NEAR Protocol [NEAR] has surged 15% over the last 24 hours to reach $2.73, following a significant milestone achievement by NEAR Intent, which reached $70 million in total value locked (TVL). The milestone was reached nearly three months after NEAR Intent launched its milestone incentive program in June.
How the Milestone Program Works
The program was designed to reward users when Confidential Intents reached specific TVL targets. Upon reaching the $70 million threshold, 333,333 milestone tokens are being distributed to eligible participants.
These tokens are initially locked and cannot be sold or transferred. However, they will automatically convert to NEAR on a 1:1 ratio once NEAR's volume-weighted average price holds at or above $3.33 for three consecutive days.
The program imposes restrictions to ensure fair distribution: each wallet is limited to 2% of the drop pool, and participants must maintain a sustained confidential balance above $100 on the NEAR network and complete at least one confidential swap to qualify.
TVL Growth and Market Activity
The Confidential Intents TVL crossed the $70 million threshold on September 16 and has since climbed to $70.79 million, representing a 2.5x increase from previous levels. Network revenue has exceeded $46.14 million, with net fees totaling $1.61 million.
The milestone achievement has coincided with increased market participation. NEAR Protocol's trading volume doubled to $773 million, indicating heightened investor activity surrounding the event.
Technical Performance
NEAR is currently trading above its key exponential moving averages on the daily chart, suggesting sustained buying pressure. The milestone achievement and increased trading volume have positioned the token above key resistance levels, with market participants monitoring whether the price reaches $3.33.
