Epoch Ledger · NEAR HACKATHON · Investment Thesis

Who pays for NEAR's security?

Every epoch NEAR mints new tokens to pay validators. This page measures, from block headers, how much is minted, how much users burn in gas, and how much NEAR Intents revenue buys back. The long-term case for NEAR is that the last number catches the first.

The ledger

Minted and burnt NEAR are read from total_supply in block headers at the first and last block of every epoch. USD figures use the NearBlocks daily price. Intents volume and revenue come from DefiLlama and are third-party data.

Run the model yourself

Same formulas as ledger/model.py. Issuance is fixed in NEAR and the buyback is fixed in dollars, so a higher NEAR price makes the gap harder to close.

Issuance offset
burn plus buyback, share of issuance
Net dilution
annual supply growth holders bear
Break-even volume
per day, at this price and capture
Years to break even
Bar: share of issuance offset, capped at 100%.

Claims, checked on every run

Each sentence below is generated from the data and carries a test. python run.py exits with an error if any test fails.

What would change the view

These are the results that would retire the thesis. They are evaluated against the same data.

Sources and limits

Limits: the buyback is taken from DefiLlama's reading of NEAR's revenue accounts. It is checked against the on-chain NEAR balance of those accounts (claim C15) but not re-derived trade by trade. Bought NEAR is held, not burnt, so it lowers float, not supply. Price, transactions and active accounts come from an indexer. Nothing on this page is investment advice.