1/ .@near_intents has already facilitated $700M+ of native $BTC outflow (per deposit-flow tracking). Deposit BTC → swap for X (incl. wBTC) → withdraw Y → go do Z. No bridge UX. No “wrap first, maybe later”. Just outcomes. 2/ And it’s not a one-off spike. This flow is already running at ~$100M/month and still climbing. That’s the part people miss: Intents isn’t multi-chain swaps… it’s BTC mobility. 3/ Now it gets spicy: .@rhea_finance is using Intents to make BTC-native collateral feel instant: Deposit from a BTC wallet → use it in a lending flow → borrow multi-asset / multi-chain. The UX wedge is simple: BTC holders want dollars, leverage, and yield — without learning 9 bridges. 4/ The obvious first market to eat is… wBTC. wBTC is still the default BTC collateral in DeFi, sitting around ~$12B market cap. If you can route native BTC into lending/borrowing without the mental overhead, you’re basically attacking the wBTC moat from the side. 5/ But the “endgame” isn’t just wrapped BTC users. It’s turning a slice of actual BTC into productive collateral through a single intent-driven interface. Bitcoin’s market cap is ~$1.94T right now. Even tiny percentages matter. 6/ Let’s do the back-of-napkin “builder” scenario: Capture 20% of wBTC collateral base → 0.20 × $12B ≈ $2.4B Capture 2% of BTC mcap as lending collateral → 0.02 × $1.94T ≈ $38.8B That’s ~$41.2B of collateral base you’re theoretically fighting for. 7/ Monetisation (the fun part): If you can capture 1bp (0.01%) on the flow you intermediate… At 1× annual turnover: $41.2B × 0.0001 ≈ $4.1M / year At 5× turnover (more realistic in active borrow/repay/refi loops): ≈ $20.6M / year 8/ pre tl;dr “good at UI + marketing” is the whole game. The winners will be the frontends that make BTC users feel like: “I deposited BTC and now I can pay my mortgage or borrow anything anywhere.” 9/ tl;dr wBTC is the beachhead (~$12B). BTC itself is the continent (~$1.94T). If you can ship + distribute, build on top of Intents & Rhea. Or just long NEAR + RHEA (NFA). Or do both.

If you’ve used .@rhea_finance lately, you’ve probably noticed: Near Intents is fully integrated into Rhea’s smart routing / order flow. Early, but trending up, Rhea has already routed ~$4M to Intents via its referral gateway: 1click-rhea. Dig into the breakdown: pikespeak.ai/intents Notable: over the past 30D, Rhea has already processed more Intents volume than Kyberswap and Infinex. Two things I’m watching as we head into 2026: * Turning on Intents referrals might become a bigger rev line than onchain swap contracts (?) * Rhea’s multichain lending (beta: beta.rhea.finance) unlocks solver JIT liquidity — borrow for minutes/hours to solve flows, repay, repeat. Capital efficiency accelerator.