Can $NEAR become ultrasound money? The case starts with what @NEARProtocol is building. It's trying to become the interface and execution layer for markets it doesn't need to own, moving from a chain to a hub to something closer to a superapp. One passkey account holds crypto, tokenised stocks and metals, funds from 30+ chains without a bridge, and trades $HYPE perps, so the user has very little reason to leave. The token comes into it through the fees. Since Feb, all NEAR Intents revenue buys $NEAR on the open market, while 70% of base-layer gas is still burned. Net both against issuance and $NEAR turns deflationary at roughly $177M in daily Intents volume, against a trailing average of about $77M when that threshold was modelled. The superapp is how that gap closes. Every swap, deposit and perp trade routed through the account becomes a bid for the token, so growing the product and tightening supply turn into the same job. ETH's ultrasound status depended on activity it later pushed out to L2s. NEAR's depends on volume growth and retention. I still think it's very possible, and privacy is why. Confidential balances give users something a cheaper aggregator doesn't, and volume that stays for privacy is stickier than volume that stays for price.