Why build NEAR warehouse? What is NEAR doing? What are NEAR's expectations? Many people's impression of NEAR is still a few years ago: a fast and low fee L1 public chain. But now NEAR is no longer just the L1 that competes with ETH and SOL for users. Currently, NEAR focuses on Intents, cross chain, and AI agents. In plain terms, in the future, you don't have to worry about which chain your assets are on, nor do you have to research cross chain bridges and gas yourself. You just need to tell the system "what I want to replace with what", and leave the rest to it to complete. At this point, the value of ZEC comes out. ZEC addresses privacy, while NEAR addresses how assets flow and execute across chains. Now NEAR Intents has been integrated into ZEC, which means ZEC is responsible for making money more private, while NEAR is responsible for making money run between different chains. Looking further ahead, if AI agents really start managing assets, transactions, and payments for humans, they will need both cross chain execution capabilities like NEAR and privacy capabilities like ZEC. After all, no one wants to expose their funds, trading partners, or even trading strategies all on the chain. So now when I look at NEAR and ZEC, it's more like two pieces of puzzle that can complement each other: NEAR is redefining how chains interact with each other, while ZEC is addressing the increasingly important privacy issues in the on chain world. If AI agents+cross chain+privacy truly take off in the future, the intersection between the two may become increasingly significant. There is another more crucial question: What is the relationship between NEAR and the NEAR token after all the new things NEAR has done? The biggest problem with many public chains in the past was that the ecosystem was lively, but the money earned had little to do with the tokens. NEAR is currently changing this. Intents have already generated real revenue, and since February of this year, the captured Intents revenue has been used to repurchase NEAR in the market. That is to say, the more people Intents use, the more revenue the protocol captures, and the more funds are used to repurchase NEAR. This is what I think is the most important aspect of NEAR's recent changes. Meanwhile, NEAR is also strengthening the destruction process. Originally, 30% of the gas fees generated during the execution of smart contracts were refunded to developers. Now, through HSP-027, we are preparing to cancel this refund and allow all eligible execution gas fees to be included in the protocol for destruction. The code has been merged and is currently waiting for the main network to go live. So the current logic of NEAR has gradually become: Intents, cross chain, AI agent to grow → generate more real income → repurchase NEAR; On chain usage increases → Gas destruction increases. This is completely different from just talking about TPS and low transaction fees in L1 a few years ago. If the Intents, AI Agents, cross chain, and privacy lines really all come out in the future, and these revenues can continue to flow back to NEAR tokens, then the market will need to re value Near: Native.