An independent guide · updated October 2026

What is NEAR Protocol?

It started as an AI lab founded by a co-author of the Transformer paper. It became a sharded blockchain. In 2026 it is trying to be both: the place where people and AI agents trade across every chain, privately. Here is the whole story in plain English.

20 sectionsabout 70 min in full4 interactive explainers14-question quiz

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NEAR began in 2017 as an AI company, not a blockchain.

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Live market data

1 min read

NEAR is the native coin of NEAR Protocol. The numbers below are pulled live from CoinGecko when your browser can reach it. They are here for context only and are not a signal to buy or sell.

NEAR / USD—loading…
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Reference snapshot (early October 2026). If the live feed is unavailable: NEAR traded at roughly $5 in the first days of October 2026 after a very sharp September rally, with total supply near 1.3 billion coins and about 44% of supply staked. Its all-time high was about $20.44 in January 2022. Prices move quickly, so always check a live source.
1 billionNEAR created at genesis in 2020
2.5%maximum yearly issuance since the October 2025 "halving" upgrade
70%of every transaction fee is burned
$30B+cumulative swap volume through NEAR Intents by autumn 2026
400+active validators securing the network
~0.6 sblock time, with finality in a little over a second

NEAR in 60 seconds

3 min read

NEAR Protocol is a public, proof-of-stake blockchain that splits its workload across parallel "shards" so it can stay fast and cheap as usage grows. It was started by two engineers who originally set out to build artificial intelligence, and in 2026 it is best known for two things: letting people and AI agents move value across many blockchains from one account, and running AI privately.

  1. It is a layer-1 blockchain. Like Ethereum or Solana, NEAR runs smart contracts and has its own coin, NEAR, used to pay fees, stake and vote.
  2. It scales by sharding. The design is called Nightshade. Instead of every validator processing everything, the network is divided into shards that work side by side. Since July 2026 shards can split and merge automatically as demand changes.
  3. Accounts are human-readable. An address can be a name like alice.near rather than a long string, and one account can hold several keys with different permissions.
  4. It reaches other chains without bridges in the usual sense. "Chain signatures" let a NEAR account sign transactions on Bitcoin, Ethereum, Solana and others. "NEAR Intents" lets you say what you want (for example, "swap my USDC on Arbitrum for ZEC") and have competing market makers deliver it.
  5. It has an AI arm. NEAR AI offers private chat, a confidential cloud and an agent runtime called IronClaw, all built on hardware enclaves that keep data hidden even from the operator.
  6. The coin has no hard cap. One billion NEAR existed at launch. New coins are issued at up to 2.5% a year to pay validators, while most transaction fees are burned.
  7. It is run by several organisations. The Swiss NEAR Foundation, engineering company Near One, NEAR AI, Aurora Labs and others. Co-founder Illia Polosukhin remains its public face.

The one-sentence version

NEAR is a sharded blockchain that wants to be the settlement layer where people and AI agents trade any asset on any chain, without having to think about which chain they are on.

NEAR vs NEAR Protocol vs NEAR AI

NEAR Protocol is the blockchain. NEAR (sometimes written $NEAR) is its coin. NEAR AI is a separate product organisation building private AI services that settle on, and are branded with, NEAR. NEAR Intents is the cross-chain trading system. People often just say "NEAR" for all four.

Deep dive: what problem was NEAR trying to solve?

In 2018 the leading smart-contract chain, Ethereum, could handle only a handful of transactions per second, and using it meant managing hexadecimal addresses, seed phrases and unpredictable fees. NEAR's founders came from large-scale database and machine-learning engineering, and treated this as a systems problem with two halves.

Scalability. A single chain where every node processes every transaction can only go as fast as one machine. Databases solved this long ago by sharding: splitting data across machines. NEAR applied the same idea to a blockchain.

Usability. If an app needs a tutorial before the first click, most people leave. NEAR designed accounts with readable names, keys that can be limited to a single app, and the ability for apps to pay fees on a user's behalf.

The later ideas of chain abstraction and intents are the same usability argument extended across the whole industry: users should not need to know which chain they are on at all.

Origins: from AI lab to blockchain

3 min read

NEAR did not begin as a crypto project. It began in 2017 as NEAR.ai, a small machine-learning company trying to teach computers to write code. The blockchain came about almost by accident.

2017

A Transformer author leaves Google

Illia Polosukhin, a Ukrainian-born engineer, had spent about three years at Google Research working on TensorFlow and question answering. In 2017 he was one of eight co-authors of "Attention Is All You Need", the paper that introduced the Transformer architecture behind today's large language models. That same year he left Google and, with Alexander Skidanov, a former director of engineering at database company MemSQL, started NEAR.ai. Their goal was program synthesis: models that turn a plain-language description into working software.

2018

The payments problem

The models of the day were not good enough and computing power was scarce. NEAR.ai also relied on students and contributors around the world to produce training data, and paying them was slow and expensive, especially in countries with weak banking access. The team looked at blockchains as a way to pay people and found the existing ones too slow, too costly and too hard to use. So they decided to build one. Work on the sharded design began in late 2018.

2019

Designing Nightshade

Skidanov and Polosukhin published the Nightshade sharding design, and the team raised early venture funding, including a round of about $12 million in mid-2019 and a $21.6 million round led by Andreessen Horowitz announced in May 2020. The early engineering team was known for its competitive-programming and database backgrounds.

2020

Mainnet in two phases

The genesis block was produced in April 2020, with the network at first run in a restricted mode by the newly formed, Swiss-based NEAR Foundation. Over the following months independent validators took over. On 13 October 2020 those validators voted to unlock token transfers, and NEAR became a permissionless, community-operated network.

2024–26

Full circle, back to AI

Once large language models became capable, the founders returned to their original interest. NEAR AI relaunched in late 2024, and the project's current pitch is that blockchains will mostly be used by AI agents acting for people. The name has gone all the way round: an AI startup that became a blockchain now describes itself as the blockchain for AI.

Deep dive: why is it called NEAR?

The original company name, NEAR.ai, referred to the idea that the technological singularity was near, a nod to the book title by futurist Ray Kurzweil. That is the commonly repeated explanation; it is not an acronym. Because "near" is such a common word, search engines struggle with it, which is one reason you will see "NEAR Protocol" used so often.

Deep dive: what was "Attention Is All You Need" and why does it matter here?

The 2017 paper proposed the Transformer, a neural-network design that processes whole sequences at once using a mechanism called attention. It replaced earlier designs for language tasks and became the foundation of systems such as GPT, Claude, Gemini and most modern AI models. It is one of the most cited scientific papers of the century.

Polosukhin is the eighth listed author; the paper's own contribution note credits him with early implementation work. In March 2024 he appeared on stage with six of the other authors and Nvidia chief executive Jensen Huang at Nvidia's GTC conference.

For NEAR, the paper matters mostly as credibility. When NEAR says it is building AI infrastructure, it can point to a founder who helped create the technique the whole field runs on. It does not, by itself, tell you whether NEAR's AI products will succeed.

Timeline: 2017 to October 2026

6 min read

Nine years in 47 events. Filter by topic to follow one thread, such as the technology upgrades or the incidents.

Showing 47 of 47 events

  1. June 2017

    The Transformer paperOrigins

    Illia Polosukhin and seven Google colleagues publish "Attention Is All You Need".

  2. 2017

    NEAR.ai is foundedOrigins

    Polosukhin and Alexander Skidanov start an AI company focused on program synthesis: software that writes software.

  3. 2018

    Pivot to blockchainOrigins

    Struggling to pay contributors worldwide and finding existing chains too slow, the team starts building its own. Sharding work begins late in the year.

  4. July 2019

    Early fundingPeople & funding

    A round of about $12 million is announced, led by Metastable Capital and Accomplice. The Nightshade design is published.

  5. April 2020

    Genesis blockTechnology

    Mainnet starts in a restricted mode operated by the newly formed Swiss NEAR Foundation.

  6. May 2020

    a16z leads $21.6 million roundPeople & funding

    Andreessen Horowitz leads a token sale to fund the launch.

  7. August 2020

    Community token saleMarket

    A public sale on CoinList distributes 12% of the genesis supply.

  8. 13 Oct 2020

    Permissionless mainnetTechnology

    Validators vote to unlock transfers. NEAR becomes a community-operated network.

  9. 2021

    Rainbow Bridge and AuroraTechnology

    A trust-minimised bridge to Ethereum opens, and Aurora brings Ethereum-compatible smart contracts to NEAR. The network passes one million accounts.

  10. October 2021

    $800 million ecosystem fundingPeople & funding

    NEAR announces a large package of grants and funds to attract developers.

  11. November 2021

    Simple NightshadeTechnology

    The chain is split into four shards, the first phase of sharding.

  12. January 2022

    $150 million round and all-time highMarket

    A raise led by Three Arrows Capital is announced. NEAR peaks at about $20.44 on 16 January.

