NEAR Enters Crypto Top 20 After 138% Monthly Surge
NEAR Protocol’s native token has entered the top 20 cryptocurrencies by market capitalization as cumulative transaction volume on NEAR Intents surpassed $31 billion.
NEAR Protocol’s native token entered the top 20 cryptocurrencies by market capitalization on Thursday, driven by a 138% price surge over the past 30 days. According to Cointelegraph, the token's market capitalization reached approximately $7.2 billion, placing it ahead of Stellar (XLM), which holds a market cap of nearly $7 billion. At the time of reporting, NEAR was trading around $5.51, representing a 7% increase over a 24-hour period, with daily trading volumes reaching roughly $1.2 billion.
Transaction Volume and ETP Launch
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The rise in market capitalization coincides with a milestone for NEAR Intents, a cross-chain trading protocol operating on the network. According to the NEAR Intents Explorer, the protocol has now processed more than $31 billion in cumulative transaction volume.
Additionally, the token's upward momentum follows the September 29 launch of the first US spot exchange-traded product (ETP) tracking NEAR. Issued by Bitwise, the fund trades on the NYSE Arca exchange under the ticker symbol NRR, providing traditional investors with exposure to the asset without requiring direct custody of the cryptocurrency.
Security Exploit Resolved
The growth comes shortly after NEAR Intents resolved a security incident. Last week, the cross-chain protocol suffered a $3.8 million exploit targeting its deposit and withdrawal infrastructure. However, the issue was quickly addressed. On October 2, NEAR Intents General Manager Alex Shevchenko confirmed that all stolen funds had been successfully returned to the protocol, just one day after the security breach was initially disclosed to the public.
Key facts
- NEAR Protocol's native token entered the top 20 cryptocurrencies by market cap after a 138% gain in 30 days.
- The token's market cap reached approximately $7.2 billion, surpassing Stellar's $7 billion market cap.
- Cumulative transaction volume on the cross-chain trading protocol NEAR Intents exceeded $31 billion.
- Bitwise launched a spot NEAR ETP on NYSE Arca under the ticker NRR on September 29.
- A recent $3.8 million exploit of NEAR Intents' infrastructure was resolved with all funds returned by October 2.
Source: cointelegraph.com
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