NEAR Protocol revenue shifts toward Intents as token rallies

NEAR Protocol has experienced a significant rally, with its token gaining approximately 33% to 350% depending on the timeframe following the activation of its fee switch in February 2026. A primary driver of this growth is the emergence of NEAR Intents, which facilitates cross-chain transactions such as swaps, deposits, and withdrawals. Intents now account for roughly 85% of the network’s revenue, offsetting a decline in traditional execution fees.

Much of this revenue is driven by external aggregators. SwapKit, a cross-chain swap software development kit used in wallets like Ledger Live and Trust Wallet, generated 35% of Intents volume and 61% of Intents fees. However, because SwapKit routes trades among various providers including THORChain, Maya, and Chainflip, NEAR’s revenue growth is partially dependent on routing decisions made outside its own network.

Additional catalysts for the protocol include a Bitwise filing for a spot NEAR ETF, which would provide regulated exposure through Coinbase Custody. The network is also focusing its 2026 roadmap on combining Intents with chain abstraction and autonomous AI agents to capture broader cross-chain activity.