Medici Level Up with Illia Polosukhin, Co-Founder of NEAR Protocol
In this episode of LevelUp, David and Sean sit down with Illia Polosukhin, co-founder of NEAR Protocol and co-author of the Transformer model. Illia shares his journey from AI research at Google to building NEAR, a blockchain designed to integrate artificial intelligence with financial infrastructure. The conversation covers NEAR’s architecture, Intents, chain abstraction, and the role of AI agents in commerce. Illia also addresses security risks, token dynamics, and how NEAR is positioning itself as a full-stack platform for coordinating digital and real-world resources.
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Key Points From This Episode:
[00:00:00] Illia on the growing security risks in software and AI-driven vulnerabilities
[00:00:53] Introduction to NEAR Protocol and overview of the episode
[00:01:21] NEAR token fundamentals, market positioning, and AI-focused thesis
[00:02:33] NEAR’s product stack including AI, Intents, and blockchain infrastructure
[00:03:29] Network metrics, fees, and value capture mechanisms
[00:05:21] Token supply dynamics and comparison to other layer one ecosystems
[00:07:01] Market performance and AI-driven narrative around NEAR
[00:08:46] Illia’s background in AI and role in developing the Transformer model
[00:12:16] NEAR’s vertically integrated vision: AI front end and blockchain back end
[00:14:43] Technical architecture: sharding, accounts, and chain abstraction
[00:20:58] Key applications including payments, trading, and financial infrastructure
[00:23:37] Traction in cross-chain trading and growth of Intents
[00:25:41] DeFi use cases including lending, borrowing, and yield aggregation
[00:27:44] Rethinking “native” activity in a chain-abstracted environment
[00:29:32] Fee structure and how Intents drive value to the NEAR token
[00:31:14] AI agents as primary users of blockchain infrastructure
[00:35:17] Competitive landscape across blockchain and AI ecosystems
[00:39:50] AI-driven cybersecurity risks and the rise of automated exploits
[00:42:56] Formal verification and mitigating smart contract vulnerabilities
[00:45:12] Separating real vs. speculative AI + crypto use cases
[00:50:18] Token supply, inflation reduction, and distribution maturity
[00:52:08] Path toward deflation through Intents and ecosystem growth
[00:54:15] Governance structure including House of Stake and validators
[00:57:52] Validator economics and impact of reduced inflation
[01:00:37] Key risks including cybersecurity, market dependence, and AI adoption
[01:03:28] Final thoughts on privacy, confidential transactions, and user adoption
Links:
The Medici Network: https://www.medici.network/
Podcast Site: https://levelup.medici.network/
NEAR Protocol: https://www.near.org/
Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham
Co-Hosts
David Grider, Finality Capital - https://x.com/David_Grid
Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell
Guests
Illia Polosukhin, NEAR Protocol
LinkedIn - https://www.linkedin.com/in/illia-polosukhin-77b6538/
X - https://x.com/ilblackdragon
Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/