NEAR Price Surges 15% as $70M TVL Milestone Ignites Rally

The price of NEAR Protocol's cryptocurrency has surged by over 15% in the last 24 hours, reaching $2.73 at press time. This increase comes after NEAR Intent achieved a significant milestone of $70 million in TVL (Total Value Locked) just three months after launching its incentive program.

The program was designed to reward users when the Confidential Intents reached specific TVL milestones. When the aggregate TVL reaches $70 million, 333,333 milestone tokens are distributed to users. These tokens cannot be sold or transferred and are converted into NEAR at a 1:1 ratio once the token's volume-weighted average price holds above $3.33 for three consecutive days.

The recent TVL surge has seen network revenue cross $46.14 million, while net fees sum to $1.61 million. The increase in TVL has also led to a significant rise in trading volume, which has doubled to $773 million. This increased market activity suggests that the milestone achievement may have accelerated the anticipated rally to test the next resistance level at $3.33.