NEAR Protocol's token has surged 15% due to increased cross-chain activity and the successful launch of NEAR Intents.
The NEAR Protocol token has experienced a notable 15% surge within 24 hours, reaching a value of $2.8. This uptick is part of a broader trend that has seen the token nearly double in value over the past month, with an overall increase of 90%.
This growth is largely due to the successful deployment of NEAR Intents, a cross-chain system that facilitates transactions across different blockchain networks. Users can, for example, swap USDC on Ethereum for SOL on Solana, with the transaction process managed by third-party solvers.
As reported by DefiLlama, NEAR Intents has processed over $19 billion in transaction volume, generating around $32 million in fees. This surge in activity has reignited interest in the NEAR Protocol after a period of low price movement.
Arthur Hayes, co-founder of BitMEX, further fueled this momentum by referring to NEAR as part of crypto's "holy trinity" alongside Hyperliquid’s HYPE and ZEC in a recent social media post, indicating strong potential for future growth.
Earlier this month, NEAR's price rose by approximately 30% as investors turned their attention to tokens linked with artificial intelligence and blockchain infrastructure, driven by increasing institutional interest. The recently launched Bitwise NEAR Staking ETP in Europe has attracted about $40 million in assets under management, with a significant $7 million inflow reported in just one week.
Looking ahead, investors are closely watching an upcoming network upgrade set for June, which will introduce dynamic resharding. This enhancement is designed to automatically adjust network shards based on demand, potentially improving scalability during peak usage periods.
Despite the recent gains, NEAR's price is still considerably below its nearly $20 peak in 2022. As a layer-1 blockchain, NEAR focuses on applications, AI infrastructure, and cross-chain transactions, utilizing a proof-of-stake mechanism to facilitate high transaction volumes through sharding.
