The recent rise of NEAR Protocol [NEAR] has posed a threat to Stellar [XLM]'s position in the top 20. NEAR's market capitalization increased from $6.8 billion to nearly $7.2 billion, with the token appreciating by approximately 7% in 24 hours. The transaction volume exceeded $1.2 billion, indicating an influx of new funds into the market. Stellar is not showing such dynamics, and the gap is so small that the situation could swing either way. Previously, NEAR had already surpassed Stellar for a short period, but then Stellar regained its position.
Robinhood Chain connects to NEAR's cross-chain infrastructure: users will be able to switch to more than 180 digital assets across 30 different blockchains. The integration provides an intent-oriented approach – to exchange Ethereum [ETH] for Global Dollar [USDG], there is no need to go through two bridges or access two platforms. Essentially, NEAR turns the purely technical side of the blockchain into a public product. NEAR Intents already handles significant cross-chain activity, and Robinhood adds another stream.
The growing utility is also reflected in regulated markets: the NEAR ETF by Bitwise is attracting capital. Bitwise President Teddy Fusaro stated on X that NRR entered the top 10 by assets under management among 107 U.S. ETFs launched in September. There was no public data to confirm or refute his words. The ETF was launched towards the end of September, making it almost impossible to accumulate shares by the first trading day. By October 6, assets reached about $65.4 million with $35.5 million inflow on the first day and another $13.2 million in the next session – demand grew rapidly rather than gradually. If the inflow continues, NRR's regulated exposure to NEAR will increase.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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