NEAR Protocol is leveraging revenue from its cross-chain swap product NEAR Intents to fund token buybacks. The protocol has spent approximately $2.7 million on NEAR token repurchases in Q4 2026, approaching the $3.07 million spent in Q3. Since the buyback program began in February 2026, NEAR has purchased roughly $8 million worth of tokens.
Revenue Growth Drives Buyback Activity
NEAR Intents has collected approximately $8.68 million in fees since October 1, 2026. Of this amount, around $2.82 million has been retained by the protocol, while the remaining $5.86 million has been distributed to solvers and partner applications.
Revenue showed substantial growth throughout 2026. After starting at $315,000 in December 2025, revenue reached $740,000 in February before declining to $200,000–$240,000 between April and July. The platform recovered through autumn, reaching $650,000 in September and surpassing $1 million in October. NEAR Intents has contributed approximately 74% of total protocol revenue in recent months, with the base protocol contributing $30,000–$260,000 monthly.
Trading Volume and Liquidity Metrics
NEAR Intents recorded $3.76 billion in swap volume over the past 30 days, bringing cumulative volume since launch to approximately $37.3 billion. The platform achieved $10.41 billion in trading volume during Q3 2026, representing 66% quarter-on-quarter growth and 891% year-on-year growth.
Total value locked (TVL) in NEAR Intents' confidential pools stood at $140.79 million at the time of reporting, up 402.7% over the preceding 90 days. TVL grew from approximately $27 million in mid-August, surging to a peak of roughly $185 million around September 25–26, before settling into a range of $135 million to $165 million through October and early November.
Market Dynamics and Price Pressure
NEAR traded at $3.51 after a 2.6% decline over the previous 24 hours. NEAR-focused exchange-traded funds saw outflows of $5.74 million during November. Despite sustained buyback activity, these market dynamics have not translated into price appreciation.
