NEAR Capture Ledger tests a falsifiable question: can NEAR Intents value capture (buybacks plus gas burn) outgrow NEAR token issuance, and how far is the network from that point? Most token analyses argue for or against a thesis. This one publishes the calculation so anyone can re-run it. Every number on the dashboard traces to a file in the repo, listed in a manifest with its SHA-256, the BigQuery query and the block_date range, and a test recomputes the headline figures independently. The outputs are a coverage ratio (buyback plus burn value over gross issuance, per day and over 30 and 90 days) and a break-even daily Intents volume. For the 30 days to 2026-10-31, the ratio is 12 cents per dollar of new NEAR issued, and break-even needs about 7.6x the average daily Intents volume. NEAR is both the subject and the infrastructure: the data comes from NEAR mainnet on BigQuery and the NEAR Intents Explorer, and the SHA-256 of the snapshot manifest is committed to a NEAR testnet contract, which shows the inputs existed no later than that block.