  13. April 2022

    $350 million roundPeople & funding

    Tiger Global leads NEAR's largest raise. The USN stablecoin launches the same month.

  14. 2022

    Pagoda is formedPeople & funding

    Core engineering moves into a dedicated company. A JavaScript SDK widens the developer audience.

  15. June 2022

    $6 million Aurora bug bountyIncidents

    A researcher reports a critical flaw that could have put more than $200 million at risk. No funds are lost.

  16. August 2022

    Rainbow Bridge attack failsIncidents

    An attacker submits a fake block and loses a 5 ETH deposit when automated watchdogs reject it within 31 seconds. A NEAR Wallet bug that had sent recovery data to an analytics service is also disclosed this year.

  17. October 2022

    USN wound downIncidents

    The NEAR-based stablecoin USN is closed with a $40 million collateral gap, which the Foundation funds so holders can redeem.

  18. November 2022

    Skyward Finance exploitIncidents

    About $3 million is drained from a NEAR launchpad's treasury. FTX and Alameda, both NEAR backers, collapse.

  19. March 2023

    Blockchain Operating SystemTechnology

    NEAR rebrands part of its stack as the BOS, a platform for decentralised front ends.

  20. 2023

    Meta transactionsTechnology

    Relayers can now pay fees for users, enabling gasless onboarding. NEAR starts using the phrase "chain abstraction".

  21. November 2023

    Polosukhin becomes Foundation CEOPeople & funding

    The co-founder takes over leadership of the NEAR Foundation. NEAR DA launches the same month.

  22. Late 2023

    NEAR Wallet retiredPeople & funding

    The original web wallet is phased out in favour of independent wallets such as MyNearWallet and Meteor.

  23. 11 Jan 2024

    Foundation cuts 40% of staffPeople & funding

    35 people leave. The Foundation reports $285 million in cash and 305 million NEAR in its treasury.

  24. March 2024

    Transformer authors reuniteAI

    Polosukhin joins six fellow authors on stage with Nvidia's Jensen Huang at GTC.

  25. 2024

    Stateless validation and six shardsTechnology

    Validators no longer need to store shard state. Pagoda is wound down and Near One takes over the core client.

  26. Mid 2024

    Chain signatures on mainnetIntents

    NEAR accounts can now sign transactions on Bitcoin, Ethereum and other chains.

  27. September 2024

    "It's all a lie" stuntIncidents

    NEAR's official X account posts anti-crypto messages as a marketing tactic and draws wide criticism.

  28. November 2024

    NEAR Intents and NEAR AIIntents

    Intents launches in beta and NEAR AI is relaunched, marking the return to the founders' original field.

  29. March 2025

    Eight shardsTechnology

    Resharding in nearcore 2.5 lifts mainnet from six to eight shards. A ninth follows later in the year.

  30. May 2025

    Bitwise files for a NEAR ETFMarket

    The first US spot NEAR ETF application. During 2025 block time also falls to about 600 ms.

  31. 14 Oct 2025

    New leadership teamPeople & funding

    Bowen Wang becomes CTO and George Zeng heads NEAR AI. Intents passes $2 billion in volume.

  32. October 2025

    Zashi adds Intents swapsIntents

    The Zcash wallet integrates NEAR Intents, which becomes a major route into shielded ZEC.

  33. Late Oct 2025

    Inflation halved to 2.5%Market

    The change activates after about 80% of stake upgrades, despite a formal vote missing its threshold. House of Stake governance goes live around the same period.

  34. November 2025

    SVRN treasury companyMarket

    OceanPal, after a $120 million placement, becomes a NEAR treasury vehicle, reports 53.9 million NEAR and changes its Nasdaq ticker to SVRN.

  35. 3 Dec 2025

    NEAR AI Cloud and Private ChatAI

    Confidential inference launches. In the same month Near One publishes a one million transfers-per-second benchmark.

  36. January 2026

    $10 billion through IntentsIntents

    Grayscale files on 20 January to convert its NEAR Trust into an ETF.

  37. February 2026

    Price lowMarket

    NEAR reportedly trades below $1 during a broad market slump, its lowest level in years.

  38. 23–25 Feb 2026

    NEARCON 2026AI

    In one week: the Intents fee switch and buybacks, near.com, Confidential Intents, IronClaw, a confidential GPU marketplace and the Nightshade 3.0 plan.

  39. 25 Apr 2026

    Litecoin reorg lossIncidents

    A bug on Litecoin's side reverses an 11,000 LTC swap, costing Intents about $600,000. NEAR pledges to cover it.

  40. May 2026

    Bermuda pilot and Universal SendAI

    The Government of Bermuda signs for a NEAR AI prototype. Confidential payments expand to any supported asset.

  41. 3 Jun 2026

    $20 billion through IntentsIntents

    More than 25 million swaps processed. House of Stake votes to remove the 30% developer fee rebate.

  42. 20 Jul 2026

    Dynamic resharding and post-quantum keysTechnology

    nearcore 2.13 goes live. Shards now split automatically and accounts can add ML-DSA quantum-resistant keys.

  43. 31 Jul 2026

    Staking for NEAR AIAI

    Stakers can take their yield as AI inference credits.

  44. September 2026

    Rally, perps and the NEAR@3.33 triggerMarket

    NEAR rises from under $2 to about $5 in a month. near.com adds perpetual futures through Hyperliquid.

  45. 29 Sep 2026

    First US spot NEAR ETFMarket

    The Bitwise NEAR ETF (NRR) starts trading on NYSE Arca. Intents passes $30 billion.

  46. 1–2 Oct 2026

    $3.8 million Intents exploitIncidents

    A bug in the Omni deposit layer is exploited. Service is paused and the funds are returned in full the next day.

  47. 7–8 Oct 2026

    Issuance draft and FastNEAR dealPeople & funding

    A proposal to cut issuance to 1.6% becomes a formal draft. SVRN acquires data provider FastNEAR.

Deep dive: the three eras of NEAR

2017 to 2021, the scaling era. NEAR was pitched as a faster, friendlier Ethereum alternative. The work was mostly protocol engineering and fundraising.

2022 to 2024, the hangover and reset. The market crash, failed backers, the USN wind-down and a 40% staff cut forced a rethink. The slogans changed several times: Blockchain Operating System, chain abstraction, user-owned AI.

2025 to 2026, the intents and AI era. NEAR found a product people used at scale in Intents, tightened its tokenomics, shipped private AI services and gained a US ETF. Whether this era lasts is the open question.

How NEAR works

8 min read

Four ideas explain most of NEAR's design: sharding, fast finality, a friendly account model, and paying for storage by locking coins rather than paying rent. Two of them have interactive explainers below.

1. Nightshade sharding

On most blockchains every validator re-executes every transaction. That is simple and secure, but the network can only be as fast as a single computer. NEAR splits the state (all the accounts and contract data) into shards. Each shard processes its own transactions in parallel.

The clever part of Nightshade is that there is still only one chain. Each block contains one "chunk" per shard. From the outside it looks like a single blockchain; inside, the work is divided. Transactions that touch two shards are handled with asynchronous "receipts" that hop from one shard to the next in the following block.

Try it: load, shards and dynamic resharding

Interactive

Drag the slider to add network load. In sharded mode, when a shard gets too busy it splits in two, and quiet shards merge again. This is a simplified picture of the dynamic resharding that went live on mainnet in July 2026.

Deep dive: the upgrade path from one shard to automatic shards
  • 2020, one shard. Mainnet launched unsharded while the design was hardened.
  • November 2021, Simple Nightshade. State was split into four shards, though validators still tracked all of them.
  • 2022, chunk-only producers. A lighter validator role opened the door to more participants with cheaper hardware.
  • 2024, stateless validation. Validators no longer need to hold a shard's full state to check its work. The chunk producer sends a compact "state witness" that proves the result. The network went from four to six shards as part of this phase.
  • 2025, resharding and faster blocks. Shards rose to eight in March 2025 and nine later that year. Block time dropped to about 600 milliseconds with finality of about 1.2 seconds, and the validator seat limit rose from 300 to 500.
  • July 2026, dynamic resharding. With nearcore 2.13, shards split automatically at epoch boundaries when they grow too large or busy, with no governance vote needed each time.
  • Next, "Nightshade 3.0". A planned redesign that separates consensus from execution (the SPICE project) and adds atomic cross-shard transactions. See the roadmap.
Deep dive: about that "1 million transactions per second" figure

In December 2025 engineering company Near One published a benchmark in which the standard NEAR client peaked at one million native token transfers per second. It is a real, reproducible result, and the team was open about its limits:

  • It ran on a test network of 70 shards and 140 cloud machines, not on mainnet.
  • It measured simple token transfers only, not smart-contract calls.
  • Some production safety limits were relaxed, and the machines sat in three data-centre regions rather than being spread worldwide.

