NEAR Protocol's cross-chain trading platform reached record transaction volumes in November, generating over $400,000 in daily fees and processing more than $150 million in daily trades. The surge represents a tenfold increase from the previous quarter, though the network's native token remains confined to its year-long trading range between $1.90 and $3.10.
What to Know:
- NEAR Intents recorded more than $400,000 in daily fee revenue in November 2025, pushing total cumulative fees above $10 million, with daily trading volume consistently exceeding $150 million
- The protocol's 30-day cumulative trading volume surpassed $3 billion, while Bitwise projects weekly volume could reach $10 billion by June 2026
- Despite strong protocol metrics, NEAR token trades near $1.90, with analysts warning of potential decline to $0.60 if Bitcoin drops to $84,000
Protocol Growth Outpaces Token Performance
NEAR Intents operates as a multichain trading protocol built on NEAR Protocol, a blockchain platform centered on artificial intelligence and chain abstraction. The system eliminates manual processes such as token bridging, cross-network gas fee management, and intermediate transaction steps. Users or AI agents specify their desired transaction outcome, and the protocol automates the execution.
Data from Dune Analytics shows NEAR Intents achieved record daily fee revenue exceeding $400,000 in November. The milestone pushed total cumulative fees past $10 million. Daily trading volume maintained levels above $150 million throughout the period, marking a tenfold increase from the previous quarter.
NEAR Protocol reported its 30-day cumulative trading volume recently exceeded $3 billion.
A Bitwise analysis noted the protocol processed $969 million in trading volume during the week starting November 10, 2025.
The firm projects NEAR Intents will expand weekly trading volume more than tenfold to reach $10 billion by June 2026.
The protocol's growth creates direct value capture opportunities for the NEAR token. "NEAR's token model is designed to capture value from AI-native activity. This includes intent-routing fees, infrastructure services, and model execution, extending beyond traditional blockspace monetisation," Bitwise stated in its report.
Privacy-Focused Trading Drives Volume Surge
CoinMetrics identified the Zashi wallet as a primary volume driver. The wallet integrates with NEAR Intents to enable multichain swaps into shielded Zcash. The amount of Zcash held in shielded pools reached new highs as privacy demand accelerated across cryptocurrency markets.
Zcash trading now represents approximately 10% of NEAR Intents' daily volume, averaging $15 million per day. The privacy coin's integration demonstrates how specialized use cases can generate sustained protocol activity beyond standard token swaps.
Token Remains Trapped Despite Metrics
NEAR token price has moved within a $1.90 to $3.10 range throughout 2025, according to TradingView data. The token currently trades near the lower end of that range at approximately $1.90 despite the protocol's transaction volume growth.
Analyst Vespamatic attributed the price stagnation to broader market pressures from Bitcoin's recent decline.
"NEAR has a risk of falling to $0.6, especially if Bitcoin falls to $84,000. In a bear market, almost 99% of altcoins can be destroyed, even though they have strong fundamentals," Vespamatic stated.
Market observers note the current price level aligns with the year's strongest support zone. The combination of technical support and improving protocol fundamentals could establish conditions for a price recovery if broader market sentiment stabilizes.
Understanding Key Terms
Chain abstraction refers to technology that hides blockchain complexity from users, allowing them to interact with multiple networks without understanding technical differences. Intent-based protocols process user goals rather than specific transaction instructions, automating the technical execution. Shielded pools in Zcash use cryptographic techniques to obscure transaction details, providing enhanced privacy compared to transparent blockchain transactions.
Closing Thoughts
NEAR Intents achieved significant transaction volume growth in late 2025, establishing new benchmarks for daily fees and trading activity. The protocol's integration with privacy-focused services and projected expansion to $10 billion in weekly volume by mid-2026 highlights its technical adoption. However, the NEAR token's price performance remains disconnected from protocol metrics, trading near year-long support levels amid broader cryptocurrency market uncertainty.