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Read from NEAR mainnet

Count the
small keys.
Not the accounts.

On NEAR, every transaction says which kind of key signed it. Apps and agents sign with scoped function-call keys; one-off transfers sign with the master key. Keytell tests, with a claim fixed on chain before the data, whether those small keys show real usage before account counts or price do.

0% 20% 40%+ of transactions signed by a function-call keyThe Key Wall: one key per week from 2022-W01, filled by the share of sampled mainnet transactions signed by a function-call key (darker is lower). Notched bows mark flagged episode weeks; outlined bows are out-of-sample weeks; dashed keys are weeks not measured yet.
Weekly share of transactions signed by function-call keys
WeekFC share95% intervalDAAWindow
2022-W0128.0%22.2% to 34.6%13,002early
2022-W0215.0%10.7% to 20.6%20,332early
2022-W0316.0%11.6% to 21.7%16,368early
2022-W0433.5%27.3% to 40.3%14,602early
2022-W0520.5%15.5% to 26.6%16,563early
2022-W0626.5%20.9% to 33.0%16,618early
2022-W0730.5%24.5% to 37.2%17,753early
2022-W0836.5%30.1% to 43.4%14,970early
2022-W0934.0%27.8% to 40.8%14,680early
2022-W1029.0%23.2% to 35.6%15,994early
2022-W116.5%3.8% to 10.8%115,306early
2022-W1225.0%19.5% to 31.4%31,381early
2022-W1320.5%15.5% to 26.6%13,728early
2022-W1424.0%18.6% to 30.4%13,791early
2022-W1520.0%15.0% to 26.1%17,590early
2022-W1616.5%12.0% to 22.3%18,581early
2022-W1714.0%9.9% to 19.5%16,131early
2022-W1813.5%9.4% to 18.9%16,190early
2022-W199.5%6.2% to 14.4%13,656early
2022-W2026.5%20.9% to 33.0%11,865early
2022-W2112.0%8.2% to 17.2%11,483early
2022-W2216.0%11.6% to 21.7%12,691early
2022-W2318.5%13.7% to 24.5%13,473early
2022-W2415.5%11.1% to 21.2%11,217early
2022-W259.0%5.8% to 13.8%12,473early
2022-W2619.5%14.6% to 25.5%9,799early
2022-W2723.5%18.2% to 29.8%11,898early
2022-W2817.0%12.4% to 22.8%12,365early
2022-W2915.5%11.1% to 21.2%9,032early
2022-W3018.0%13.3% to 23.9%8,709early
2022-W3119.0%14.2% to 25.0%10,740early
2022-W3221.0%15.9% to 27.2%11,746early
2022-W339.0%5.8% to 13.8%10,067early
2022-W3428.5%22.7% to 35.1%10,274early
2022-W3518.0%13.3% to 23.9%11,650early
2022-W3632.5%26.4% to 39.3%10,973early
2022-W3720.0%15.0% to 26.1%122,867early
2022-W3824.0%18.6% to 30.4%106,051early
2022-W3931.0%25.0% to 37.7%100,497early
2022-W4022.0%16.8% to 28.2%89,800early
2022-W4132.5%26.4% to 39.3%81,359early
2022-W4223.5%18.2% to 29.8%71,132early
2022-W4326.0%20.4% to 32.5%73,830early
2022-W4428.5%22.7% to 35.1%80,267early
2022-W4528.5%22.7% to 35.1%64,759early
2022-W4614.5%10.3% to 20.1%59,153early
2022-W4730.5%24.5% to 37.2%53,520early
2022-W4838.0%31.6% to 44.9%50,469early
2022-W4929.5%23.6% to 36.2%55,341early
2022-W5029.0%23.2% to 35.6%53,260early
2022-W5127.0%21.3% to 33.5%42,987early
2022-W5227.5%21.8% to 34.1%39,862early
2023-W0128.0%22.2% to 34.6%42,078early
2023-W0222.5%17.3% to 28.8%106,395early
