Arthur Hayes says $NEAR could eventually become deflationary thanks to NEAR Intents and the Zcash integration. ➝ This could work, but only if NEAR burns 100% of the NEAR collected as revenue. NEAR has two revenue streams with different supply impacts: 1) Protocol-level fees (gas fees) 2) Product revenue from NEAR Intents (and other products like NEAR AI) "Protocol fees" have a direct burn mechanism: ➝ 70% of base fees are burned "Product revenue" works differently. Product revenue can fund buybacks, staking, locking, or other supply-impact strats, but this depends on governance. It is not an automatic 100% burn. Current situation: ➝ Annual inflation is now 2.5% ➝ Daily revenue currently = 14% of daily emissions ➝ Since January 1, 2026, NEAR captured around 1.6M NEAR in revenue ➝ Over the same period, cumulative emissions reached around 11.4M NEAR ➝ Only around 186K NEAR came from protocol-level fees. 70% of that equals 130,005.68 NEAR burned (approx. 1% of total emissions). TLDR: a) If NEAR burned 100% of all revenue like Hyperliquid, usage would need to grow by roughly 7x from here to reach neutral emissions. Very doable, especially if Zcash becomes more popular - Near intents has been integrated by many partners, so the number could go up fast once onchain activity heats up. b) If NEAR keeps burning only 70% of protocol-level fees, usage would need to grow by roughly 100x to reach neutrality. (hard) The deflationary scenario has a path, but it’s a hard one right now. Source for dashboard: revenue.near(.)org