NEAR Price Surges 30% Amid Confidential Perpetuals Rollout

NEAR Protocol (NEAR) made significant gains in September, with its price surging 30.8% over the past 24 hours to around $3.50 at 04:16 UTC.

The token's market capitalization reached approximately $4.575 billion, while its 24-hour trading volume jumped to $1.786 billion.

This price increase has been attributed to the introduction of confidential perpetuals on near.com, which allows users to open positions without publicly linking them to their accounts.

NEAR's Confidential Intents documentation explains that private execution uses a dedicated NEAR shard connected to mainnet through a Trusted Execution Environment-based bridge. Order size, direction, and other transaction information can be kept away from the public mempool while selective disclosure remains possible.