NEAR Protocol hits $70M TVL milestone, triggering token airdrop

NEAR Protocol has reached a significant milestone as its Total Value Locked (TVL) surpassed $70 million, growing 129.3% over the last 90 days. This achievement triggered the ‘Confidential Intents’ milestone incentive program, which involves an airdrop of 333,333 non-transferable ‘confidential-NEAR’ tokens to eligible users.

To qualify for the airdrop, users must have maintained a balance above $100 and executed at least one confidential swap. These ‘confidential-NEAR’ tokens can be redeemed for NEAR tokens at a 1:1 ratio once the volume-weighted average price (VWAP) of NEAR holds at or above $3.33 for three consecutive days. This mechanism is intended to promote network growth and prevent short-term speculation.

Following the milestone, the NEAR token has shown strong market performance, trading near $2.51. Technical analysts note that the price has reclaimed several key exponential moving averages, including the 20, 50, 100, and 200-day EMAs. While the token has recently experienced a short-term pullback, analysts are watching for a potential breakout toward the $3.40 resistance level.