2023-W0328.0%22.2% to 34.6%69,082early
2023-W0426.5%20.9% to 33.0%73,205early
2023-W0524.0%18.6% to 30.4%70,340early
2023-W0626.0%20.4% to 32.5%65,801early
2023-W0717.5%12.9% to 23.4%69,510early
2023-W0823.0%17.7% to 29.3%62,347early
2023-W0934.0%27.8% to 40.8%56,401early
2023-W1034.0%27.8% to 40.8%52,721early
2023-W1133.0%26.9% to 39.8%50,865early
2023-W1230.0%24.1% to 36.7%61,273early
2023-W1337.5%31.1% to 44.4%48,586early
2023-W1415.0%10.7% to 20.6%80,766early
2023-W1531.0%25.0% to 37.7%53,396early
2023-W1626.5%20.9% to 33.0%67,781early
2023-W1724.5%19.1% to 30.9%43,091early
2023-W1829.5%23.6% to 36.2%45,981early
2023-W1924.0%18.6% to 30.4%54,581early
2023-W2034.5%28.3% to 41.3%40,248early
2023-W2131.0%25.0% to 37.7%64,951early
2023-W2226.5%20.9% to 33.0%66,025early
2023-W2316.5%12.0% to 22.3%77,387early
2023-W2424.0%18.6% to 30.4%59,202early
2023-W2515.5%11.1% to 21.2%55,376early
2023-W2624.0%18.6% to 30.4%47,224early
2023-W2729.0%23.2% to 35.6%49,905early
2023-W2832.5%26.4% to 39.3%81,275early
2023-W2928.5%22.7% to 35.1%65,090early
2023-W3017.5%12.9% to 23.4%54,758early
2023-W3119.0%14.2% to 25.0%70,923early
2023-W3224.5%19.1% to 30.9%61,607early
2023-W337.0%4.2% to 11.4%54,991early
2023-W3412.5%8.6% to 17.8%57,987early
2023-W3515.5%11.1% to 21.2%234,063early
2023-W368.5%5.4% to 13.2%729,098early
2023-W377.5%4.6% to 12.0%655,002early
2023-W382.0%0.8% to 5.0%670,797early
2023-W395.5%3.1% to 9.6%681,684early
2023-W408.0%5.0% to 12.6%689,900early
2023-W414.0%2.0% to 7.7%684,424early
2023-W424.0%2.0% to 7.7%702,797in_sample
2023-W436.0%3.5% to 10.2%781,795in_sample
2023-W443.5%1.7% to 7.0%818,938in_sample
2023-W453.0%1.4% to 6.4%781,274in_sample
2023-W4610.5%7.0% to 15.5%815,980in_sample
2023-W473.0%1.4% to 6.4%885,833in_sample
2023-W4820.0%15.0% to 26.1%489,950in_sample
2023-W496.0%3.5% to 10.2%981,235in_sample
2023-W506.0%3.5% to 10.2%1,088,500in_sample
2023-W511.5%0.5% to 4.3%1,407,820in_sample
2023-W5225.5%20.0% to 32.0%1,192,110in_sample
2024-W0125.5%20.0% to 32.0%1,093,330in_sample
2024-W0215.0%10.7% to 20.6%1,098,120in_sample
2024-W036.5%3.8% to 10.8%1,111,210in_sample
2024-W043.5%1.7% to 7.0%1,296,990in_sample
2024-W053.5%1.7% to 7.0%1,204,280in_sample
2024-W063.5%1.7% to 7.0%1,145,010in_sample
2024-W071.5%0.5% to 4.3%1,140,900in_sample
2024-W083.0%1.4% to 6.4%1,259,170in_sample
2024-W090.0%0.0% to 1.9%1,323,210in_sample
2024-W102.0%0.8% to 5.0%1,264,190in_sample
2024-W114.0%2.0% to 7.7%1,214,190in_sample
2024-W123.5%1.7% to 7.0%1,313,920in_sample
2024-W134.0%2.0% to 7.7%1,520,320in_sample
2024-W145.0%2.7% to 9.0%1,464,190in_sample
2024-W158.0%5.0% to 12.6%1,736,830in_sample
2024-W167.0%4.2% to 11.4%1,787,500in_sample
2024-W175.0%2.7% to 9.0%2,021,780in_sample
2024-W189.0%5.8% to 13.8%1,838,410in_sample
2024-W1911.0%7.4% to 16.1%1,734,850in_sample
2024-W205.5%3.1% to 9.6%1,765,710in_sample
2024-W215.5%3.1% to 9.6%1,871,190in_sample
