$NEAR crossed $20b in cumulative intent volume with 50% of all swaps now routing through confidential execution. $76m annualized fees, bitwise S-1 filed for a spot ETF, quantum-resistant signatures shipping this month. but pull the hood up and 93.6% of transaction volume comes from 2 entities. $HOT Wallet at 66.4%, Kaikai at 27.7%. if that concentration doesn't distribute over the next 60 days, the $20b volume headline is a facade over a two-player game. watch wallet distribution, not cumulative volume.