NEAR Intents Sets $4.8B September Volume Record as Fees Jump 90.9%
- —September swap volume hit $4.80 billion, up 72.9% MoM and 31% above the November 2025 peak
- —Fees climbed 90.9% to $7.33 million, lifting the effective rate to about 15.3 basis points
- —Open-market NEAR buybacks reached $1.84 million, up from $723,000 in August
- —Growth was driven by confidential intents (ZEC volume above $1.5 billion), Hyperliquid perps funding and Ondo tokenized stocks
Why it matters: Fees outpacing volume signals a shift toward higher-fee cross-asset routes, boosting NEAR buybacks, though revenue remains lumpy and campaign-dependent.
Source: NullTX