the cool part here is the introduction of a concept called account F where users will be able to trade their entire near accounts with not only assets but things like reputation soulbound tokens um and everything that can be associated with that asset uh across any Chain by transferring uh the public Keys swapping uh on that and then we have a solare network now the cool part about the solare network for near near intense is it you know it won't just be humans but AI agents as well which will be Sol which can be solvers um executing intents uh onchain offchain Financial non-financial for users uh at at the speed of light um building the future of defi now quick uh note of gratitude um it's been an honor uh opening the day here and I want to acknowledge all the hard work that's gone into um building uh the cool D5 Primitives we have today is the culmination of what we what we were collectively working on for the past 12 months um now a glimpse into the future if we when we are able to successfully deliver uh what we are promising today Nia will be home to trillions of AI agents powered by billions of dollars of assets on chain enabled by millions of intents uh and built by thousands of Defi and AI Builders uh and having like and we'll have hopefully hundreds of unicorns on chain","transcript_synced_at":"2026-11-03T05:21:55.581Z","segments":[{"start_seconds":0,"text":"GM how's everyone doing day two I hope you had a good night's sleep enjoyed day one I'm very honored to be here um and","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=0s"},{"start_seconds":9,"text":"talk about the future of defi on the year so day one was AI today it's all about defi um we'll hear from a bunch of","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=9s"},{"start_seconds":18,"text":"Stellar speakers it's an actionpack agenda I'll keep it quick um so the title of our uh title of my talk here is","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=18s"},{"start_seconds":25,"text":"the future of D um but let's first talk about the present state uh of D on near so the biggest critique","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=25s"},{"start_seconds":33,"text":"we've had you know we we heard for a long time was that there was nothing exciting to do in the near ecosystem in terms of defi you know we were lagging","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=33s"},{"start_seconds":42,"text":"behind other ecosystems uh Builders could not do anything unique uh we had like basic money Legos the slides here","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=42s"},{"start_seconds":49,"text":"um we had nothing special frankly so what we did was we took some time went back to the drawing board we as in we","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=49s"},{"start_seconds":58,"text":"collectively as an ecosystem and figured out what kind of Primitives we need to have uh What teams do we need","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=58s"},{"start_seconds":65,"text":"to onboard um what sort of infra as well as consumer applications we need to have for all verticals um and so far we've","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=65s"},{"start_seconds":74,"text":"not only made our money Legos more robust but we've onboarded a ton of new teams institutions alike and we've","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=74s"},{"start_seconds":82,"text":"identified uh key weaknesses vulnerabilities that were uh uh that that we needed to fix and um you know","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=82s"},{"start_seconds":91,"text":"here here we are at with uh a more robust defi landscape on near so we're laying the foundations of a thriving onchain economy on near the past 12","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=91s"},{"start_seconds":100,"text":"months were very exciting I'll let some numbers uh speak for themselves so um we had less than $100 million in tvl which","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=100s"},{"start_seconds":108,"text":"wasn't great by any measure uh we're almost 5x now more than 5x um and then we had less than $35 million in natively","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=108s"},{"start_seconds":116,"text":"issued stable coin now we have not only native usdt but usdc as well as fra on near and we have 20x our stable coin","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=116s"},{"start_seconds":124,"text":"count on near can we have it for the near foundation and the ecosystem awesome thank you so much so our job's","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=124s"},{"start_seconds":131,"text":"not done uh 700 million in stable coin uh we want to continue to uh grow these numbers uh not only for builders in the","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=131s"},{"start_seconds":138,"text":"near ecosystem but unlock net new flows of value for all chains um and everyone in D5 now we've heard a lot about you","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=138s"},{"start_seconds":147,"text":"know the future of D5 and and what we did in the past year but let me start","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=147s"},{"start_seconds":153,"text":"with a quick question how many of you here own eth show off hands great as expected how","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=153s"},{"start_seconds":162,"text":"many of you do defi with your e awesome now let's let's go to the more","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=162s"},{"start_seconds":169,"text":"fun part how many of you own Doge here rookie numbers trumps Trump just won we need more hands okay cool how many of","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=169s"},{"start_seconds":177,"text":"you would be interested in doing D5 with your Doge great so that's the future we envision uh that will be unlocked with","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=177s"},{"start_seconds":186,"text":"chain signatures where without wrapping assets without bridging assets users will be natively able to do defi with","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=186s"},{"start_seconds":196,"text":"even non-smart contract assets so before proceeding um I'll play a quick video of","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=196s"},{"start_seconds":203,"text":"what we've been working on with new teams in the near ecosystem these are teams which are not copy pasta or of you know just a compound Fork on near or an","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=203s"},{"start_seconds":212,"text":"a fork on near these are net New Primitives built by solid Rockstar teams uh on near so let me play this quick","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=212s"},{"start_seconds":219,"text":"video it's the new chain of traction cohort on near","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=219s"},{"start_seconds":255,"text":"nine new teams building the future of cross chain D5","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=255s"},{"start_seconds":261,"text":"so we had a very sort of uninspiring defi landscape one year ago now we have","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=261s"},{"start_seconds":269,"text":"not only these eight new teams but deep liquidity on the books users can plug into new use cases