NEAR Protocol Surges as Confidential Intents Reach $70 Million TVL Milestone
NEAR, the native token of the NEAR Protocol blockchain, has seen a significant surge in value, climbing 7.59% to trade at $2.51. This upward momentum follows the successful achievement of the “Confidential Intents” milestone, which saw the network’s privacy-focused cross-chain pipeline reach $70 million in total value locked (TVL).
Ecosystem Rewards Drive Token Performance
NEAR Protocol incentivizes ecosystem growth by distributing NEAR tokens to eligible users when its TVL hits predetermined benchmarks. This latest airdrop, however, was specifically tied to the Confidential Intents initiative. The “Confidential Intents” Milestone Incentive Program was designed to automatically distribute 333,333 locked and non-transferable INT tokens once the confidential transactions pipeline surpassed a $70 million TVL.
As of this report, NEAR Protocol has exceeded this target, with its TVL growing by an impressive 129.3% over the past 90 days to reach $70.79 million. The protocol has now invited users to claim their INT token airdrops via its official website.
Eligibility and Token Redemption
To qualify for the airdrop, eligible users were required to maintain a balance of over $100 and execute at least one confidential swap. The allocation amounts are tiered, with users who engaged in earlier activity, held higher balances, and completed more swaps receiving larger distributions.
Notably, INT tokens will be redeemable for NEAR tokens at a 1:1 ratio once NEAR’s volume-weighted average price (VWAP) consistently remains at or above $3.33 for three consecutive days. These unlock conditions are intended to deter wash trading and short-term speculation, while simultaneously fostering growth in both network and token value.
Broader Protocol Developments
Beyond the TVL milestone, NEAR Protocol is also recognized as one of the first major layer-1 blockchains to achieve partial quantum-proofing, a significant advancement in blockchain security.
Technical Analysis and Market Influences
At its current trading price of $2.51, NEAR is positioned above the $2.44 Fibonacci support level. A sustained rise above this point could lead to a retest of the $2.65 resistance zone. Conversely, a breach of the support level might see the token retreat to $2.25, with a more substantial correction potentially pushing it down to $2.00.
Further influencing future price action is the recent 25 basis point interest rate hike by the Federal Reserve, a development that could impact the broader cryptocurrency market.
