NEAR Intents: a week of cross-chain flow^*

01 / THE TAKEAWAY

Activity held while the token fell

NEAR Intents processed roughly 13–15k swaps per day through the window on a weekly book that slid about 8% into 30 October ($827.9M to $791.1M on the readable snapshots). Over the same stretch the NEAR token fell about 16% ($4.94 to $4.07). Swap and user counts did not chase the price drop.

Usage and price moving apart is the more interesting reading: the people routing through Intents this week appear to be using it as plumbing, not as a NEAR trade. That is an interpretation, not a measurement — the data shows flows, not motives.

02 / THE ZEC HIGHWAY

Zcash: third by volume, first by ticket size

Zcash is the third-largest chain in the seven-day census at $21.6M (12.7% share) — on only 4,161 swaps. That works out to a $5.2k average ticket, the largest in the census and roughly ten times Solana’s $0.5k.

ZEC in/out legs are near-balanced ($23.3M in, $19.9M out), and about $19M of the week’s top routes touch ZEC — from ETH, SOL, BTC, BNB and USDT. Daily Zcash flow climbed from $1.4M on 23 October to a $4.6M peak on 27 October before falling back. The pattern is consistent with repositioning privacy exposure across chains, but flow data alone cannot establish who moved or why.

03 / THE BORING PRODUCT

Stablecoin bridging is the biggest single use

The dominant route pair is unglamorous: USDT→USDT across chains, $18.1M + $17.6M — about $36M in a week, more than any other route by a wide margin. Add USDC→USDT at $7.5M and stablecoin repositioning is the clear center of gravity.

The TRON↔Ethereum corridor carries most of it: USDT-TRON legs moved $41.3M in and $38.4M out, USDT-ETH $29.2M in and $26.7M out. This is the stablecoin-repositioning market being served without a lock-and-mint wrapper in sight.

04 / DIRECTIONAL TELLS

Who arrives, who leaves

Net legs point in opposite directions. BTC and ETH flow net into the Intents ring (BTC-Bitcoin $9.4M in vs $3.7M out; ETH-ETH $13.8M in vs $8.2M out). SOL, BNB, Arbitrum and BTC-NEAR legs flow net out — Intents is where Solana and BNB users exit into other chains this week.

Solana’s 24-hour flow jumped to $6.1M on 30 October — roughly three times its weekly norm — on the same day the broader books sold off. One day is not a trend, but it is the kind of reading worth watching into next week.

The long tail is alive too: smaller chains appear in daily flows at $0.2–0.6M per day. Their weekly growth rate is a useful early signal for which chain connects next.

05 / METHODOLOGY & LIMITATIONS

What this study measures — and what it does not

• Figures come from nearstats.org readings collected by Tensorsoft over 23–30 October 2026. This article uses the supplied summaries, not independently verified raw data.
• Cached headline: for 24–29 October, the source page served a cached headline of $132.3M 24h / $860.5M 7d volume while only swap and user counts varied. We treat those headline reads as unreliable and exclude them; daily totals for that stretch are marked unavailable, not interpolated.
• Per-chain daily flows cover top routes only — roughly $30–37M per day of book — not total protocol volume. Chain shares are computed within that coverage.
• Net in/out legs describe direction of flow, not user intent. We do not treat flows as proof of whale activity, migration or positioning motives.
• Route volumes are seven-day aggregates; the route table and the daily chain table measure different cuts of the data and are not expected to reconcile exactly.
• Average ticket sizes are volume divided by swap count; a few large transfers can move them materially.

Research for informational purposes only. Not investment advice.

06 / REPORTED FIGURES

Data appendix