NEAR Protocol's token has surged 15% in just 24 hours, reaching $2.8, and extending a month-long price increase that has seen it nearly double its value, rising 90% overall.

This increase is largely attributed to the successful operation of NEAR Intents, the protocol’s cross-chain system that allows users to execute transactions across different networks. For instance, it enables users to swap USDC on Ethereum for SOL on Solana, with third-party solvers handling the transaction process.

According to DefiLlama, NEAR Intents has facilitated over $19 billion in transaction volume and generated approximately $32 million in fees. This impressive activity has rekindled interest in the NEAR Protocol following a prolonged period of minimal price fluctuations.

The momentum was further boosted after Arthur Hayes, co-founder of BitMEX, referred to NEAR alongside Hyperliquid’s HYPE and ZEC as crypto’s “holy trinity” in a social media post, while suggesting that there is still significant potential for growth.

Near token price performance in last 24 hours (CoinDesk data)

Earlier this month, NEAR saw a rise of about 30% as investors shifted their focus back to tokens connected with artificial intelligence and blockchain infrastructure, amidst increasing institutional interest. The Bitwise NEAR Staking ETP, which launched in Europe, now has around $40 million in assets under management, benefitting from a $7 million inflow in just one week.

Looking ahead, investors are keenly observing an upcoming network upgrade scheduled for June, which will implement dynamic resharding. This upgrade aims to automatically adjust network shards based on demand, potentially enhancing scalability during peak usage times.

Despite the recent surge, NEAR's price remains significantly lower than its peak of nearly $20 in 2022.

NEAR operates as a layer-1 blockchain that emphasizes applications, AI infrastructure, and cross-chain transactions. It utilizes a proof-of-stake mechanism and positions itself as a platform designed to streamline interactions between various blockchains while managing high transaction volumes through sharding.

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