Key facts
- NEAR Protocol launched confidential perpetual trading, allowing users to open leveraged trades without public on-chain disclosure.
- The new feature utilizes NEAR Intents with a private shard to shield transaction details.
- Hyperliquid provides the underlying perpetual futures market execution for the product.
- The interface supports over 35 blockchains, with NEAR Intents acting as a cross-chain router.
- Leverage up to 40x is available within the NEAR interface.
- Payward, Kraken's parent company, intends to launch on-chain perpetual futures based on Hyperliquid for U.S. customers.
NEAR Protocol (NEAR) experienced a significant price surge on Thursday, climbing 22% to $2.98 following the introduction of confidential perpetual trading capabilities, a feature developed in partnership with Hyperliquid. This enhancement allows users to engage in leveraged trading without their transaction details being publicly visible on the blockchain, a move that also saw trading volume jump by over 120% to $1.24 billion and the market capitalization reach approximately $3.9 billion.
The new system leverages NEAR Intents, employing a private shard to obscure sensitive trading information such as position size and entry levels from public view. This privacy layer is integrated with Hyperliquid, which handles the execution of the perpetual futures trades. The platform supports over 35 blockchains, with NEAR Intents facilitating cross-chain transactions and reducing the need for manual asset transfers. Users can access leverage of up to 40x on more than 50 markets.
In related developments, Payward, the parent company of cryptocurrency exchange Kraken, has announced its intention to launch on-chain perpetual futures utilizing Hyperliquid for U.S. customers, in conjunction with CFTC-regulated entities Bitnomial Exchange and Bitnomial Clearinghouse.
Earlier in the week, interest in NEAR's privacy-focused trading system had been growing, with the project reporting a total value locked (TVL) of $70 million as of September 15. The recent rally follows a period of bearish sentiment in the crypto market, partly attributed to the failure of the Clarity Act to pass. For NEAR to sustain its upward momentum, it would need to reclaim the $3.50 level.