Real mainnet usage in mid-2026 averaged under a million transactions per day. The benchmark shows headroom, not current activity.

2. Consensus: Doomslug and finality

NEAR is proof-of-stake. Validators lock up NEAR as collateral and take turns producing blocks. The block-production scheme is called Doomslug: a block is considered practically settled after one round of messages, and a finality gadget then makes it irreversible once validators holding more than two-thirds of stake have built on top of it. In practice a transaction is final in a little over a second.

Epochs

Time is divided into epochs of roughly 12 hours. Validator sets, rewards and shard layouts change at epoch boundaries. Unstaking takes four epochs, about two days.

Validator roles

Block producers assemble blocks, chunk producers build each shard's chunk, and chunk validators check them using state witnesses. Stake decides who gets which seats.

Slashing

The protocol defines penalties for provable misbehaviour, but according to the Bitwise ETF prospectus slashing is not currently switched on for mainnet. Validators that go offline simply lose rewards and can be removed.

3. Accounts and access keys

NEAR's account model is one of its most distinctive features. An account is not just a public key. It is a named object that can hold many keys, a balance, and optionally a smart contract.

Try it: what can each key do?

Interactive

Pick a key type and see which actions it can sign for the account alice.near.

    Named accounts

    Names like alice.near work a little like internet domains. The owner of alice.near can create savings.alice.near. Names make mistakes less likely than copying 40-character strings.

    Implicit accounts

    You can also use a 64-character account derived straight from a public key, which is what many exchanges and hardware wallets do. NEAR additionally supports Ethereum-style 0x addresses so that Ethereum wallets can be used.

    Key rotation

    Because keys are separate from the account, you can add a new key and delete an old one without moving funds or changing your address. This is also how the 2026 post-quantum upgrade works: an account can add a quantum-resistant ML-DSA key and keep its name.

    Meta transactions

    Since 2023 a third party, called a relayer, can pay the fee for your transaction. This lets apps offer "gasless" onboarding and lets some wallets charge fees in stablecoins instead of NEAR.

    4. Gas, fees and storage staking

    Every transaction pays a fee in NEAR, measured in gas. Fees are small, typically a fraction of a US cent for a transfer, and are designed to be predictable. 70% of each fee is burned, permanently removing those coins from supply. Historically the other 30% of a contract call's fee has gone to the contract being called, as a reward for developers. NEAR's governance body approved removing that rebate in June 2026, but as of early October 2026 the change had reached testnet only.

    Storing data works differently from most chains. Instead of paying a one-off fee or ongoing rent, an account must keep a small balance locked for as long as it uses storage: about 1 NEAR per 100 kilobytes. Delete the data and the coins are released. This is called storage staking.

    Deep dive: smart contracts, WebAssembly, Rust and JavaScript

    NEAR contracts compile to WebAssembly (Wasm), a compact format that also runs in web browsers. The most common language is Rust, with an official SDK. A JavaScript/TypeScript SDK also exists for developers who want a gentler start, and community SDKs cover other languages.

    Contracts on NEAR call each other asynchronously. A call to another contract is a message that executes in a later block, and the result arrives through a callback. This is what makes sharding possible, but it means a multi-contract transaction is not automatically all-or-nothing as it is on Ethereum. Developers have to handle failures in callbacks, and mistakes here have caused bugs. Atomic cross-shard transactions are one of the stated goals of Nightshade 3.0.

    Developers who prefer Ethereum's tooling can use Aurora, an Ethereum-compatible environment that runs as a smart contract on NEAR. See Ecosystem.

    Deep dive: data availability (NEAR DA)

    Launched in November 2023, NEAR DA lets other blockchains, mainly Ethereum rollups, publish their transaction data to NEAR instead of to Ethereum. Rollups need somewhere to post data so anyone can verify them, and NEAR's cheap block space made it a low-cost option alongside specialist networks such as Celestia and EigenDA.

    NEAR DA remains available, but it has not been the centre of NEAR's story since the project's focus moved to intents and AI in 2025. Ethereum's own data costs also fell sharply after its 2024 "blob" upgrade, which reduced the price advantage for every alternative data layer.

    Chain abstraction, chain signatures and NEAR Intents

    6 min read

    By 2026 the most used thing built on NEAR is not a typical app. It is a cross-chain trading system called NEAR Intents, which has processed more than $30 billion in swaps. To understand it you need three ideas that build on each other.

    Idea 1

    Chain abstraction

    A phrase NEAR popularised in 2023. The goal is that users never need to know or care which blockchain an app or asset lives on, in the same way you do not need to know which data centre serves a website.

    Idea 2

    Chain signatures

    Live on mainnet since 2024. A network of independent nodes jointly holds a signing key using multi-party computation (MPC), so a NEAR account or smart contract can control addresses and sign real transactions on Bitcoin, Ethereum, Solana, XRP and other chains.

    Idea 3

    Intents

    Instead of writing out each step (bridge here, swap there), you state the outcome you want. Professional market makers called solvers compete to deliver it, and a contract on NEAR settles the result.

    Try it: watch an intent get filled

    Interactive

    Choose what you have and what you want, then broadcast. Three example solvers will quote, the best quote wins, and the verifier contract on NEAR settles. Quotes are illustrative and randomised, not live prices.

    You
    Intent: waiting
    Solver network
    Solver A—
    Solver B—
    Solver C—
    Verifier on NEAR
    Idle

      How a real swap flows

      1. You ask. In a wallet or app you request, say, shielded ZEC in exchange for USDC that sits on Arbitrum.
      2. Solvers quote. The request goes to an off-chain network of solvers. Each works out whether it can deliver and at what price, using its own inventory on many chains.
      3. You accept the best quote. You send your USDC to a deposit address. You do not need a NEAR account or NEAR coins for this.
      4. The verifier settles. A smart contract on NEAR (the "Verifier") checks the signed intents from both sides and swaps the balances atomically: either both sides happen or neither does.
      5. You receive. The solver, or the bridge layer, delivers ZEC to your address on Zcash. Most swaps finish in seconds to a couple of minutes depending on the slowest chain involved.

      Where people actually use it

      Mostly without realising. Intents is built into other products: the Zcash wallet Zashi (since October 2025), Ledger's wallet app through SwapKit, the exchange aggregator SimpleSwap, LI.FI, and NEAR's own consumer app at near.com. Analysts noted in 2026 that Zcash pairs made up a large share of volume, at times approaching 40%.

      How it makes money

      On 23 February 2026 NEAR Intents switched on a protocol fee. Fees are shared with the apps that bring users, and the protocol's cut is used to buy NEAR on the open market. By September 2026 trackers showed roughly $45 million in total fees, of which several million dollars had reached the buyback wallet. Most of the fees go to solvers and distribution partners, not the protocol.

      NEAR Intents cumulative volume milestones
      WhenCumulative volumeNote
      November 2024Launch (beta)Announced alongside the NEAR AI relaunch
      October 2025$2 billion+Over $1 billion in a single 30-day period
      November 2025$5 billionZashi swaps drive Zcash demand
      January 2026$10 billion
      3 June 2026$20 billionMore than 25 million swaps in total
      Late September 2026$30 billion+About 35 chains connected

      Confidential Intents

      Announced at NEARCON in February 2026, Confidential Intents is an opt-in private mode. Trades execute on a separate "private shard" run by a permissioned set of validators and linked to mainnet through hardware enclaves (TEEs). Token pairs, sizes and timing are kept off the public record, while users can selectively disclose details for compliance. The pitch is protection from front-running bots and from competitors copying trading strategies.

      By late September 2026 NEAR's revenue dashboard showed roughly $170 million held in the confidential system. A promotional programme called "NEAR@3.33" paid out locked reward tokens to early users once that pool passed $70 million and NEAR's price held above $3.33 for three days, which happened in mid-September 2026.

      Worth knowing. Confidential Intents is privacy by trusted hardware and a permissioned validator set, not by zero-knowledge mathematics as on Zcash. That is a meaningful difference in trust assumptions. See Risks.
      Deep dive: how chain signatures work under the hood

      A smart contract on NEAR (v1.signer) accepts signing requests. Each request names a payload, such as a Bitcoin transaction hash, and a derivation path, a label like ethereum-1. From the caller's NEAR account, the path and the MPC network's master public key, anyone can deterministically work out the address on the other chain. Only the MPC network can produce a signature for it.

      The MPC nodes each hold a share of the master key. None can sign alone. When a request arrives they run a multi-round protocol and return one ordinary signature that the target chain accepts like any other. NEAR's documentation in 2026 describes eight nodes, and the published roadmap aims to grow the set to 21 operators. Two signature schemes are supported, secp256k1 (Bitcoin, Ethereum and similar) and Ed25519 (Solana, NEAR, TON, Stellar and similar), which between them cover most major chains.

