STUDY 002 / CROSS-CHAIN FLOWS
NEAR Intents: a week of cross-chain flow*
Seven days of NEAR Intents chain-flow data: stablecoin bridging, a ZEC highway, and which chains users arrive from — and leave through.
Tensorsoft · 30 October 2026 · 7 min read
10
chains tracked
~13–15k
swaps per day
8 days
observation window
Window: 23–30 October 2026
* This report was generated from Tensorsoft data collected from nearstats.org, analyzed with local AI inference (Qwen-3.8-flash-next).
01 / THE TAKEAWAY
Book = 7-day swap volume.
Net in/out = inflow minus outflow per asset leg; direction only, not intent.
Activity was roughly stable while the token fell
NEAR Intents processed roughly 13–15k swaps per day through the window on a weekly book that slid about 4% into 30 October ($827.9M to $791.1M on the readable snapshots). Over the same stretch the NEAR token fell about 18% ($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.
Top routes only; the chains shown cover about $23–28M per day. Solana’s 30 October reading ($6.1M) is about 2.5–3× its average daily flow over the prior week.
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.
- Ethereum31.6% · $53.9M
- TRON24.2% · $41.3M
- Zcash12.7% · $21.6M
- Solana11% · $18.8M
- NEAR5.3% · $9.1M
- Bitcoin3.8% · $6.5M
- Arbitrum3.6% · $6.2M
- BNB3.5% · $5.9M
- Base3.1% · $5.3M
- XRP1.1% · $1.8M
Share of the ≈$170M seven-day census across the ten tracked chains.
Zcash ranks third by volume with only 4,161 swaps — a $5.2k average ticket, the largest in the census.
ZEC in/out legs are near-balanced ($23.3M in, $19.9M out), and about $19M flowing into ZEC from ETH, SOL, BTC and BNB. 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.
USDT bridging between TRON and other chains 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.
| Route | Volume | Note |
|---|---|---|
| USDT→USDT (cross-chain) | 35.7 | $18.1M + $17.6M in two routes — biggest single use |
| ZEC→ETH | 7.8 | — |
| ETH→ZEC | 7.5 | $3.5M + $4.0M combined |
| USDC→USDT | 7.5 | — |
| ZEC→USDT | 5.2 | — |
| SOL→ZEC | 4.4 | — |
| BTC→ZEC | 3.7 | — |
| BNB→ZEC | 3.1 | — |
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.
Inflow minus outflow per leg. Positive bars arrive into the Intents ring; negative bars leave through it.
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 summary readings collected by Tensorsoft, 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 — the chains shown cover about $23–28M per day — 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
Daily totals · nearstats_daily
| Date | Vol 24h $M | Vol 7d $M | Swaps | Users | NEAR $ |
|---|---|---|---|---|---|
| 10-23 | 151.5 | 827.9 | 13,599 | 13,597 | 4.94 |
| 10-30 | 112.4 | 791.1 | 14,169 | 14,166 | 4.07 |
| 10-24–29 | excluded (cached headline) | 12.6–15.6k/day | $4.4–4.7 | ||
Per-chain daily flow · 24h $M · top routes
| Chain | 10-23 | 10-24 | 10-25 | 10-26 | 10-27 | 10-28 | 10-29 | 10-30 |
|---|---|---|---|---|---|---|---|---|
| Ethereum | 9.1 | 7.4 | 6.3 | 5.3 | 8.7 | 10.3 | 9.4 | 7.3 |
| TRON | 5.3 | 5.3 | 3.6 | 4.1 | 6.9 | 7.6 | 6.8 | 6.8 |
| Zcash | 1.4 | 2.2 | 2.4 | 3.5 | 4.6 | 4.2 | 2.7 | 1.8 |
| Solana | 2 | 2.3 | 1.8 | 1.7 | 2.1 | 2.8 | 1.9 | 6.1 |
| NEAR | 0.8 | 1.7 | 0.7 | 0.8 | 1.4 | 1.9 | 0.7 | 1.8 |
| Bitcoin | 2 | 2.2 | 0.9 | 0.6 | 0.6 | 0.7 | 0.9 | 1.2 |
| Arbitrum | 1 | 0.6 | 0.8 | 0.9 | 0.9 | 1 | 0.6 | 1.4 |
| Base | 0.7 | 0.6 | 0.8 | 0.9 | 0.8 | 1 | 0.7 | 0.5 |
| BNB | 0.5 | 0.7 | 0.3 | 0.7 | 1.2 | 0.6 | 1.7 | 0.6 |
7d chain census · latest snapshot
| Chain | Vol $M | Share | Swaps | $/swap |
|---|---|---|---|---|
| Ethereum | 53.9 | 31.6% | 46,561 | $1.2k |
| TRON | 41.3 | 24.2% | 24,228 | $1.7k |
| Zcash | 21.6 | 12.7% | 4,161 | $5.2k |
| Solana | 18.8 | 11% | 35,239 | $0.5k |
| NEAR | 9.1 | 5.3% | 29,711 | $0.3k |
| Bitcoin | 6.5 | 3.8% | 2,948 | $2.2k |
| Arbitrum | 6.2 | 3.6% | 8,602 | $0.7k |
| BNB | 5.9 | 3.5% | 1,710 | $3.5k |
| Base | 5.3 | 3.1% | 25,359 | $0.2k |
| XRP | 1.8 | 1.1% | 3,553 | $0.5k |
Asset legs · 7d in/out $M
| Leg | In | Out | Net |
|---|---|---|---|
| USDT-TRON | 41.3 | 38.4 | balanced |
| USDT-ETH | 29.2 | 26.7 | balanced |
| ZEC-Zcash | 23.3 | 19.9 | balanced |
| USDC-ETH | 13.6 | 14.5 | balanced |
| ETH-ETH | 13.8 | 8.2 | net in |
| BTC-Bitcoin | 9.4 | 3.7 | net in |
| SOL-Solana | 6.6 | 10.3 | net out |
| ETH-Arbitrum | 0.9 | 4.8 | net out |
| BTC-NEAR | 0.1 | 3.9 | net out |
| BNB-BNB | 0.1 | 3.7 | net out |
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