NEAR Protocol (NEAR) surged by approximately 3.8% over the past 32 hours, driven by a strategic partnership with Ondo Finance and a rebound following recent deleveraging. The collaboration, announced on October 31, 2026, aims to integrate Ondo’s tokenized U.S. stocks and ETFs into NEAR’s 1Click Swap API, expanding access for NEAR-based applications. This move aligns with the growing trend of tokenized securities and real-world assets (RWAs) in 2026, reinforcing NEAR’s position as a platform actively developing TradFi assets.
The price surge also follows a period of significant leverage reduction. On October 24, 2026, NEAR experienced around $11.65 million in long liquidations within an hour as its price dipped from $4.43 to $4.34. By October 29, 2026, NEAR had fallen roughly 10% in 24 hours, with open interest dropping to $807.5 million and funding rates cooling to 0.003%. This deleveraging phase typically sets the stage for a stronger rebound when positive news emerges, as it did with the Ondo partnership.
Additional factors supporting NEAR’s recent performance include institutional developments. Gemini listed NEAR for trading, deposits, and withdrawals, while Bitwise launched a NEAR-focused ETF in late September 2026. NEAR Intents has also introduced confidential perpetual contracts linked to Jio Platforms, with plans to connect to traditional stock venues like Nasdaq and the NYSE. These elements, combined with NEAR’s technical upgrades like Nightshade sharding and reduced inflation, create a favorable backdrop for the token’s growth.
The broader altcoin market remained flat during the same period, underscoring that NEAR’s rally was driven by coin-specific catalysts rather than broader market trends. The combination of the Ondo partnership, recent deleveraging, and NEAR’s established narrative as a tokenized-TradFi platform provides a compelling explanation for the price move.