      The practical consequence: a contract on NEAR can own Bitcoin. That is what lets solvers, wallets and agents manage assets on many chains from one account.

      Deep dive: the October 2026 Intents exploit

      On 1 October 2026 NEAR Intents paused its service after an attacker exploited a bug in how its "Omni" deposit and withdrawal layer interacted with the main contract, taking about $3.8 million. Deposits and withdrawals were halted on a number of networks and the team promised to make users whole.

      NEAR Intents general manager Alex Shevchenko publicly gave the attacker 48 hours to return the money, writing We have identified you, sir. (as reported by Decrypt). The next day he said the funds had been returned in full, and an on-chain message apparently from the attacker admitted fault.

      No user lost money, but the episode is a reminder that this is young software handling very large sums. It followed an April 2026 incident in which a bug on Litecoin's side reversed a swap and left Intents with a loss of roughly $600,000, which NEAR said it would cover.

      Tokenomics: supply, inflation, burn and staking

      6 min read

      NEAR has no maximum supply. New coins are created every epoch to pay the validators who secure the network, and coins are destroyed whenever fees are paid. Whether supply grows or shrinks overall depends on how much the network is used.

      1,000,000,000NEAR at genesis (April 2020)
      ~1.3 billiontotal supply by autumn 2026
      ~44%of supply staked (September 2026)

      Issuance: the 2025 "halving"

      From launch until October 2025 the protocol issued new NEAR at a maximum of 5% of total supply per year. The original bet was that heavy usage would burn enough fees to offset this. It did not: in 2025 the network was issuing well over $100 million of NEAR a year while burning only a few million dollars in fees.

      A proposal to cut the maximum to 2.5% was debated from mid-2025. What happened next is important and contested. A formal validator vote in October 2025 drew a majority but did not reach the two-thirds approval threshold. A separate community vote showed 91% support among those taking part. Core developers then shipped the change in a software release, and it activated at the end of October 2025 once validators holding about 80% of stake had upgraded. Supporters called it common sense. Critics, including validator operator Chorus One, warned that implementing a change after a failed vote set a bad precedent. Both things are true: the cut was widely wanted, and the process bent NEAR's own rules.

      Of the coins issued, about 90% go to validators and their delegators and about 10% to the protocol treasury. On 30 September 2026 a new proposal appeared to lower the maximum again, to 1.6% over two years. It became a formal governance draft on 7 October 2026 and had not been voted on when this page was last checked.

      Try it: issuance and staking yield calculator

      Interactive

      Move the sliders to see how the issuance rate and the share of coins staked change the approximate staking yield. This is a simplified model for learning, not a forecast, and it ignores fee burn and price.

      New NEAR per year—
      To stakers (90%)—
      To treasury (10%)—
      Approx. staking yield—
      Your rewards per year—

      Burn and buybacks

      Fee burn

      70% of every transaction fee is destroyed. Because NEAR's fees are tiny, the burn has so far been small next to issuance. It would take a great deal more on-chain activity for burning alone to make NEAR deflationary.

      Intents buybacks

      Since February 2026 the protocol's share of Intents fees buys NEAR on the open market into a dedicated multisig wallet. One estimate in July 2026 suggested Intents would need roughly $177 million of volume every day for buybacks to cancel out issuance; the 90-day average at the time was about $77 million. Volumes rose sharply afterwards, so treat any such figure as a moving target.

      What NEAR is used for

      • Fees. Every transaction and contract call costs a little NEAR.
      • Staking. Validators and delegators lock NEAR to secure the network and earn new issuance. Unstaking takes about two days.
      • Storage. Accounts lock NEAR in proportion to the data they store.
      • Governance. Through "House of Stake", holders lock NEAR (or liquid-staking tokens) for veNEAR, which carries voting power. Longer locks give more votes.
      • AI credits. Since 31 July 2026, "Staking for NEAR AI" lets people stake NEAR and receive their yield as inference credits on NEAR AI Cloud instead of as coins.

      Who got the first billion?

      The genesis supply was split between the community, the team, backers and the foundation. Published breakdowns vary slightly by source; one widely cited version is below. All of these allocations have long since finished vesting, so there are no large scheduled unlocks left.

      • Community grants and programmes 17.2%
      • Core contributors 14.0%
      • Community sale 12.0%
      • Early ecosystem 11.8%
      • Operations grants 11.4%
      • Foundation endowment 10.0%
      • Seed and venture backers 23.6%
      Deep dive: liquid staking and veNEAR

      Staked NEAR is locked. Liquid staking protocols give you a tradeable token in return for your stake, so you can keep earning rewards while using the token elsewhere. The main ones on NEAR are Meta Pool (stNEAR), LiNEAR and RHEA (rNEAR). They add smart-contract risk on top of normal staking.

      House of Stake went live in 2025 as NEAR's on-chain governance forum. Voting power comes from veNEAR, obtained by locking NEAR or liquid-staking tokens. Early proposals funded rewards for veNEAR holders and small payments to the 100 smallest reliable validators. House of Stake decisions still need validators to adopt any change that touches the protocol itself, which is why approved items, such as removing the developer fee rebate, can take months to reach mainnet.

      Deep dive: listed companies and funds holding NEAR

      SVRN, Inc. A Nasdaq-listed company, formerly the shipping firm OceanPal, that became a NEAR treasury vehicle after a $120 million private placement in late 2025. Its ticker changed to SVRN in November 2025, when it reported holding 53.9 million NEAR (about 4% of supply) and a stated ambition of reaching 10%. In October 2026 it bought FastNEAR, a major provider of NEAR data infrastructure.

      Bitwise NEAR ETF (NRR). The first US spot NEAR exchange-traded fund began trading on NYSE Arca on 29 September 2026. It charges 0.75% a year, stakes its holdings and uses Coinbase Custody. Bitwise also runs a NEAR staking product in Europe.

      Grayscale. Its small NEAR Trust has existed since 2021. In January 2026 Grayscale filed to convert it into an ETF under the proposed ticker GSNR. It had not listed at the time of writing.

      Concentrated holders cut both ways: they show institutional interest, and they are also large positions that could one day be sold.

      People and organisations

      6 min read

      NEAR is not a company. It is a network maintained by several separate organisations and hundreds of independent validators. But a small number of people and entities have shaped it far more than others, and one founder in particular.

      IP
      Role
      Co-founder of NEAR Protocol; CEO of the NEAR Foundation since November 2023; leads NEAR AI
      From
      Kharkiv, Ukraine
      Studied
      Applied mathematics and computer science, Kharkiv Polytechnic Institute
      Before NEAR
      Salford Systems (from 2008); Google Research (2014 to 2017)
      Known for
      Co-author of "Attention Is All You Need" (2017)
      Founder profile

      Illia Polosukhin

      Polosukhin grew up in Kharkiv and has said his interest in artificial intelligence started in childhood. He competed in programming contests at school and university, took a master's degree in applied mathematics and computer science, and moved to California. He spent about six years at Salford Systems, a predictive-analytics software company in San Diego, building data-mining tools.

      In early 2014 he joined Google Research, where he became an engineering manager and worked on the TensorFlow machine-learning framework and on question answering for Google Search. That placed him in the group that produced the Transformer paper in 2017. He is the last of the eight listed authors, credited in the paper with early implementation work.

      He left Google the same year to start NEAR.ai with Alexander Skidanov. When program synthesis proved too early, he led the pivot to building a blockchain, co-designed Nightshade, and has been the project's most visible figure ever since. After Russia's full-scale invasion of Ukraine in 2022 he helped set up Unchain Fund, a crypto-based relief effort.

      In November 2023 he became chief executive of the NEAR Foundation, and within two months oversaw a 40% staff cut that he framed as narrowing its focus. From 2024 he steered NEAR back toward AI under the banner of "user-owned AI": the argument that powerful AI should be open, verifiable and controlled by its users, not by a few corporations. His recurring public prediction is that AI agents will become the main users of blockchains, with AI as the interface and blockchains as the back end.

      Deep dive: how to weigh the "Transformer co-author" credential

      It is real and significant. Very few people in crypto have comparable standing in AI research, and it gives NEAR access to audiences, such as Nvidia's GTC stage, that most blockchains cannot reach.

      It also has limits. Polosukhin left frontline AI research in 2017. NEAR AI's products mainly host and protect models built by others; critics note that it has not published frontier models of its own. And a founder's reputation says little about whether a token will hold its value. A sensible reading is: strong evidence of technical ability, weak evidence about commercial outcomes.

      Deep dive: one person, many hats

      Polosukhin is at once co-founder, Foundation CEO and the leader of NEAR AI. That concentration gives NEAR clear direction, which many decentralised projects lack. It is also a "key person" risk, and it sits uneasily with claims of decentralisation, a point raised during the 2025 inflation dispute. The Foundation has said its role should shrink over time.

