$27B Milestone Fuels Near Protocol's Token Price Surge
Near Protocol's Intents infrastructure has reached a significant milestone, processing over $27 billion in volume across 34 different chains. This growth has been driven by partnerships with wallets like Ledger and browsers like Brave, as well as platforms like Infinex and LI.FI.
The expansion of Near Intents is notable for its potential to become the plumbing that other platforms can rely on for cross-chain asset movement. The infrastructure now enables assets like Zcash to move into Solana through Near Intents, and Confidential Hyperliquid perps are extending this capability towards private trading.
Near's native token price has finally caught up with the growth of its ecosystem, rising over 11% recently from around $2.32 to $2.59. The Relative Strength Index (RSI) was up at 74, indicating overbought territory for the first time since May-June.
The aggregated Open Interest on Near was at $458 million at press time, with rising OI and positive funding rates showing that traders are increasingly participating in the rally. However, it's unclear whether the Intents growth caused the token's 11% move or vice versa.