NEAR Protocol surges 90% on cross-chain momentum

NEAR Protocol's token surged up to 90% in a month, fueled by its cross-chain NEAR Intents system, short liquidations, and high-profile endorsements, making it a standout in a flat crypto market.

NEAR Protocol's token has seen a remarkable surge, with its price rising between 66% and 90% over the past week and doubling in the last month. The token now trades around $2.8, pushing its market capitalization above $3.5 billion. This impressive rally stands out amid a mostly stagnant crypto market. The main driver behind this growth is the NEAR Intents system, a cross-chain protocol that has processed over $19 billion in transactions and generated $32 million in fees. NEAR Intents allows users to seamlessly swap assets between blockchains, such as exchanging USDC on Ethereum for SOL on Solana, attracting both retail and institutional investors. Additional momentum came from the liquidation of nearly $10 million in short positions, increased derivatives activity, and anticipation of a June network upgrade introducing dynamic resharding for scalability. High-profile endorsements, including Arthur Hayes naming NEAR among the "holy trinity" of altcoins, have further boosted investor interest and demand.