NEAR Soars 12% as Record Swap Volume Fuels Supply Reduction Hopes

NEAR Protocol’s native token climbed 12% as record transaction activity across NEAR Intents boosted hopes of improving token economics. The rally arrives alongside a governance proposal seeking to reduce annual token issuance from 2.5% to 1.6%.

These developments have drawn attention to growing demand for cross-chain swaps and efforts to limit future dilution. Meanwhile, as of press time, NEAR is priced at $5.88 per CoinGecko data.

NEAR Intents Sets New Swap Volume Record

In September, NEAR processed $4.80 billion in swap volume, breaking its previous record of $3.66 billion set in November 2025. This marked a 72.9% increase from about $2.78 billion in August. Daily activity showed strong interest, with September 17 seeing around $303 million in transactions.

By September 20, total volume exceeded $34 billion, showing how quickly the service has grown since December 2024. September’s total was about 31% higher than the previous peak, marking an important achievement for NEAR’s cross-chain trading system.

Notably, several factors contributed to the growth. These include confidential trading, easier access to Hyperliquid perpetuals funding, the introduction of tokenized stocks, and improved network connectivity. NEAR also began offering access to 20 tokenized U.S. stocks and exchange-traded funds (ETFs) through Ondo Finance in September. 

Additionally, support for 32 networks increased potential participation. However, the record set in September does not guarantee that this demand will continue.

NEAR Emissions Proposal Targets 1.6% Over 24 Months

While trading activity is drawing attention to NEAR, a separate governance proposal tackles the amount of new tokens entering circulation. Published on October 7, the draft proposes gradually lowering the network’s annual issuance rate from 2.5% to 1.6% over 24 months.

The proposal outlines that 90% of new NEAR tokens will continue to go to staking participants, while 10% will be allocated to the treasury. The plan aims to reduce the supply of new tokens instead of removing staking rewards or changing NEAR’s monetary system.

The bid estimates that about 11.8 million fewer NEAR tokens will be issued over two years. This reduction could total 66.1 million NEAR over six years. At the proposed rate, the draft estimates that gross staking yields will be around 3.37%. However, this depends on the assumptions used in the modeling.

Meanwhile, the proposal remains a draft requiring governance ratification and subsequent validator adoption, meaning neither implementation nor future price appreciation is guaranteed.

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