2024-W226.0%3.5% to 10.2%1,921,370in_sample
2024-W235.5%3.1% to 9.6%1,914,880in_sample
2024-W245.0%2.7% to 9.0%2,087,210in_sample
2024-W252.0%0.8% to 5.0%2,010,100in_sample
2024-W264.5%2.4% to 8.3%1,982,840in_sample
2024-W274.5%2.4% to 8.3%1,989,000in_sample
2024-W283.0%1.4% to 6.4%1,932,730in_sample
2024-W295.5%3.1% to 9.6%1,958,240in_sample
2024-W302.5%1.1% to 5.7%1,949,460in_sample
2024-W314.5%2.4% to 8.3%1,837,160in_sample
2024-W325.0%2.7% to 9.0%1,251,360in_sample
2024-W332.5%1.1% to 5.7%711,107in_sample
2024-W343.5%1.7% to 7.0%722,260in_sample
2024-W355.0%2.7% to 9.0%711,312in_sample
2024-W362.5%1.1% to 5.7%884,913in_sample
2024-W375.0%2.7% to 9.0%1,001,550in_sample
2024-W383.0%1.4% to 6.4%1,000,970in_sample
2024-W3911.0%7.4% to 16.1%1,011,900in_sample
2024-W404.5%2.4% to 8.3%1,017,870in_sample
2024-W411.0%0.3% to 3.6%1,011,590in_sample
2024-W422.0%0.8% to 5.0%1,029,110in_sample
2024-W433.0%1.4% to 6.4%972,618in_sample
2024-W441.5%0.5% to 4.3%933,387in_sample
2024-W452.0%0.8% to 5.0%955,492in_sample
2024-W462.5%1.1% to 5.7%963,416in_sample
2024-W474.0%2.0% to 7.7%822,127in_sample
2024-W483.0%1.4% to 6.4%890,381in_sample
2024-W491.5%0.5% to 4.3%896,231in_sample
2024-W502.5%1.1% to 5.7%953,221in_sample
2024-W513.0%1.4% to 6.4%913,797in_sample
2024-W521.0%0.3% to 3.6%935,045in_sample
2025-W012.0%0.8% to 5.0%914,572out_of_sample
2025-W024.0%2.0% to 7.7%897,878out_of_sample
2025-W031.5%0.5% to 4.3%882,843out_of_sample
2025-W040.0%0.0% to 1.9%871,772out_of_sample
2025-W050.0%0.0% to 1.9%842,682out_of_sample
2025-W063.0%1.4% to 6.4%835,483out_of_sample
2025-W071.5%0.5% to 4.3%825,023out_of_sample
2025-W082.0%0.8% to 5.0%623,417out_of_sample
2025-W093.0%1.4% to 6.4%520,982out_of_sample
2025-W102.0%0.8% to 5.0%519,827out_of_sample
2025-W116.0%3.5% to 10.2%499,716out_of_sample
2025-W122.0%0.8% to 5.0%496,360out_of_sample
2025-W131.5%0.5% to 4.3%526,385out_of_sample
2025-W142.5%1.1% to 5.7%516,546out_of_sample
2025-W151.5%0.5% to 4.3%454,943out_of_sample
2025-W162.0%0.8% to 5.0%473,012out_of_sample
2025-W173.0%1.4% to 6.4%466,418out_of_sample
2025-W183.0%1.4% to 6.4%437,588out_of_sample
2025-W193.0%1.4% to 6.4%420,349out_of_sample
2025-W200.5%0.1% to 2.8%427,617out_of_sample
2025-W211.0%0.3% to 3.6%439,285out_of_sample
2025-W222.0%0.8% to 5.0%377,588out_of_sample
2025-W233.0%1.4% to 6.4%373,789out_of_sample
2025-W241.5%0.5% to 4.3%362,286out_of_sample
2025-W254.0%2.0% to 7.7%347,803out_of_sample
2025-W261.0%0.3% to 3.6%334,665out_of_sample
2025-W271.5%0.5% to 4.3%328,875out_of_sample
2025-W284.5%2.4% to 8.3%329,361out_of_sample
2025-W292.0%0.8% to 5.0%343,457out_of_sample
2025-W301.5%0.5% to 4.3%341,131out_of_sample
2025-W319.5%6.2% to 14.4%341,886out_of_sample
2025-W321.0%0.3% to 3.6%335,151out_of_sample
2025-W330.5%0.1% to 2.8%338,416out_of_sample
2025-W343.0%1.4% to 6.4%330,601out_of_sample
2025-W351.0%0.3% to 3.6%322,141out_of_sample
2025-W362.0%0.8% to 5.0%308,281out_of_sample