      AS
      Co-founder

      Alexander "Alex" Skidanov

      Skidanov was a software engineer at Microsoft and then director of engineering at MemSQL (now SingleStore), a company whose core product is a sharded, distributed database. That experience fed directly into NEAR: he is the lead author of the Nightshade sharding paper and was the protocol's main architect in its early years, as well as a prolific explainer of consensus and sharding design.

      He has kept a lower public profile than Polosukhin in recent years, and public sources are inconsistent about his current title, so this page does not state one. His design work remains the foundation the network runs on.

      Other key people

      Bowen Wang

      CTO of NEAR; founder of Near One

      A long-time protocol engineer who led NEAR's core development at Pagoda and then founded Near One, the company that maintains the nearcore client. Named chief technical officer in October 2025.

      Alex Shevchenko

      Aurora Labs founder; NEAR Intents general manager

      A physicist by training who built Aurora, the Ethereum-compatible environment on NEAR, and the Rainbow Bridge. By 2026 he was running NEAR Intents and leading Defuse Labs, the team behind it.

      George Zeng

      Chief Product Officer; GM of NEAR AI

      Appointed in October 2025 to turn NEAR AI's research into shipped products such as NEAR AI Cloud and private chat.

      Matt Kummell, Chris Briseno, Alycia Tooill

      Foundation executives (October 2025)

      Chief commercial officer, chief marketing officer and head of people. The Foundation said the group came from firms including Bloomberg, Digital Currency Group, Flipside and dYdX.

      Evgeny Kuzyakov and Mike Purvis

      FastNEAR co-founders

      Kuzyakov was one of NEAR's early engineers. FastNEAR serves billions of data requests a month for NEAR apps and was acquired by SVRN in October 2026.

      Erik Trautman and Marieke Flament

      Former NEAR Foundation chief executives

      Trautman led the Foundation in its early years. Flament, a former fintech executive, was chief executive from 2022 to 2023. After a short handover period, Polosukhin took the role in November 2023.

      Sal Ternullo

      CEO of SVRN

      Runs the Nasdaq-listed NEAR treasury company and has become one of the network's largest single holders and a governance participant.

      Foundation Council

      Oversight board

      The NEAR Foundation is overseen by a council. Members named in public sources have included Polosukhin, Chris Donovan, Sheila Warren, Diogo Monica and Richard Muirhead. Membership changes over time.

      The organisations

      Who does what in the NEAR ecosystem
      OrganisationWhat it isWhat it does
      NEAR FoundationSwiss non-profit, formed 2020Holds the ecosystem treasury, funds development, runs marketing and partnerships. In January 2024 it reported $285 million in cash and 305 million NEAR.
      Near OneEngineering company, announced 2024Maintains nearcore, the main node software, and leads protocol research such as resharding and SPICE.
      PagodaEngineering company, 2022 to 2024The earlier home of core development. It was wound down in 2024 and its work split between Near One, NEAR AI and chain-abstraction spin-outs.
      NEAR AIProduct organisation, relaunched 2024Builds NEAR AI Cloud, private chat, IronClaw and the confidential GPU marketplace.
      Defuse Labs / NEAR IntentsProduct teamBuilds and operates the Intents protocol and its Omni bridge layer.
      Aurora LabsIndependent company, spun out 2021Runs Aurora (EVM on NEAR), Aurora Cloud for launching "virtual chains", and built the Rainbow Bridge.
      House of StakeOn-chain governance, live 2025Where veNEAR holders debate and vote on proposals.
      Validators400+ independent operatorsRun the network. Protocol changes only take effect when validators holding about 80% of stake upgrade.
      SVRN, Inc.Nasdaq-listed companyHolds a large NEAR treasury and owns FastNEAR.

      Investors

      NEAR raised a large amount of venture money, most of it at the top of the 2021 to 2022 market. Named lead or major investors across rounds include Metastable Capital, Accomplice, Andreessen Horowitz (a16z), Dragonfly, Tiger Global and Three Arrows Capital. A January 2022 round of $150 million was followed by $350 million in April 2022. Totals reported by different sources range from "more than $500 million" to about $600 million. Three Arrows Capital and the FTX/Alameda group, both backers, collapsed later in 2022.

      The NEAR ecosystem

      2 min read

      NEAR's ecosystem looks different from Ethereum's or Solana's. Its on-chain DeFi is modest, while its cross-chain and consumer products are large. Here are the pieces a newcomer is most likely to meet.

      Consumer

      near.com

      A "super-app" launched at NEARCON in February 2026: one account for assets on 35 or so chains, cross-chain swaps through Intents, optional confidential transfers and, since September 2026, perpetual futures through an integration with Hyperliquid (not available to US persons).

      Consumer

      HOT Wallet

      A wallet that grew out of HERE Wallet and spread through Telegram. In the second quarter of 2026 it accounted for about 65% of all NEAR transactions, according to Nansen, though its activity was falling quarter on quarter.

      DeFi

      RHEA Finance

      The main decentralised exchange and lending venue on NEAR, formed by merging Ref Finance and Burrow. Offers swaps, lending and the rNEAR liquid-staking token.

      DeFi

      Meta Pool and LiNEAR

      Liquid-staking protocols. Stake NEAR, receive stNEAR or LiNEAR, and keep the token usable in DeFi and governance.

      EVM

      Aurora

      An Ethereum Virtual Machine running as a NEAR smart contract, so Solidity apps and wallets such as MetaMask work unchanged. Aurora Cloud lets projects launch their own "virtual chains" that settle on NEAR.

      Stablecoins

      Native USDC and USDT

      Circle and Tether both issue their dollar stablecoins directly on NEAR. Stablecoin supply on the chain was roughly $86 million in September 2026, small by industry standards.

      Infrastructure

      FastNEAR, NearBlocks, Pyth

      FastNEAR provides RPC and data services, NearBlocks is the most used block explorer, and Pyth supplies price feeds to DeFi apps.

      Integrations

      Zashi, Ledger, SimpleSwap

      Products outside the NEAR ecosystem that use NEAR Intents for cross-chain swaps. For many of their users NEAR is invisible plumbing.

      Past

      Sweat, KAIKAI, BOS

      Earlier waves of activity came from the Sweat Economy move-to-earn app, the KAIKAI shopping app, and the 2023 "Blockchain Operating System" for decentralised front ends. They drove account numbers but less lasting on-chain value.

      A note on user numbers. NEAR has at times reported tens of millions of monthly active accounts. Much of that came from a few consumer apps creating accounts for their users, and from Telegram-based wallets. Independent trackers in mid-2026 counted about 120,000 daily active addresses and around 850,000 transactions a day. Both sets of numbers are real; they measure different things.
      Deep dive: DeFi size in context

      Total value locked in NEAR's native DeFi was around $240 million in late September 2026 according to DefiLlama, having been under $100 million earlier in the summer. That is small next to Ethereum or Solana, where the figure is measured in tens of billions. NEAR's supporters argue that TVL is the wrong yardstick for a chain whose main product routes trades across other chains without holding assets for long. Critics reply that a network valued in the billions with thin on-chain capital is priced on expectations.

      NEAR AI deep dive: private, user-owned AI

      3 min read

      NEAR AI is the part of the project that returns to where the founders began. Its thesis is simple to state: people and companies will not hand their most sensitive data to AI systems they cannot inspect, so AI needs to run somewhere that can prove it is private.

      Dec 2025

      NEAR AI Cloud

      An inference service where models run inside trusted execution environments (TEEs) built on Intel TDX and Nvidia confidential computing. Prompts are encrypted on your device and decrypted only inside the sealed enclave. The API mimics OpenAI's, so developers can switch with small code changes. NEAR AI reported a 5 to 10% speed penalty for the privacy.

      Dec 2025

      NEAR Private Chat

      A consumer chat assistant on top of the cloud, running open-source models with the same guarantees. Launch partners included the Brave browser (in its Nightly build), robotics firm OpenMind and Phala.

      Feb 2026

      IronClaw

      An open-source runtime for always-on AI agents, written in Rust. Agents run inside enclaves, credentials live in an encrypted vault the model itself cannot read, and tools are sandboxed in WebAssembly. It is NEAR's answer to the security problems of agent frameworks such as OpenClaw.

      Feb 2026

      Confidential GPU Marketplace

      A network where data centres rent out idle GPUs for confidential workloads. Each job returns a hardware-signed attestation, reportedly in under 30 seconds, showing it ran on genuine hardware with the expected code.

      May 2026

      Government pilot

      The Government of Bermuda signed up for a prototype assistant that lets public servants work with sensitive citizen data inside enclaves. It is a single prototype with no published usage figures.

      Jul 2026

      Staking for NEAR AI

      Stake NEAR and take your yield as AI inference credits, covering open models and, through a gateway, commercial ones. Your staked coins are not spent.

