NEAR token surges 78% as Intents volume nears $30 billion
In brief
- NEAR token surged 78.2% over seven days to $4.29 on Monday
- NEAR Protocol launched confidential deposits and withdrawals for perpetual futures trading
- NEAR Intents recorded $29.3 billion cumulative volume with Zcash integration
Confidential trading goes live
On Thursday, Near Protocol announced deposits and withdrawals for perpetual futures trading through near.com were now confidential by default. The feature obscures the link between a trader's funding wallet and a dedicated Hyperliquid trading account, shielding transaction details from public view.
The milestone triggered an incentive program. Near.com's confidential total value locked (TVL) had crossed $70 million, triggering the first snapshot under its [email protected] program. The program allocated 333,333 milestone tokens for the first distribution. Under the program's rules, those tokens unlock and convert to NEAR when its three-day volume-weighted average price reaches at least $3.33.
Intents and privacy convergence
NEAR Intents lets users request cross-chain swaps, with market makers competing to execute them. The infrastructure is drawing significant volume. The NEAR Intents Explorer showed about $29.3 billion in cumulative volume as of Monday, with $842 million recorded over the preceding seven days.
Privacy-focused Zcash wallet ZODL emerged as a major participant, becoming the third-largest referral source by volume over the preceding 24 hours and generating about $3.8 million across 458 transactions. A swap involving roughly $613,000 worth of ZEC was among the largest transactions displayed by the explorer for the preceding 24 hours.
Bitwise research analyst Camran Khosravi said Near and Zcash are "complements," arguing that Near gives ZEC holders confidential cross-chain infrastructure and access to liquidity.
Khosravi cautioned that NEAR Intents' TVL can rise when the price of ZEC already held within the system increases, even without new deposits. The dynamic means reported volume growth doesn't always reflect fresh capital entering the system.
Staking expands beyond trading
The confidential infrastructure extends beyond swaps. In July, NEAR AI introduced staking-based payments that let users stake NEAR to receive credits for confidential AI inference and agent hosting while retaining ownership of the underlying tokens. This model separates token utility from custody, letting holders earn yield without surrendering assets.
Frequently asked questions
Why did NEAR token price jump 80% in a week?
NEAR surged as the blockchain launched confidential trading features on near.com and reached $29.3 billion in cumulative volume on NEAR Intents. The broader crypto market also gained about 6% over the same period, providing tailwinds for the token.
What does NEAR's confidential trading feature do?
The feature obscures the link between a trader's funding wallet and their dedicated Hyperliquid trading account, keeping deposit and withdrawal details private by default. This shields transaction information from public view.
How do NEAR Intents work?
NEAR Intents lets users request cross-chain swaps, with market makers competing to execute them. This infrastructure has recorded $29.3 billion in cumulative volume and attracts participants like privacy-focused Zcash traders.