so to just give an example we have a variety of use cases","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=269s"},{"start_seconds":277,"text":"such as native Bitcoin reaking liquid staking as well as cross chain derivatives cross chain Perpetual debt","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=277s"},{"start_seconds":284,"text":"issuance cross chain lending cross chain swap cross chain margin like you you name it and the ecosystem now has it uh","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=284s"},{"start_seconds":292,"text":"imagine the future uh of defi across uh the near ecosystem when once these teams launch on the main net so so the cohort","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=292s"},{"start_seconds":300,"text":"has already uh launched officially as of today and these teams will be going through the cohort throughout winter and going into 2025 all of these teams will","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=300s"},{"start_seconds":308,"text":"be on the main net uh you can expect a lot of cool stuff you can play with so this is what the future of D on","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=308s"},{"start_seconds":316,"text":"near will look like uh in 3 to 6 months when all these teams launch so as you can see it's a star contrast to the","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=316s"},{"start_seconds":323,"text":"first slide where we not only have more stable coins more uh money Legos but we have","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=323s"},{"start_seconds":330,"text":"unique verticals Possible only on near powered by near intents and the liquidity layer that was unveiled yesterday and we have a bunch of these","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=330s"},{"start_seconds":338,"text":"teams plugging into near intents the chain ofaction cheack and unlocking novel use cases net new flows of value for crypto so we have one special","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=338s"},{"start_seconds":347,"text":"announcement as well um one major critique we've heard was well onboarding into the near ecosystem","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=347s"},{"start_seconds":354,"text":"you know it it sucks you know we have no clear um differenti onboarding is hard so for D5 Builders to have easy access","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=354s"},{"start_seconds":363,"text":"to the near ecosystem Aurora Labs which is a major contributor to the near ecosystem they spent eight months building something that no other layer","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=363s"},{"start_seconds":371,"text":"one has we are as of today the only layer one outside of ethereum to have native ethereum wallets can we have it","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=371s"},{"start_seconds":379,"text":"for our Labs so starting right now users can log into keyd Apps on near","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=379s"},{"start_seconds":388,"text":"uh ref burrow you name it with all the wallets that are compatible with wallet connect uh you can log in with your metamask account uh it will be no","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=388s"},{"start_seconds":396,"text":"different than your ethereum experience uh it nears just a chain like ethereum for you um and yeah have fun without","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=396s"},{"start_seconds":403,"text":"even downloading a near wallet so let's do a quick recap of near intents um Alex discussed what the near intense Vision","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=403s"},{"start_seconds":411,"text":"was what can be unveiled and then Elia uh give a definition give a high level explanation of uh you know how near intense uh will will be","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=411s"},{"start_seconds":420,"text":"uh fundamental pillar in in building the future of AI as well so what are near intents uh for for those who uh are","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=420s"},{"start_seconds":427,"text":"interested is it's a new multi-chain transaction framework for crypto wherein near intents will not only on board uh","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=427s"},{"start_seconds":434,"text":"will not only enable a new way to transact across all chains seamlessly but also power offchain actions through","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=434s"},{"start_seconds":443,"text":"a near smart contract uh the uh near intense team has been building a set of apis for for uh Builders to integrate a","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=443s"},{"start_seconds":450,"text":"variety of front ends um and then use cases such as seamless multi-chain swaps of native assets across chains smart","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=450s"},{"start_seconds":457,"text":"contract and non-smart contract alike uh and then the cool part here is the introduction of a concept called account F where users will be able to trade","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=457s"},{"start_seconds":466,"text":"their entire near accounts with not only assets but things like reputation soulbound tokens um and everything that","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=466s"},{"start_seconds":473,"text":"can be associated with that asset uh across any Chain by transferring uh the public Keys swapping uh on that and then","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=473s"},{"start_seconds":481,"text":"we have a solare network now the cool part about the solare network for near near intense is it you know it won't just be humans but AI agents as well","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=481s"},{"start_seconds":490,"text":"which will be Sol which can be solvers um executing intents uh onchain offchain Financial non-financial for users uh at","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=490s"},{"start_seconds":499,"text":"at the speed of light um building the future of defi now quick uh note of gratitude um it's been an honor uh","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=499s"},{"start_seconds":507,"text":"opening the day here and I want to acknowledge all the hard work that's gone into um building uh the cool D5","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=507s"},{"start_seconds":515,"text":"Primitives we have today is the culmination of what we what we were collectively working on for the past 12 months um now a glimpse into the future","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=515s"},{"start_seconds":524,"text":"if we when we are able to successfully deliver uh what we are promising today Nia will be home to trillions of AI","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=524s"},{"start_seconds":531,"text":"agents powered by billions of dollars of assets on chain enabled by millions of intents uh and built by thousands of","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=531s"},{"start_seconds":540,"text":"Defi and AI Builders uh and having like and we'll have hopefully hundreds of unicorns on chain","url":"https://www.youtube.com/watch?v=MKCQIFXq9hY&t=540s"}],"youtube_url":"https://youtube.com/watch?v=MKCQIFXq9hY","url":"https://near-pedia.xyz/videos/MKCQIFXq9hY"}