NEAR Intents: The Future of Finance

Captions as YouTube publishes them, usually machine-generated, so product and people names can be misheard.

1. 0:09

   Good morning. Welcome to Nearon. Near intent started two years ago inside of Aurora and we've picked actually an absolutely different name for the project. Diffuse. There was an idea behind it and actually there were two reasons for it. We're living in a multi-chain world and it means that for years the only way how people were able to transfer assets in between the chains were centralized

2. 0:37

   providers. We wanted to diffuse this whole dynamics. We wanted to bring to people the solution that would allow them to transparently and verifiably move assets across chains in a decentralized manner. Second reason was just a word play diffuse. Defuse definitely useful defy useful something like that. We wanted to build a solution that from the UI perspective is going to be very very

3. 1:10

   similar to the existing financial applications. something that is simple to use, something that is not forcing you to think about stuck transactions, uh gas tokens and many many different complicated aspects of the blockchain. So, did we deliver on that promise?

4. 1:30

   Neur was launched in production in November 2024 and since since then it became the fastest growing crosschain protocol. Our smart contracts process more than 13 billion in 13 billion in assets transacted and out of these $2.7 billion over the last 30 days alone.

5. 1:54

   We are occupying right now approximately 35% of the crosschain market and we are the fastest and the biggest protocol for the crosschain swaps at the moment. [applause and cheering] We've processed more than 18 million swaps with over half a million users that have been using the protocol over the last 30 days. We've integrated 28 chains supported more than 125 assets and the largest distribution channels in the world including Ledger and Trust Wallet have integrated near intense inside of their own front ends.

6. 2:37

   protocol generated more than 23 million in fees for itself and its partners. Just recently, Avichel from Electric Capital who is going to be later today on the stage uh said that new intents could be the crypto stripe moment and I think he's right and I think we are delivering this.

7. 3:02

   Now, no good product can come without a sustainable economics. So, let's talk about protocol fees. Starting today, all of the new partners who are going to integrate with Near intents are going to receive the payouts in the Near token and existing partners are having the grace period to get to this point over the next couple of weeks.

8. 3:29

   This means that all of the fees that are generated are going to be be used to buy back near from the market and deliver it to the protocol and to the partners. For the swapping product alone, the fee structure or the current fee structure is the following. There is a flat 100s of a beep fee for all of the swaps. This is a protection against wash trading for the protocol. We don't want to see just numbers. That doesn't make any sense.

9. 3:59

   There is an additional 20 bips fee for the unauthorized partners that are using the protocol and for everybody for all of the distribution partners there is a 50% ref share of their own fees that are put in on top of the protocol fees and this is also going to the protocol.

10. 4:19

    We are evaluating additional fees for the swap product and we're designing systems for future products that are delivered by near intense too. But the idea behind all of these is straightforward. We would like fees to be very simple, very fair and make sure that every transaction improves near ecosystem.

11. 4:41

    I would like to give you a little bit of a perspective on all of these numbers. Currently, Near Intense is generating approximately 150,000 to $200,000 US in daily fees. This translates into approximately $65 million of fees within one year. All of this money is going to be used to buy back near to the token uh to to buy back near token. And in comparison, near protocol has emissions of near tokens and it is approximately 32 million near tokens per

12. 5:19

    year. At current prices, the buying pressure from near intense alone is twice as big as the emission of Neo tokens. Now our partners are usually integrating only the core feature of the near intense protocol with the which is the crosschain swaps and it's great because of these partners we are able to get to this scale so quickly but there are lots of innovations that are happening on the protocol level.

13. 5:58

    There are many features that should be surfaced to users and we believe that we need to create a definitive place, a new home for all of these features. That's why we've built near.com. This product is a complete rehaul of the existing near-intense.org website. So, if you have been using it, it means that you're an innovator. I congratulate you with this. But now it's time for us to switch to the early adopters with this new experience.

