NearQuery · NEAR hackathon, thesis track
Ask the chain. Show the work.
Is NEAR Intents becoming real cross-chain settlement, and does that create value for NEAR? Every figure below comes from public on-chain data and links to the query that produced it.
Intents looks like real infrastructure, but the data shows weak value for the token so far. Captured revenue annualizes to $26.2M, 0.43% of market cap; ten times today’s volume would be 4.3%. THESIS.md has the claim, the findings, the bear case and what would change our mind.
Daily volume, public on-chain
Leg-sum: both sides of every swap, the definition NEAR reports. Net swap volume is about half. Confidential Intents are not visible here.
Source · BigQuery public NEAR dataset (execution_outcomes, intents.near logs); prices from DefiLlama coins API. · 2026-01-01 → 2026-10-28
Every chart, with its query
Activity
Volume, intents, accounts- DailyOpen ↗Daily volume, public on-chainBoth sides of every public swap, in USD, per day.$70.0M2026-10-28
- DailyOpen ↗Intents per dayHow many distinct intents settle each day.40.9k2026-10-28
- DailyOpen ↗Average leg‑sum per intentAverage ticket size: volume divided by intents.$1.7k2026-10-28
- MonthlyOpen ↗Accounts are not usersHow many swapping accounts come back on a second day.0.22%Oct
Market structure
Solvers, flows, NEAR demand- MonthlyOpen ↗Solver concentrationHow much volume the largest solvers handle.32%Oct
- MonthlyOpen ↗Active solversHow many solver accounts are active each month.34Oct
- MonthlyOpen ↗User volume touching NEAR itselfHow much user volume has NEAR on one side.1.9%Oct
- WeeklyOpen ↗Implied confidential share, weeklyVolume that public events cannot account for, by week.39.1%2026-10-19
- Latest monthOpen ↗Top flows, latest full monthWhich chain pairs carry the most volume.Bar chart
Value capture
Revenue and buyback scenariosPublic events only. About 35% of reported volume does not appear in public events (implied to be Confidential Intents, but inferred, not measured), so on-chain declines can reflect migration. See METHODOLOGY.md for definitions and limits. DefiLlama’s raw series is deliberately not republished on this site.