      How "verifiable privacy" works

      1. Encrypt. Your prompt is encrypted locally and sent to a confidential virtual machine.
      2. Isolate. Inside the enclave the model decrypts the prompt, runs, and encrypts the answer. The cloud operator, the hardware owner and NEAR AI cannot see inside.
      3. Attest. The chips sign a report describing exactly what code ran. Anyone can check that signature against Intel's and Nvidia's public services.

      NEAR AI calls its long-term design Decentralised Confidential Machine Learning (DCML), first presented by Polosukhin at Nvidia GTC in 2025. The stated end goal is a network of many independent enclave operators coordinated on-chain, with NEAR as the settlement asset. In September 2026 NEAR AI Cloud also became a provider on the model-routing service OpenRouter.

      Where the blockchain fits, honestly. Today most of NEAR AI's privacy comes from hardware enclaves, not from the NEAR blockchain. The chain's role is payments, identity, agent wallets through chain signatures, and, in future, coordinating a decentralised operator network. How much value this sends to the NEAR coin is an open question, and the answer depends on products that are still young.
      Deep dive: why agents and intents are meant to fit together

      An AI agent that books travel or rebalances a portfolio needs to hold money, pay for things and trade, possibly across many chains. It is poor at the fiddly steps humans struggle with too: bridging, wrapping, picking gas tokens.

      NEAR's stack is aimed at exactly that. A NEAR account gives the agent an identity with limited-permission keys. Chain signatures let that account control addresses on other chains. Intents let the agent state a goal and receive a guaranteed outcome. IronClaw keeps its keys and data sealed. Bitwise's investment chief Matt Hougan described NEAR in an October 2026 memo as the blockchain built for artificial intelligence, while conceding that today's users are still overwhelmingly human.

      Deep dive: the limits of trusted hardware

      TEEs move trust from the cloud operator to the chip maker. You are trusting that Intel and Nvidia built the enclave correctly and that no one has found a way in. Researchers have repeatedly demonstrated side-channel attacks against earlier enclave technologies. NEAR AI acknowledges this openly; one of its own 2026 blog posts is titled "Assume We're Lying: How to Verify Private Inference". Enclaves are a large improvement on plain cloud hosting, but they are not the same as mathematical guarantees.

      Roadmap and future

      2 min read

      Roadmaps in crypto slip more often than they hold. The items below are what NEAR's teams have said publicly; dates are targets, not promises.

      Shipped in 2026

      • Intents fee switch and buybacks (February)
      • near.com, Confidential Intents, IronClaw, GPU marketplace (February)
      • Universal Send for confidential payments in any supported asset (May)
      • Dynamic resharding and optional post-quantum account keys, nearcore 2.13 (July)
      • Staking for NEAR AI (July)
      • First US spot NEAR ETF (September)

      In progress

      • nearcore 2.14, on testnet in October 2026, which includes removing the 30% developer fee rebate
      • Growing the chain-signatures MPC network toward 21 operators
      • Networking-layer overhaul
      • House of Stake draft to cut maximum issuance from 2.5% to 1.6%
      • Confidential lending and other private DeFi beyond swaps
      • Grayscale's proposed NEAR ETF conversion

      Planned

      • SPICE: separating consensus from execution, targeting block times near 200 ms. A first mainnet version is pencilled in for early 2027.
      • Nightshade 3.0: SPICE plus atomic cross-shard transactions.
      • Quantum-safe consensus and quantum-safe chain signatures, with a directional target of the end of 2027.
      • Decentralised confidential compute: many independent enclave operators coordinated on-chain.
      Deep dive: what the post-quantum upgrade does and does not do

      A large enough quantum computer could, in theory, derive private keys from the public keys used by nearly every blockchain today. In July 2026 NEAR added ML-DSA-65, a signature scheme standardised by the US standards body NIST as FIPS 204, as an optional access-key type. Because NEAR keys are separate from accounts, a user can add a quantum-resistant key and remove the old one without changing address.

      The limits: it is optional, wallets must support it, and it protects account keys only. Validator consensus and the MPC keys behind chain signatures still use conventional cryptography. Work on those is under way.

      Deep dive: three questions that will shape NEAR's future
      1. Do agents arrive? The whole thesis assumes software agents will transact at scale. If they do, on NEAR's rails, the case is strong. If humans remain the main users, NEAR is competing as a cross-chain swap venue with ordinary economics.
      2. Does Intents volume diversify? A big share has come from Zcash trading. Broader sources of demand would make the revenue more durable.
      3. Does value reach the coin? Fees are mostly paid in other assets and mostly kept by solvers and partners. The buyback is the link between usage and NEAR. Its size relative to issuance is the number to watch.

      NEAR vs Ethereum vs Solana vs Sui

      2 min read

      All four are smart-contract platforms with different answers to the same scaling question. The figures are approximate and change with upgrades; treat the table as a map, not a scoreboard.

      Layer-1 comparison, as of October 2026
      NEAREthereumSolanaSui
      Mainnet launch2020201520202023
      How it scalesSharding inside one chain (Nightshade), automatic since 2026Rollups (layer 2s) on top of a slow, secure baseOne very fast chain with parallel executionObject model with parallel execution
      ConsensusProof of stake, DoomslugProof of stake, GasperProof of stake with Proof of HistoryDelegated proof of stake, Mysticeti
      Block timeAbout 0.6 s12 sAbout 0.4 sSub-second
      Time to finalityAbout 1.2 sAbout 13 minutesAbout 13 s (faster planned)Under 1 s
      AccountsNamed accounts, many keys with permissionsHex address, one key (smart accounts optional)Public key, program-owned accountsHex address, object ownership
      Contract languagesRust, JavaScript (Wasm); Solidity through AuroraSolidity, VyperRust, CMove
      Supply policyNo cap; up to 2.5% issuance; 70% of fees burnedNo cap; low issuance; base fee burnedNo cap; declining inflation; part of fees burned10 billion cap
      Validators400+Hundreds of thousands of validator keysAround a thousand or moreA little over 100
      Native DeFi sizeSmallLargestLargeMedium
      Main bet in 2026Cross-chain intents and private AI for agentsNeutral settlement layer for rollups and institutionsHigh-speed markets and consumer appsConsumer apps and gaming with a novel language

      Where NEAR is stronger

      • Account model that is friendlier to people and to software agents
      • Scaling that adds capacity without splitting liquidity across separate rollups
      • Cross-chain reach: it tries to work with other chains, not replace them
      • Early, concrete post-quantum steps

      Where NEAR is weaker

      • Far less on-chain capital and far fewer developers than Ethereum or Solana
      • Asynchronous contract calls are harder to program safely
      • Its largest products depend on trusted hardware and small operator sets
      • Leadership and strategy are concentrated in a few people

      Curious about the others? The sister guides What is SOL? and What's Sui? cover Solana and Sui in the same format.

      Wallets guide

      3 min read

      The original NEAR Wallet has been retired, and no single wallet is "official" in the old sense. These are the options a newcomer is most likely to meet in 2026. Inclusion is not an endorsement, and wallet apps change quickly, so check each project's own site.

      Showing 12 of 12 wallets

      near.com

      Web and mobile app

      NEAR's own consumer app, launched February 2026. One account across about 35 chains, built-in Intents swaps and optional confidential transfers.

      Good for: People who want cross-chain swaps in one place

      Official site →

      Meteor Wallet

      Browser extension, iOS, Android

      A popular NEAR-first wallet with staking, built-in swaps and bridging, and the option to pay fees in stablecoins.

      Good for: Everyday NEAR use on desktop and phone

      Official site →

      HOT Wallet

      Telegram mini app, mobile, extension

      Grew out of HERE Wallet. Uses MPC so a single seed phrase is not the only key, and supports many chains. The busiest wallet on NEAR by transaction count.

      Good for: Telegram users and multichain beginners

      Official site →

      MyNearWallet

      Web wallet

      The community successor to the original NEAR Wallet, with staking and Ledger support.

      Good for: Users migrating from the old wallet; Ledger owners

      Official site →

      Intear Wallet

      Web wallet

      A newer, speed-focused web wallet popular with traders in the NEAR community.

      Good for: Active on-chain users

      Search for the official site and verify the address carefully.

      Bitte Wallet

      Web wallet with passkeys

      Sign in with a device passkey (fingerprint or face) instead of a seed phrase. Oriented toward AI agents and NFTs. Check its current status before relying on it.

      Good for: Trying NEAR without a seed phrase

      Official site →

      Sender Wallet

      Browser extension, iOS, Android

      A long-running NEAR wallet with a scam-address warning list and liquid-staking shortcuts.

      Good for: Browser-based dApp use

      Official site →

      NEAR Mobile

      iOS, Android

      Built by Peersyst. Keys are protected by the phone's secure enclave and biometrics; includes staking.

      Good for: Simple phone-only use

      Search for the official site and verify the address carefully.