14. 6:33

    Near.com delivers all of the features existent uh on nearintense.org including crosschain swaps, private deals, and also gifts as well. It brings additional features that are available today. These are the history of your transactions and also a contact book that allows you not to make mistakes when you are sending assets to somebody else.

15. 6:59

    And we have lots of features that are underway and many of them are going to be released very very soon. One of them is yield. This is a solution that allows you to earn on top of your idle assets. Another one is the whole set of fight related features including on and off ramps, virtual bank accounts and cryptocard.

16. 7:24

    All of these things are needed for you to be able to move across fiat and also crypto assets seamlessly. We are also working with multiple RWA providers. So you would be able to access these assets directly on near.com. But the feature that I'm most excited about is AI assisted finance.

17. 7:47

    We are thinking about AI here as an universal interpreter that helps people to understand complex financial um terms easily and near's DCML decentralized and confidential machine learning is the right tool for us to use because your financial data is the most private asset that you have.

18. 8:15

    This use case is the reason why we have intense and near AI being built alongside one another. One account, no borders, your financial life on chain. This is not a tagline. This is what near.com delivers to you today. And uh since we are in SF there is one more thing I want to talk about and this is privacy.

19. 8:48

    Blockchains have been built since Bitcoin with the idea to bring censorship resistance and permissionless access to finance. And back then we didn't have any tools to be able to deliver these ideas privately. That's why public blockchains became a norm. They were the go-to approach on how to deliver these ideas.

20. 9:17

    And we thought that hiding behind hex addresses is good enough. But this is anonymity. It's not privacy. Anonymity means that nobody knows your name. Privacy means nobody knows your business. And today on public blockchains, everyone knows your business. All of your positions, all of your swaps, all of your transactions are publicly available to anyone who wants to look it look for it and anyone who wants to attack you. That's why having

21. 9:55

    everything in public space is a is a major risk vector. That's why people who are seeking privacy are getting it funny enough from centralized exchanges. That's the state of the market right now. We believe we can do much better than this and that's why we've developed confidential intents.

22. 10:20

    So here's how it works. Together with near core team, we've developed the near private chart. All of the information on this chart is encrypted and stored inside of the TE enclaves so that even the operators of these enclaves are not able to see this data.

23. 10:43

    So when you're moving your assets to the confidential layer, it means that all of your transactions there are becoming confidential. You don't share the amounts. You don't share the assets that you're interacting with. You don't share the counterparties that you're interacting with.

24. 11:03

    And even the information about you transacting on the private chart is confidential and not available to anyone except for yourself. Now privacy doesn't mean not sharing anything with anyone at any time. This is not very practical. Sometimes you need to prove things to other people to your auditors, to your counterparties or maybe to regulators.

25. 11:35

    That's why the system design includes publicly managed viewing keys with selective disclosure of the information. Phase zero of confidential intents or the first version first milestone of its development is available now on near.com only without any protocol fees.

26. 12:01

    Now with confidential intents near becomes a privacy solution to any crypto. You can move to the confidential layer, Bitcoin, ETH, soul and even near and you can privately transact there. But it's not only about confidential in intents in fact all near technologies amazing scalability to 1 million transactions per second subsend cost of execution of transactions extremely fast

27. 12:35

    finality with 1.2 2 seconds right now and sub half a second later this year is the technology that is available to all of the crypto. We don't want to fight with other blockchains. We want to unite them and enrich with our technology stack.

28. 12:59

    So let me bring it all together. Uh during Nearcon we announced three things. protocol fees, a sustainable economic model that is going to benefit near vertical with every single transaction. Near.com, a definitive front end that allows you to use near intense in the new way with great products like yield, fiat, and the most importantly AI assisted finance just around the corner. And last,

29. 13:31

    confidential intents, the practical privacy that can use that you can use today for any of your crypto assets. Two years ago, we started this project with a name and a promise making DeFi useful. And I think 13 billion later, we are delivering on this promise. And we're just getting started. Thank you.