NEAR Doubles in a Week as Intents Fees Drive 85% of Revenue

The striking detail is the mismatch between volume and fees: SwapKit generating 35% of Intents volume but 61% of fees suggests pricing power sits with a small set of routes rather than broad activity, while the inability to see originating wallets leaves the demand base opaque. Falling execution fees and burns alongside rising revenue point to a model where fee capture is consolidating even as unit costs drop. Whether that concentration persists — and whether the wallet-level blindness is a structural feature or a temporary gap — is the open question for anyone tracking how Intents revenue holds up.