$NEAR
NEAR’s New Supply Policy
The NEAR Protocol community has approved proposal HSP-029, deciding to reduce the network’s maximum annual token supply growth from 2.5% to 1.6%. This change will be implemented gradually over a 24-month period, with 90% of the new supply continuing to be allocated to stakers and 10% to the treasury. This move stands out as a structural step that influences long-term token supply dynamics.
NEAR Intents and Real-World Usage Data
In the third quarter of 2026, NEAR Intents recorded a transaction volume of $10.4 billion, generating over $52 million in total fees. More than $8 million of these fees were used for NEAR token buybacks. By converting the protocol’s actual usage into token demand, this mechanism establishes a direct link between network activity and token economics; however, the sustainability of this demand depends on volume performance in future quarters.
Institutional Visibility: Inclusion in the Bitwise 10 Index
Following a rebalancing at the end of October, NEAR has been re-included in the Bitwise 10 Crypto Index ETF. This means that passive index products will allocate capital to NEAR in proportion to its weighting, thereby increasing its visibility among institutional investors. While index membership serves as a supportive factor for liquidity and institutional interest, it is not, on its own, a definitive indicator of future price direction.
Leverage Concentration and Two-Sided Risk in the Derivatives Market
NEAR’s open interest (OI) in the derivatives market has risen to approximately $1.1 billion, reaching this level for the first time since September. The fact that the funding rate remains near neutral indicates that positioning is not one-sided. However, high leverage can accelerate both upward and downward movements; should the price move in the opposite direction, it increases the risk of liquidations, potentially triggering two-way volatility in the spot market.
Security Agenda: The Premia Labs Exploit and Money Laundering Route
An exploit involving approximately $464,000 occurred at Premia Labs. The attacker moved the stolen funds from Arbitrum to Ethereum, subsequently converting them into BTC via Chainflip and NEAR Intents. While this incident raises questions regarding the potential for misuse of NEAR Intents, the pressure on the ecosystem's security narrative is likely a matter of short-term perception, as there is no evidence of a vulnerability within the protocol itself.
A Framework for Individual Investors: A Holistic View of Data
The landscape for NEAR consists of various layers—such as supply reduction, real-world usage data, index membership, leverage intensity in the derivatives market, and security perception—each of which may point in different directions. For an investor, a sound approach is to monitor these data points collectively rather than overemphasizing any single factor, and to act in accordance with one’s own risk tolerance.
This content is for informational purposes only and does not constitute investment advice.
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