NEAR token increased by 15 percent in the last 24 hours, reaching $ 2.8. In the last month, the price has doubled. CryptoAppsy According to the current data reflected on the screens, NEAR has become the focus of investors with this rise.
NEAR Intents success and growth in transaction volume
The success of NEAR Intents stands out behind the price movement. NEAR Intents works as a system that facilitates transactions between different blockchains. Users directly request a specific result, and third-party analyzers perform these operations automatically in the background. For example, for a user who wants to exchange USDC on Ethereum for SOL on Solana, the transaction can be completed automatically.
Mini dictionary: Resharding, in the blockchain network, means automatically dividing the network into new shards as demand increases. Thus, it ensures more efficient use of network capacity during high-density periods.
According to data shared by DefiLlama, NEAR Intents has generated more than $19 billion in transaction volume and collected $32 million in transaction fees to date. These figures have attracted renewed interest in the NEAR protocol, which has been stagnant for a long time.
The Arthur Hayes effect and the observed acceleration in returns
Arthur Hayes, one of the co-founders of BitMEX, described NEAR as the “holy trinity” of crypto along with Hyperliquid’s HYPE token and ZEC token on his social media account. According to Hayes, the rise in NEAR is not yet complete and may continue.
In his social media post, Arthur Hayes stated that NEAR, HYPE and ZEC are among the noteworthy assets of crypto and that the rally “has a way to go.”
NEAR token achieved an additional rise of approximately 30 percent at the beginning of the month, as interest in tokens based on artificial intelligence and blockchain infrastructure increased. It was observed that corporate demand also increased in the same period.
Corporate investment and new network upgrade expectation
While the size of the Bitwise NEAR Staking ETP fund traded in Europe approached 40 million dollars, there was a net inflow of 7 million dollars in just one week. This fund shows increasing interest from institutional investors in NEAR. “Dynamic resharding” will come into play in NEAR with the upcoming June network update. Thanks to this technology, the network can be automatically divided into new parts when user demand increases. Thus, more processing capacity will be offered during peak times and it is aimed to prevent scalability problems.
Despite the rapid rise in price, NEAR remains well behind its peak of around $20 in 2022. Despite the recent increased interest, it has not yet reached its old record levels.
What is NEAR Protocol?
NEAR is a layer-1 blockchain network focused on applications, AI infrastructure, and cross-chain transactions. Working with a proof-of-stake consensus method, NEAR aims to facilitate cross-chain transactions and quickly complete large volume transactions between different blockchains. Thanks to the network splitting technology known as “Sharding”, it prioritizes scalability and provides an environment for more users to perform transactions at the same time.
