NEAR Jumps 8% on $70M Confidential Finance Milestone

NEAR Protocol's native token surged around 8% on Wednesday after its confidential finance infrastructure surpassed a $70 million total value locked threshold, triggering a scheduled token distribution.

The milestone marked the activation of the 'NEAR@3.33' Milestone Incentive Program, which distributed 333,333 locked tokens to qualifying participants.

Data shows that the TVL metric for Confidential Intents expanded by 129.3% over the prior 90-day period, culminating at $70.79 million.

Technical analysis suggests momentum remains intact, with a one-hour relative strength index reading of 72.60 and a moving average standing at 71.39, both above the 70 threshold that typically signals overbought conditions.