      Ledger

      Hardware wallet

      Keys stay on a physical device. Works with Ledger's own app (which also offers Intents-powered swaps) and with MyNearWallet and others.

      Good for: Larger balances held long term

      Official site →

      Tangem

      NFC card wallet

      A card-shaped hardware wallet you tap against your phone. Seedless setup with backup cards.

      Good for: Hardware security without cables

      Official site →

      OneKey

      Hardware wallet

      Open-source hardware wallets with NEAR support and on-device transaction checks.

      Good for: Users who prefer open-source hardware

      Official site →

      Trust Wallet

      Mobile and extension

      A general-purpose multichain wallet that supports NEAR alongside many other networks.

      Good for: People who already hold several coins

      Official site →
      Wallet safety in four lines. Only install from a link on the project's own website. Fake wallet sites are common, especially ones imitating the retired NEAR Wallet. Your recovery phrase is the wallet: anyone who has it has your coins. No support agent, airdrop or "migration" will ever legitimately need it.

      Hot, cold, custodial?

      Hot wallets (apps and extensions) are convenient and connected to the internet. Hardware wallets keep keys offline and suit larger amounts. Custodial accounts on exchanges are easiest, but the exchange controls the coins.

      NEAR-specific tips

      Keep a little NEAR for fees and storage deposits. Review the list of access keys on your account from time to time and remove any for apps you no longer use. If your wallet supports it, consider adding a second recovery method.

      Deep dive: what happened to the original NEAR Wallet?

      For its first few years NEAR had a single web wallet at wallet.near.org, built by the core team. As part of decentralising the ecosystem, it was phased out around the end of 2023 and the address became a directory pointing to independent wallets. MyNearWallet continued the same codebase and design, so most users moved there or imported their recovery phrase into Meteor, HERE (now HOT) or Sender.

      A security firm had earlier found that the old wallet sent recovery data to an analytics provider when users chose email or SMS recovery. The bug was fixed quickly in 2022 and no losses were reported, but the delay in telling users drew criticism.

      Where and how to buy NEAR

      3 min read

      This section explains the mechanics. It is not a recommendation to buy. NEAR is a volatile asset that has fallen more than 90% from a peak before, and you should never put in money you cannot afford to lose.

      Common ways to get exposure to NEAR
      RouteExamplesGood forWatch out for
      Centralised exchangeCoinbase, Kraken, Binance, OKX, Bybit, KuCoin, UpbitBuying with a bank transfer or card; deepest liquidityThe exchange holds your coins until you withdraw. Availability varies by country.
      Cross-chain swapnear.com, or wallets that use NEAR IntentsSwapping crypto you already hold on another chain straight into NEARCheck the quoted amount you will receive; quotes include fees and spread.
      Decentralised exchange on NEARRHEA FinanceSwapping tokens already on NEARYou need a NEAR wallet and a little NEAR for fees first.
      Exchange-traded productBitwise NEAR ETF (NRR, United States); Bitwise NEAR Staking ETP (Europe)Holding exposure in a normal brokerage accountAnnual fees; you own fund shares, not coins; you cannot use the network.

      Step by step: buying on an exchange and moving to your own wallet

      1. Pick a regulated exchange that serves your country. Compare fees. Using the "advanced" or "pro" trading screen is usually cheaper than the instant-buy button.
      2. Create an account and verify your identity. This is a legal requirement on reputable platforms. Turn on two-factor authentication with an authenticator app, not SMS.
      3. Deposit money. Bank transfers are usually cheapest. Cards are faster and cost more.
      4. Buy NEAR. Search for the ticker NEAR. Check you are buying the native coin, not a similarly named token.
      5. Set up a self-custody wallet. Choose one from the wallets guide. Write the recovery phrase on paper and store it offline. Never type it into a website or share it with anyone.
      6. Withdraw a small test amount first. Select the NEAR Protocol network on the exchange's withdrawal screen. Paste your account name (such as yourname.near) or your 64-character address. Confirm it arrives.
      7. Withdraw the rest, and optionally stake. Most wallets let you delegate to a validator in a few taps. Remember the roughly two-day wait to unstake.
      Three common mistakes. (1) Withdrawing on the wrong network: some exchanges also list NEAR as a token on other chains, which will not arrive in a NEAR wallet. (2) Sending to a new named account that does not exist yet: create the account first. (3) Trusting "support" in direct messages: nobody legitimate will ever ask for your recovery phrase.
      Deep dive: coin or ETF?

      Holding the coin yourself lets you stake directly, vote, and use apps, and there is no annual management fee. It also makes you responsible for security and for record-keeping at tax time.

      An exchange-traded product is simpler: it sits in a brokerage or pension account and someone else handles custody. The Bitwise US fund charges 0.75% a year and keeps roughly two-thirds of the staking rewards it earns for shareholders after staking costs, according to its prospectus. Shares can trade slightly above or below the value of the underlying coins.

      Neither route removes the main risk, which is the price of NEAR itself.

      Deep dive: staking basics
      • You keep ownership. Delegating does not hand your coins to the validator. They are locked in a staking-pool contract in your name.
      • Rewards start after the next epoch (about 12 hours) and compound automatically.
      • Choose on uptime and commission. Most validators charge a few percent of rewards. Spreading stake away from the very largest validators helps decentralisation.
      • Unstaking takes four epochs, roughly two days, during which you earn nothing and cannot sell.
      • Yield is paid in new NEAR. A 5% yield does not help if the price falls 50%. In many countries staking rewards are taxable income.

      Risks and criticisms

      3 min read

      A fair guide has to spend time on what could go wrong. For each criticism below there is also the response supporters usually give. You can weigh them yourself.

      Market

      Extreme price volatility

      NEAR fell more than 90% from its January 2022 high of about $20.44. In 2026 alone it reportedly dropped below $1 in February and then multiplied several times by October. The Bitwise ETF prospectus cites annualised volatility above 100%.

      Supporters say: volatility is typical for the asset class and the 2026 recovery tracked real growth in usage.

      Governance

      The 2025 inflation precedent

      The issuance cut failed its formal vote threshold and was implemented anyway by core developers and upgrading validators. If the rules can be worked around for a popular change, they can be for an unpopular one.

      Supporters say: validators still had to choose to upgrade, the community vote was overwhelmingly in favour, and many non-voters abstained for compliance reasons.

      Security

      Smart-contract and bridge bugs

      Intents lost about $3.8 million to an exploit on 1 October 2026 (returned the next day) and roughly $600,000 in April 2026 through a Litecoin-side bug. Earlier incidents include the $3 million Skyward Finance exploit in 2022.

      Supporters say: users were made whole each time and the core protocol itself has not been compromised.

      Centralisation

      Influence of a few entities

      The Foundation, Near One and a handful of leaders set direction. The chain-signatures MPC network has a small number of operators. Confidential Intents runs on permissioned validators. A 2023 Messari study found a large share of stake hosted on a single cloud provider.

      Supporters say: the Foundation is shrinking its role, the MPC set is being expanded, and House of Stake moves decisions on-chain.

      Economics

      Does usage reach the coin?

      Base-chain fee revenue is very small. Intents fees are meaningful, but most go to solvers and partners, and buybacks so far have been a fraction of new issuance. There is no supply cap.

      Supporters say: issuance has already halved, a further cut is proposed, and buybacks grow with volume.

      Concentration

      Reliance on a few sources of activity

      A large share of Intents volume has involved Zcash, and a large share of on-chain transactions has come from one wallet, HOT. If either fades, headline numbers could fall quickly.

      Supporters say: integrations with Ledger, SimpleSwap and others are broadening demand.

      Technology

      Trust in hardware enclaves

      NEAR AI and Confidential Intents rely on TEEs from Intel and Nvidia. Enclave technology has a history of side-channel attacks, and it places trust in chip makers.

      Supporters say: attestation makes the trust checkable, and it is far better than unprotected cloud computing.

      Thesis

      The AI story is ahead of the evidence

      The "blockchain for AI agents" pitch depends on agents transacting at scale. Today's users are mostly people, and NEAR AI publishes little usage data.

      Supporters say: infrastructure has to exist before demand arrives, and agent tools are improving fast.

      Regulatory

      Legal uncertainty

      Rules for tokens, staking and privacy features differ by country and keep changing. Confidential transactions and no-account swaps may attract scrutiny; Intents has already had to block suspected stolen funds.

      Supporters say: a US spot ETF is a sign of growing regulatory acceptance, and selective disclosure is built in.

      Reputation

      Past missteps

      The USN stablecoin wound down in October 2022 with a $40 million shortfall covered by the Foundation. A 2022 wallet bug exposed recovery data to an analytics provider and was disclosed only months later. A 2024 marketing stunt in which NEAR's account posted "it's all a lie" was widely criticised.

      Supporters say: users were compensated, and leadership and focus have changed since.

      Myths vs facts

      1 min read

      Tap a card to turn it over. These are the misunderstandings that come up most often.

