NEAR Protocol Token Soars 80% Amid Record Intents Trading Volume Approaching $30 Billion
The Near Protocol network enhanced privacy capabilities for its users while NEAR Intents achieved a cumulative trading volume of $29.3 billion, incorporating exchanges with Zcash.
The native cryptocurrency of Near Protocol experienced a remarkable surge of nearly 80% throughout the previous week, significantly outperforming the broader cryptocurrency marketplace as the blockchain network rolled out enhanced privacy-oriented trading capabilities.
During Monday's trading session, NEAR was changing hands at approximately $4.29, representing a weekly increase of roughly 78.2% and a 24-hour gain of 22%, based on data from CoinGecko. The aggregate market capitalization across all cryptocurrencies climbed approximately 6% during the same seven-day timeframe.
Last Thursday, Near Protocol announced that deposit and withdrawal operations for perpetual futures trading conducted through near.com had become confidential as a default setting. According to Near, this functionality conceals the connection between a user's primary funding wallet and their designated Hyperliquid trading account.
During that same Thursday announcement, Near Protocol revealed that the confidential total value locked (TVL) on near.com had surpassed the $70 million threshold, initiating the initial snapshot within its NEAR@3.33 incentive initiative. This milestone triggered the allocation of 333,333 tokens designated for the inaugural distribution. According to the program's framework, these allocated tokens become unlocked and are converted into NEAR once the cryptocurrency's three-day volume-weighted average price achieves a minimum of $3.33.
NEAR Intents reaches $29.3 billion in cumulative volume
The NEAR Intents platform enables users to initiate cross-chain swap requests, with various market makers competing against one another to fulfill these transactions.
Data from the NEAR Intents Explorer indicated approximately $29.3 billion in total cumulative trading volume, with $842 million recorded throughout the past seven days as of Monday. The privacy-oriented Zcash wallet platform ZODL ranked as the third-largest source of referral volume during the previous 24-hour period, contributing approximately $3.8 million through 458 separate transactions.
Additionally, a single swap transaction involving approximately $613,000 in ZEC value ranked among the most substantial transactions shown by the explorer during the preceding 24-hour window.
Camran Khosravi, a research analyst at Bitwise, characterized Near and Zcash as "complements," making the case that Near provides ZEC token holders with confidential cross-chain infrastructure alongside access to trading liquidity.
Khosravi also issued a word of caution, noting that the TVL of NEAR Intents has the potential to increase when the market value of ZEC tokens already residing within the system appreciates, independent of any new deposit activity.
The Near Protocol has additionally expanded its privacy-centric approach into areas beyond traditional trading activities. During July, NEAR AI unveiled a staking-based payment mechanism that permits users to stake NEAR tokens in exchange for credits applicable toward confidential AI inference operations and agent hosting services, all while maintaining ownership rights over their staked tokens.