CoinDesk
NEAR Protocol's token climbed 15% over 24 hours to $2.8, extending a month-long rally that has nearly doubled the price, with the move gaining fresh momentum from surging activity in NEAR Intents, the network's cross-chain transaction system. DefiLlama data shows the product has processed more than $19 billion in cumulative volume and generated roughly $32 million in fees, drawing renewed attention to the protocol after months of sideways trading.
Why it matters
NEAR Intents lets users specify a desired outcome — swapping USDC on Ethereum for SOL on Solana, for example — while third-party solvers execute the underlying transaction, positioning NEAR as coordinator rather than liquidity provider. The $19 billion cumulative volume figure is the real validation: it signals real solver demand, not just speculative flow. The rally also caught a celebrity catalyst when BitMEX co-founder Arthur Hayes grouped NEAR with Hyperliquid's HYPE and ZEC as crypto's "holy trinity," telling followers there is a "long way to go" in the move.
Market impact
The June network upgrade introducing dynamic resharding is the next technical catalyst — automatically splitting network shards as demand rises, which could materially improve scalability under heavy load. Institutional demand is also visibly building: the Bitwise NEAR Staking ETP listed in Europe has grown to roughly $40 million in AUM, including about $7 million in inflows over a single week. NEAR is still trading well below its 2022 peak near $20, leaving room for the rally to extend if Intents volume and staking-product inflows hold their current cadence.
Frequently asked questions
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Why is NEAR token price rallying?
NEAR climbed 15% in 24 hours to $2.8, extending a 90% monthly gain, driven by NEAR Intents cross-chain volume ($19B+ cumulative, ~$32M in fees), an Arthur Hayes endorsement, and anticipation of a June dynamic resharding upgrade.
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What is NEAR Intents and how does it work?
NEAR Intents is a cross-chain transaction system where users specify a desired outcome — like swapping USDC on Ethereum for SOL on Solana — while third-party solvers execute the underlying transaction behind the scenes.
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How much volume has NEAR Intents processed?
According to DefiLlama, NEAR Intents has processed more than $19 billion in cumulative volume and generated roughly $32 million in fees since launch.
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What is dynamic resharding in the NEAR June upgrade?
The June network upgrade introduces dynamic resharding, which automatically splits network shards as demand increases, potentially improving scalability during periods of heavy usage.
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What did Arthur Hayes say about NEAR?
BitMEX co-founder Arthur Hayes described NEAR, Hyperliquid's HYPE, and ZEC as crypto's "holy trinity" in a social media post, then suggested there is "a long way to go" in NEAR's rally.
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