      Glossary

      3 min read

      46 terms you will meet when reading about NEAR. Type to filter.

      46 terms

      Access key
      A key attached to a NEAR account. Full-access keys can do anything; function-call keys can only call named methods on one contract.
      Account abstraction
      Designing accounts as programmable objects instead of bare keys. NEAR has had this from launch.
      Attestation
      A signed report from a hardware enclave proving what code ran inside it.
      Aurora
      An Ethereum-compatible environment that runs as a smart contract on NEAR.
      Burn
      Permanently destroying coins. NEAR burns 70% of every transaction fee.
      Chain abstraction
      Hiding the differences between blockchains so users do not need to know which one they are using.
      Chain signatures
      A NEAR feature that lets an account sign transactions on other blockchains through an MPC network.
      Chunk
      One shard's portion of a NEAR block.
      Chunk validator
      A validator that checks chunks using state witnesses without storing the shard's state.
      Confidential Intents
      An opt-in private mode for NEAR Intents that uses a permissioned private shard and hardware enclaves.
      DCML
      Decentralised Confidential Machine Learning, NEAR AI's design for running AI privately across many operators.
      Delegation
      Staking your NEAR with a validator without running a node yourself.
      Derivation path
      A label such as "ethereum-1" that determines which foreign-chain address a NEAR account controls through chain signatures.
      Doomslug
      NEAR's block-production scheme, which gives practical finality after one round of messages.
      Dynamic resharding
      Automatic splitting and merging of shards based on demand, live since July 2026.
      Epoch
      A period of roughly 12 hours after which validator sets and rewards are updated.
      Fee switch
      The February 2026 activation of protocol fees on NEAR Intents, which fund buybacks of NEAR.
      Finality
      The point at which a transaction cannot be reversed. On NEAR, a little over a second.
      Gas
      The unit measuring computation. Fees are gas used multiplied by the gas price, paid in NEAR.
      House of Stake
      NEAR's on-chain governance system, where veNEAR holders vote on proposals.
      Implicit account
      A 64-character account derived directly from a public key, with no name.
      Intent
      A signed statement of a desired outcome, such as a swap, that solvers compete to fulfil.
      IronClaw
      NEAR AI's open-source runtime for AI agents that run inside secure enclaves.
      Liquid staking
      Staking through a protocol that gives you a tradeable token (stNEAR, LiNEAR, rNEAR) in return.
      Meta transaction
      A transaction whose fee is paid by a third-party relayer instead of the user.
      ML-DSA
      A post-quantum signature scheme standardised by NIST (FIPS 204), optional for NEAR account keys since 2026.
      MPC
      Multi-party computation. Several nodes jointly produce a signature without any one of them holding the whole key.
      Named account
      A human-readable NEAR account such as alice.near.
      NEAR DA
      NEAR's data-availability service for rollups, launched November 2023.
      nearcore
      The reference node software for NEAR, written in Rust and maintained by Near One.
      NEP
      NEAR Enhancement Proposal, the formal process for protocol and standards changes.
      Nightshade
      NEAR's sharding design, in which each block contains one chunk per shard.
      Proof of stake
      A consensus method in which validators lock coins as collateral instead of using computing power.
      Receipt
      A message passed between shards or contracts to continue a transaction in a later block.
      Relayer
      A service that submits and pays for transactions on behalf of users.
      Shard
      One of the parallel partitions of the NEAR network's state and workload.
      Solver
      A market maker that competes to fulfil intents, usually holding inventory on many chains.
      SPICE
      A planned upgrade separating consensus from execution to cut block times toward 200 ms.
      State witness
      Compact proof data that lets a validator check a chunk without holding the shard's full state.
      Stateless validation
      Validating blocks using state witnesses. Introduced on NEAR in 2024.
      Storage staking
      Locking NEAR in proportion to the data an account stores, about 1 NEAR per 100 KB.
      TEE
      Trusted execution environment: a sealed area of a processor whose contents the host cannot read.
      Validator
      A node operator that stakes NEAR and takes part in producing and checking blocks.
      veNEAR
      Vote-escrowed NEAR. Governance voting power obtained by locking NEAR or liquid-staking tokens.
      Verifier
      The smart contract on NEAR that checks and settles intents.
      yoctoNEAR
      The smallest unit of NEAR: one septillionth (10^-24) of a coin.

      Quiz: how well do you know NEAR?

      4 min read

      14 questions drawn from the guide. No sign-up, nothing leaves your browser.

      Frequently asked questions

      4 min read

      Short answers to the questions people ask most.

      What is NEAR Protocol in simple terms?

      NEAR Protocol is a public proof-of-stake blockchain that runs smart contracts. It divides its work across parallel shards to stay fast and cheap, uses human-readable account names, and in 2026 is best known for cross-chain trading through NEAR Intents and for private AI services from NEAR AI.

      Who created NEAR?

      NEAR was founded by Illia Polosukhin, a co-author of the 2017 Transformer paper "Attention Is All You Need", and Alexander Skidanov, a former director of engineering at MemSQL. It began in 2017 as an AI company called NEAR.ai and turned to blockchain in 2018. Mainnet launched in 2020.

      What is the NEAR coin used for?

      NEAR pays transaction fees, is staked to secure the network and earn rewards, is locked to pay for on-chain storage, gives governance voting power through veNEAR, and since July 2026 can be staked to earn AI inference credits on NEAR AI Cloud.

      Is there a maximum supply of NEAR?

      No. One billion NEAR were created at genesis and total supply is about 1.3 billion in late 2026. New coins are issued at a maximum of 2.5% a year since October 2025, while 70% of transaction fees are burned.

      What was the NEAR inflation halving?

      In late October 2025 the maximum annual issuance was cut from 5% to 2.5%. A formal validator vote missed its two-thirds threshold, but the change was shipped in a software release and activated when about 80% of stake upgraded. Critics called the process a bad precedent. A further cut to 1.6% was proposed in September 2026.

      What are NEAR Intents?

      NEAR Intents is a system where a user or AI agent states an outcome, such as swapping one asset for another across chains, and competing market makers called solvers deliver it. A verifier contract on NEAR settles the trade. It had processed more than $30 billion in volume by autumn 2026.

      What are chain signatures?

      Chain signatures let a NEAR account or smart contract sign transactions on other blockchains such as Bitcoin, Ethereum and Solana. A network of independent nodes produces the signature jointly using multi-party computation, so no single party holds the key.

      What is NEAR AI?

      NEAR AI is the product organisation building private AI services linked to NEAR: NEAR AI Cloud for confidential inference, a private chat assistant, the IronClaw agent runtime and a confidential GPU marketplace. They use hardware enclaves from Intel and Nvidia so that prompts and data stay hidden from the operator.

      How fast is NEAR?

      Blocks are produced about every 0.6 seconds and transactions are final in a little over a second. A December 2025 test-network benchmark reached one million simple transfers per second, but real mainnet usage in 2026 averaged under a million transactions a day.

      How do I stake NEAR and what does it earn?

      You delegate NEAR to a validator from a wallet. Rewards come from new issuance and depend on how much of the supply is staked; reports in 2026 put the yield at roughly 4.5 to 5% before validator commission. Unstaking takes four epochs, about two days.

      Which wallet should I use for NEAR?

      The original NEAR Wallet was retired. Common choices in 2026 include Meteor, HOT Wallet, MyNearWallet, Intear, NEAR Mobile and the near.com app, with Ledger, Tangem or OneKey for hardware storage. Download only from official links and never share your recovery phrase.

      Is there a NEAR ETF?

      Yes. The Bitwise NEAR ETF, ticker NRR, began trading on NYSE Arca on 29 September 2026 as the first US spot NEAR fund. Bitwise also offers a NEAR staking product in Europe, and Grayscale filed in January 2026 to convert its NEAR Trust into an ETF.

      Has NEAR been hacked?

      The core protocol has not been compromised, but applications on it have. NEAR Intents lost about $3.8 million to an exploit on 1 October 2026, which was returned in full the next day. Earlier incidents include the Skyward Finance exploit and the USN stablecoin wind-down in 2022.

      Is NEAR decentralised?

      Partly. More than 400 validators run the network and upgrades need about 80% of stake to adopt them. But the NEAR Foundation and a few teams hold a lot of influence, the chain-signatures network has few operators, and the 2025 inflation change went ahead after a failed formal vote.

      Is NEAR a good investment?

      This site does not give investment advice. NEAR is a volatile asset that has fallen more than 90% from a previous peak. Read the risks section, use several independent sources, and never invest money you cannot afford to lose.

      Sources and further reading

      1 min read

      The main sources used to write and check this guide in October 2026. Where sources disagreed, the text says so or uses the more cautious figure. Secondary sources are included for transparency, not as endorsements.

      Keep exploring

      This guide is part of a series of independent explainers. If you found it useful, these are natural next reads.