Key Highlights
- NEAR Protocol surged more than 45% over three days, reaching $3.45 by September 18
- The platform introduced confidential perpetual trading through Hyperliquid integration, concealing user positions from public visibility
- NEAR Intents enables deposits across 35+ blockchains while incorporating a privacy-focused layer
- A milestone incentive initiative called “Push to $3.33” locked 333,333 tokens, unlockable when NEAR’s 3-day VWAP reaches $3.33
- Over the last 30 days, NEAR Intents accumulated $5.01 million in total fees, with $1.58 million retained as net revenue
NEAR Protocol experienced a significant price surge, climbing from $2.34 on September 15 to $3.45 three days later on September 18ārepresenting a gain exceeding 45%. Daily trading volume spiked 120% to reach $1.24 billion within 24 hours, while the protocol’s market capitalization expanded from approximately $3.22 billion to $4.46 billion.
This explosive rally stemmed from several converging factors: new product rollouts, a carefully structured incentive mechanism, and genuine on-chain user engagement.
The protocol unveiled confidential perpetual trading functionality, utilizing Hyperliquid’s infrastructure. Traders can now establish leveraged positions with up to 40x leverage across more than 50 different markets, with transaction details shielded from public blockchain scrutiny by default.
User positions, entry points, and trading directions remain concealed within NEAR’s private shard architecture. External observers cannot track what assets users are trading, position sizes, or execution timing.
This infrastructure operates through NEAR Intents, a cross-chain trading protocol facilitating transactions across over 35 blockchain networks. Users bypass the need to manually transfer assets between different wallets before executing trades.
Cryptocurrency analyst MichaĆ«l van de Poppe weighed in on the price movement, stating the chart for $NEAR displayed strength and suggesting it was “just a matter of time” before NEAR hit $5, highlighting that the token was nearing a critical resistance threshold.
Milestone-Based Incentive Mechanism: The $3.33 Target
Near.com rolled out an incentive initiative dubbed [email protected], distributing 333,333 milestone tokens to participants maintaining over $100 in confidential accounts who executed at least one confidential swap.
These tokens remain non-tradable initially. They convert to NEAR tokens on a 1:1 basis exclusively when the three-day volume-weighted average price reaches or maintains $3.33. At that price point, the reward pool’s value stands at approximately $1.11 million.
This structure minimizes sell-side pressure. Unlike conventional airdrops, participants cannot immediately claim and liquidate tokens. The price must sustain the target level, not merely spike momentarily.
Large-Scale Transactions and Revenue Generation
On September 9, several previously inactive wallets reactivated, purchasing $33.37 million worth of ETH through CowSwap, subsequently converting 2,500 ETH into 6,601 ZEC via NEAR Intents. The service fee for this transaction totaled 16.75 ETH, approximately $42,000.
This transaction demonstrated substantial demand for NEAR’s privacy capabilities among institutional-scale traders seeking protection against front-running attacks.
NEAR Intents accumulated $5.01 million in aggregate fees during the preceding 30 days. The protocol retained $1.58 million as net revenue, generated through front-end fees, quote optimization, and partnership integrations rather than conventional gas fee structures.
On September 17, near.com verified that total value locked within Secret Mode surpassed $70 million, with the initial snapshot of the incentive program successfully completed.
Hyperliquid, the derivatives execution engine powering NEAR’s confidential trading features, processed approximately $240 billion in perpetual contract volume during the past 30 days. Additionally, Payward, Kraken’s parent entity, revealed intentions to deploy on-chain perpetuals through Hyperliquid for United States-based customers.
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