NEAR Token Surge Accelerates as Cross-Chain Activities Drive Additional 15% Increase
The surge is driven by NEAR Intents, the cross-chain framework that has handled over $19 billion in transactions and accrued $32 million in fees.
What to know:
— NEAR token rose 15% in the last 24 hours to reach $2.8, continuing a month-long ascent that has nearly doubled its value (up 90%).
— The surge is driven by NEAR Intents, the cross-chain framework that has handled over $19 billion in transactions and accrued $32 million in fees.
— Investors are looking forward to a network upgrade in June that will implement dynamic resharding, automatically splitting network shards to enhance scalability.
The NEAR Protocol’s token increased by 15% in the past 24 hours, reaching $2.8 and extending a month-long surge that has resulted in the token’s price doubling in that timeframe.
This uptick comes in light of the success of NEAR Intents, the network’s system for cross-chain transactions. This feature allows users to initiate a specific outcome, like exchanging USDC on Ethereum for SOL on Solana, while third-party solvers manage the transaction seamlessly.
According to DefiLlama data, NEAR Intents has processed over $19 billion in total volume and generated approximately $32 million in fees. These statistics have sparked renewed interest in the protocol after a period of stagnant price movement.
The surge gained additional momentum after BitMEX co-founder Arthur Hayes referred to NEAR, Hyperliquid’s HYPE, and ZEC as crypto’s “holy trinity” in a social media post, indicating that there’s still a “long way to go” in its rally.
NEAR experienced a roughly 30% increase as traders shifted their focus back to tokens associated with artificial intelligence and blockchain infrastructure earlier in the month, alongside growing institutional interest. The Bitwise NEAR Staking ETP listed in Europe has seen its assets under management rise to about $40 million, following $7 million in inflows in just one week.
Investors are also keeping an eye on the forthcoming June network upgrade, which will introduce dynamic resharding. This update is intended to automatically divide network shards as demand escalates, potentially enhancing scalability during peak usage periods.
Despite the recent upswing, NEAR is still significantly below its peak of nearly $20 reached in 2022.
NEAR is a layer-1 blockchain aimed at applications, AI infrastructure, and cross-chain transactions. The network operates on a proof-of-stake model and positions itself as a platform designed to streamline interactions across blockchains while managing high volumes of activity through sharding.