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The NEAR token has surged nearly 80% in seven days. This isn’t a rumor or a short squeeze—it’s a full week of sustained growth, while the rest of the crypto market gained just about 6% over the same period.
On September 21, 2026, NEAR was trading around $4.29, then slightly increased to $4.36. While modest in absolute terms, the week’s progress is noteworthy. The main catalyst was an announcement about transaction confidentiality on near.com—a technical change that clearly resonated with traders.
NEAR Intents Hits $29.3 Billion in Cumulative Volume
NEAR Intents, the protocol’s cross-chain swap mechanism, has reached a cumulative volume of $29.3 billion. This figure caught investors’ attention. The system works by having market makers compete to offer the best price—essentially, users post a swap intent, and market makers vie to execute it at the best rate. Last week alone, NEAR Intents generated $842 million in volume. In just one week.
It’s unclear if this pace will hold. But for now, the numbers speak for themselves.
The ZODL wallet plays a significant role in all this. ZODL is a privacy-focused wallet based on Zcash. It accounted for $3.8 million spread across 458 transactions. An individual swap of about $613,000 in ZEC was recorded there—a single trade that represents a significant portion of this wallet’s volume. The relationship between NEAR and Zcash seems increasingly complementary, though a caveat is needed: the increase in NEAR Intents’ TVL might partly stem from the rising price of already deposited ZEC, rather than new actual inflows. An important distinction for correctly interpreting volume dynamics.
Perpetual Deposits and Withdrawals Go Private
On September 18, 2026, NEAR Protocol announced a major change: deposits and withdrawals related to perpetual contracts are now confidential. In practice, this means the traceability of funds between funding wallets and accounts on Hyperliquid is blocked. Positions can no longer be linked to funding wallets. For traders who want to keep their movements discreet, this is a real advantage.
And the market responded quickly.
The total value locked under this new system exceeded $70 million, triggering the first snapshot of the [email protected] program. This program distributes a total of 333,333 tokens—but there’s a condition. The volume-weighted average price, or VWAP, must reach $3.33 for three consecutive days for the tokens to be unlocked. A classic incentive mechanism, but well-calibrated: it directly ties asset release to price performance. Holders thus have a concrete interest in maintaining buying pressure.
With NEAR trading above $4 at the time of the announcement, the $3.33 threshold seemed easily attainable. But the condition remains on the table.
NEAR AI launched a staking program in July that integrates into all this. Users can stake their NEAR tokens to obtain credits, which provide access to confidential AI inference services and agent hosting. The idea is that staked tokens remain the property of users—they don’t give them up, they lock them temporarily to access services. It’s likely a way to increase NEAR demand without diluting existing holders.
Confidentiality plus AI, in a single token. That’s clearly the angle NEAR is playing right now.
The remaining question, and no one can really answer it yet, is sustainability. An 80% jump in one week attracts both momentum traders and long-term believers. The former leave quickly. And when they leave, it hurts. The $842 million volume in one week for NEAR Intents is impressive, but is there enough organic usage behind it to maintain the level?
The $70 million TVL, however, provides a bit more visibility. It’s locked capital, not just trading volume. And the fact that the [email protected] snapshot is triggered by this TVL crossing creates a well-constructed incentive loop—more TVL, more snapshot, more interest in the program, potentially more TVL.
It remains to be seen if the NEAR-Zcash interaction via ZODL continues to generate such six-figure transactions. The $613,000 swap in ZEC is a strong signal of interest in on-chain privacy. Not yet a mass phenomenon, but 458 transactions on ZODL in one week is not insignificant either.
NEAR Intents accumulates $29.3 billion in total volume. The token trades around $4.36.
Frequently Asked Questions
What is NEAR Intents and how does it work?
NEAR Intents is a cross-chain swap mechanism where market makers compete to offer the best price to users. It has reached a cumulative volume of $29.3 billion, with $842 million generated in just one week.
What is the [email protected] program and how are tokens unlocked?
The [email protected] program distributes 333,333 NEAR tokens, with unlocking conditioned on the volume-weighted average price (VWAP) reaching $3.33 for three consecutive days. The first snapshot was triggered after the TVL under the new privacy system exceeded $70 million.
What role does the ZODL wallet play in the NEAR ecosystem?
ZODL is a privacy-focused wallet based on Zcash. It recorded $3.8 million in volume over 458 transactions, including an individual swap of approximately $613,000 in ZEC, making it a notable player in the daily volume on NEAR Intents.
Why It Matters
The surge in the NEAR token reflects growing investor interest in cross-chain capabilities and transaction confidentiality within the blockchain ecosystem, which are increasingly seen as vital for enhancing user experience and security. This uptick, particularly in contrast to the overall market performance, indicates a potential shift in focus towards projects that prioritize innovation and scalability. As the crypto landscape continues to evolve, successful implementations in these areas could set a precedent for other platforms, influencing market dynamics and investment strategies.
