NEAR Protocol Swap Volume Hits $130M as Token Tests $5

A Big Day for NEAR ProtocolNEAR+1.52% Cross-Chain Swaps

NEAR Protocol recently experienced a major boost in network activity.

According to on-chain statistics, daily transaction volume through the NEAR Intents cross-chain swap protocol reached $130.7 million over a 24-hour period.

This latest spike keeps the network's 7-day volume run rate at $859.9 million and its 30-day turnover at $4.59 billion. Total cumulative trading volume since the feature launched has now passed $35 billion.

To put chain abstraction in simple terms, imagine traveling across several countries without ever needing to exchange your currency at the border. The protocol handles all conversions automatically in the background.

NEAR Token Price Action and Market Dynamics

While usage numbers climbed, the NEAR token traded in a range between $4.97 and $5.10, rebounding after briefly dipping to $4.62.

Market data showed that a wave of short-position liquidations on exchanges helped reduce selling pressure, allowing the token to test resistance around $5.

While higher activity can reflect network demand, token prices remain subject to quick market shifts. Past performance of digital assets is not a guarantee of future returns, and short-term volatility can push prices in either direction.

Whale Swaps Drive Privacy Volume Between Zcash and Bitcoin

A significant portion of the recent volume came from users seeking protected transactions.

Confidential transfers generated $91.9 million in volume, which represented 9.4% of total monthly activity on NEAR Intents.

On-chain data picked up several large transfers executed by institutional traders and whales. These users converted funds directly from shielded Zcash (ZEC) pools into Bitcoin (BTCBTC+0.56%) in seamless transactions.

As a result, the ecosystem's confidential total value locked (TVL) settled between $151 million and $152 million.

Quantum-Resistant Security Upgrades and Network Scaling

In addition to high volume, NEAR focuses heavily on long-term infrastructure security.

Co-founder Illia Polosukhin confirmed that users can now upgrade their NEAR account keys to the post-quantum ML-DSA security standard.

This upgrade takes place within native wallets. Users do not need to move funds or rely on external bridges to enhance security.

To process high throughput smoothly, NEAR's decentralized Multi-Party Computation (MPC) network expanded to 17 independent node operators, keeping block times steady.

Institutional Capital Flows into Bitwise NEAR ETF

Traditional financial markets are also showing ongoing engagement with the ecosystem.

The spot Bitwise NEAR ETF (NRR) recorded a daily net inflow of $2.61 million, raising its cumulative total net inflows to $83.05 million.

The fund's total assets under management hit $82.36 million, representing roughly 1.26% of NEAR's overall market capitalization.

While ETF inflows indicate interest from traditional funds, investor capital can flow out quickly depending on broader macroeconomic trends.

Past performance of digital assets or financial products is not a guarantee of future returns. Always consider market risks before interacting with cryptocurrencies.