2025-W373.5%1.7% to 7.0%303,712out_of_sample
2025-W384.0%2.0% to 7.7%291,326out_of_sample
2025-W394.0%2.0% to 7.7%291,667out_of_sample
2025-W401.0%0.3% to 3.6%286,244out_of_sample
2025-W413.5%1.7% to 7.0%278,713out_of_sample
2025-W423.0%1.4% to 6.4%274,189out_of_sample
2025-W433.5%1.7% to 7.0%266,145out_of_sample
2025-W443.5%1.7% to 7.0%261,429out_of_sample
2025-W451.5%0.5% to 4.3%247,027out_of_sample
2025-W463.5%1.7% to 7.0%253,747out_of_sample
2025-W473.5%1.7% to 7.0%239,620out_of_sample
2025-W482.5%1.1% to 5.7%228,583out_of_sample
2025-W495.0%2.7% to 9.0%228,440out_of_sample
2025-W503.5%1.7% to 7.0%217,179out_of_sample
2025-W512.0%0.8% to 5.0%260,001out_of_sample
2025-W522.0%0.8% to 5.0%211,886out_of_sample
2026-W012.0%0.8% to 5.0%193,717out_of_sample
2026-W021.0%0.3% to 3.6%187,987out_of_sample
2026-W034.5%2.4% to 8.3%171,475out_of_sample
2026-W046.0%3.5% to 10.2%171,026out_of_sample
2026-W054.0%2.0% to 7.7%171,098out_of_sample
2026-W061.0%0.3% to 3.6%266,534out_of_sample
2026-W073.0%1.4% to 6.4%386,015out_of_sample
2026-W083.5%1.7% to 7.0%293,000out_of_sample
2026-W094.0%2.0% to 7.7%154,121out_of_sample
2026-W102.5%1.1% to 5.7%147,752out_of_sample
2026-W113.0%1.4% to 6.4%148,074out_of_sample
2026-W125.5%3.1% to 9.6%141,127out_of_sample
2026-W132.0%0.8% to 5.0%137,632out_of_sample
2026-W143.5%1.7% to 7.0%135,110out_of_sample
2026-W1512.5%8.6% to 17.8%132,721out_of_sample
2026-W1612.5%8.6% to 17.8%131,582out_of_sample
2026-W1710.0%6.6% to 14.9%125,549out_of_sample
2026-W1813.5%9.4% to 18.9%123,128out_of_sample
2026-W1918.0%13.3% to 23.9%125,665out_of_sample
2026-W2016.5%12.0% to 22.3%118,015out_of_sample
2026-W2111.0%7.4% to 16.1%120,506out_of_sample
2026-W229.0%5.8% to 13.8%117,987out_of_sample
2026-W239.0%5.8% to 13.8%116,473out_of_sample
2026-W248.0%5.0% to 12.6%113,574out_of_sample
2026-W2515.0%10.7% to 20.6%112,158out_of_sample
2026-W2611.5%7.8% to 16.7%109,055out_of_sample
2026-W2719.5%14.6% to 25.5%105,851out_of_sample
2026-W2817.5%12.9% to 23.4%100,300out_of_sample
2026-W2913.5%9.4% to 18.9%89,398out_of_sample
2026-W3012.5%8.6% to 17.8%87,743out_of_sample
2026-W3113.5%9.4% to 18.9%84,481out_of_sample
2026-W3214.5%10.3% to 20.1%82,885out_of_sample
2026-W3319.5%14.6% to 25.5%81,417out_of_sample
2026-W3411.0%7.4% to 16.1%80,639out_of_sample
2026-W3517.0%12.4% to 22.8%79,447out_of_sample
2026-W3620.5%15.5% to 26.6%76,377out_of_sample
2026-W3721.0%15.9% to 27.2%69,898out_of_sample
2026-W3818.0%13.3% to 23.9%50,758out_of_sample
2026-W3911.0%7.4% to 16.1%57,605out_of_sample
2026-W4017.0%12.4% to 22.8%102,515out_of_sample
2026-W4115.0%10.7% to 20.6%92,103out_of_sample
2026-W4222.0%16.8% to 28.2%55,719out_of_sample
2026-W4315.5%11.1% to 21.2%51,600out_of_sample
2026-W4418.5%13.7% to 24.5%49,981out_of_sample
2026-W4529.5%23.6% to 36.2%73,280out_of_sample
BigQuery · crypto_near_mainnet_us · through 2026-11-08Reading the ledger--:--:-- UTC

