NEAR Protocol Achieves Historic Milestone: Price Surges 7.6% Amid Massive Airdrop

$NEAR Protocol ($NEAR) is the second-best-performing cryptocurrency among the top 30 by market cap in the last 24 hours. The token is up 7.59% to trade at $2.51 following the attainment of the “[email protected]” Milestone.

Why is $NEAR’s price up today?

$NEAR Protocol rewards ecosystem growth by airdropping $NEAR tokens to eligible users whenever its total value locked (TVL) attains a pre-set landmark.

This time, however, the airdrop exclusively focused on the network’s privacy-focused cross-chain pipeline known as the Confidential Intents. Dubbed the “[email protected]” Milestone Incentive Program, the scheme was designed to automatically distribute 333,333 locked and non-transferable [email protected] tokens once the confidential transactions pipeline hit a $70 million TVL.

At press time, Near Protocol had surpassed the set target, with TVL growing 129.3% in the past 90 days to hit $70.79 million.

Source: Near Revenue Dashboard

Near has now called on its users to claim the [email protected] token airdrops on its official website.

Eligible users must have maintained a balance above $100 and successfully executed at least one confidential swap. Those with earlier activity, higher balances, and more swaps will receive higher allocations than those without.

Notably, [email protected] tokens will be redeemable for $NEAR tokens at a 1:1 ratio once $NEAR’s volume-weighted average price (VWAP) holds at or above $3.33 for three consecutive days. The unlock conditions are meant to prevent wash trading and short-term speculation, while promoting network and token value growth.

$NEAR price action

Other than the TVL milestone, Near Protocol is one of the first major layer-1 blockchains to become partially quantum-proof.

At $2.51, $NEAR is trading above the $2.44 Fibonacci support. Should it rise above this level, it could retest the $2.65 resistance zone. A break below the support could pull it back to $2.25, with a deeper correction potentially dragging it to $2.00.

Source: CoinMarketCap

Another event that could affect future price action is today’s Fed interest rate hike of 25 basis points.