Is NEAR becoming the signing and settlement layer for other chains, even while classic user activity falls?

Signing layer: Chain Signatures MPC contract v1.signer. Settlement layer: NEAR Intents intents.near. Counter-evidence (classic L1 activity, how concentrated signing is) is shown with the same weight as the evidence. Every chart names its source series; all numbers come from the files in data/derived.

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Tiles show the latest 30-day average, its change versus the 30-day average ending 364 days earlier (YoY) and versus the previous 30 days (MoM). Green and red only mark the sign of the change, not whether it is good for the thesis. YoY percentages on small or spiky bases can be very large; the base value is printed next to them.

Signing layer

Daily transactions touching v1.signer with 30-day average and the peak of that average. Source: daily.csv signer_txs, rolling30.csv signer_txs_30d.

What the sampled hour contains: share of decoded transactions whose first external call to v1.signer is sign (user or contract request) versus respond (MPC node answer). Source: sample_daily.csv sign_share, respond_share (12:00-12:59 UTC, one hour per sampled day).

Settlement layer

NEAR Intents daily volume in USD with 30-day average. Source: daily.csv intents_volume_usd, rolling30.csv intents_volume_usd_30d (DefiLlama; starts 2024-12-10, earlier days are missing, not zero).

NEAR Intents daily fees in USD (DefiLlama gross fees; starts 2025-05-10). Source: intents_fees_usd, intents_fees_usd_30d.

NEAR's net Intents revenue in USD per day (DefiLlama dailyRevenue: the part of Intents fees captured by NEAR; per DefiLlama it funds open-market NEAR buybacks since 2026-02-23). Source: intents_revenue_usd, intents_revenue_usd_30d; starts 2025-05-10 and is near zero until late 2025.

Transactions touching intents.near per day. Source: intents_txs, intents_txs_30d (FastNEAR). This series is spiky and a weaker signal than volume; causes of single-day jumps were not investigated.

Value capture

Intents revenue captured by NEAR versus NEAR L1 fees, USD per month, since 2025-05. Source: monthly.csv intents_revenue_usd, near_fees_usd_nearblocks. Revenue definition is DefiLlama's; L1 fees are Nearblocks'.

Classic L1 activity (counter-evidence)

NEAR transactions per day, whole chain. Source: near_txns, near_txns_30d (Nearblocks).

Daily active accounts. Source: active_accounts, active_accounts_30d (Nearblocks).

New accounts per day. Source: new_accounts, new_accounts_30d (Nearblocks).

NEAR L1 fees in USD per day, two independent providers overlaid (30-day averages; totals agree, daily values do not). Source: near_fees_usd_nearblocks, near_fees_usd_defillama.

Who signs

First external call to v1.signer, share of decoded transactions. Source: metrics.json sample.primary_v1_signer_method_mix.

Signature domain of sign calls. legacy_key_version_N = older argument format with no domain_id. Source: sample_domains.csv, summed.

Top callers of sign (predecessor account of the sign call), whole sample. Source: sample_callers.csv role sign_caller_predecessor, summed.

Distinct sign callers per sampled hour over time. A lower bound per hour; not a count of users. Source: sample_daily.csv distinct_sign_callers.

Signals to watch

Current values are computed in the browser from the derived files. Thresholds come from web/signals.json; a blank threshold means it has not been set yet. Ids are stable (S1 to S7).

IdSignalCurrent valueDetailThresholdStatus