Monday, 07:40, Lagos

“Is anyone actually using NEAR, or is it bots and airdrop farmers?”

Tolu Adeyemi, a research analyst at a crypto fund, has twenty minutes before the investment committee. Every dashboard Tolu can open shows daily active accounts and price. Both are cheap to fake: one script makes a thousand accounts, one post moves price. Keytell gives Tolu a claim that was fixed before the data, the evidence for and against it, the SQL behind every chart, and a memo to sign.

The backtest verdict

The claim did not hold

Out-of-sample gain over 94 weeks: function-call keys -5.1%, DAA -3.6%, price -5.5%. Positive means a smaller forecast error than an AR(2) baseline.

Signed by a function-call key

29.5%

of sampled mainnet transactions in 2026-W45, interval 23.6% to 36.2%.

Cost to rebuild the census

179.7 GB

scanned on BigQuery, about $1.02 at the on-demand price (inside the free monthly terabyte). The key sample needs no account at all.

Who signs NEAR transactions

The key mix, week by week, classified at signing time.

In 2026-W45, 29.5 percent of sampled mainnet transactions were signed by a function-call key (95 percent interval 23.6 percent to 36.2 percent); 35.5 percent were meta transactions relayed for a user.

0%25%50%75%100%2023-012024-012025-012026-01Function-call keyMeta tx (relayed)Implicit accountFull-access key
Source: 60 random blocks and 200 random transactions per week from the FastNEAR block archive; keys read by view_access_key (now, or at the block before signing). Meta transactions are classified by the user's inner signature and shown hatched.

Was it pre-registered?

Registered on NEAR, observed by an app key, resolved by anyone.

1

Register

The claim, its metric and outcome, the comparator, a 50 percent threshold and the SHA-256 of the method and of every SQL and analysis file were written to ledger.keytell.testnet at 2026-11-13T18:17:43.113Z, before any out-of-sample query ran. The ledger holds 0 access keys: nobody can edit it.

Registration transaction

2

Observe

Each forward week a crank posts the three forecast errors with the hash of the file they came from. It signs with a function-call key limited to post, the kind of signature the thesis counts.

See the crank's key and every post

3

Resolve

After 2027-02-08 anyone may call resolve. The contract counts winning weeks against the registered threshold and freezes the result. Time left: --.

Check it from the chain

What would change our mind

The conditions were written down first.

Each of these is a control in the registered method. If one breaks the result, the page says so.

  • If DAA or price forecasts USDC volume as well

    The pass rule needs function-call activity to beat both, with both bootstrap intervals below zero.

  • If the signal is a few apps

    Rerun without the ten most common function-call scopes and without the ten busiest signers.

  • If it is relayers, not people

    Rerun with meta transactions counted as function-call, as full access, and left out.

  • If it is timing luck

    1,000 shifted placebos; the real gain must beat 95 percent of them.

  • If unread keys hide the answer

    Rerun with every unknown key counted each way.

  • If the next twelve weeks disagree

    The forward claim on chain resolves without us, from posted weeks.

  • See every control and how it came out