ZEC Surge Drives NEAR Intents Fee-Buyback Focus

Published: 2026-09-07 09:13:16 |

Zcash (ZEC) reportedly climbed above $1,200 on 6 September, gaining 370% in three months. Grayscale’s spot ZEC ETF also attracted more than $460 million in assets within two weeks. The rally has shifted trader attention to NEAR Intents, the cross-chain settlement infrastructure integrated with the Zashi wallet. Zashi Swaps lets users exchange BTC, SOL and USDC for shielded ZEC. CrossPay supports conversions from shielded ZEC into assets on other networks. Because these swaps use NEAR Intents, sustained ZEC demand could increase NEAR Intents volume and fee generation. NEAR Intents activated its fee switch on 23 February 2026. Protocol fees are collected in NEAR, with 100% reportedly used for token buybacks. Cited official figures show about $27.6 billion in cumulative volume, more than $45 million in cumulative fees and roughly $3 billion in 30-day volume. ZEC-related pairs may represent nearly 40% of current volume. However, DefiLlama data indicates that only about $5.51 million of cumulative fees became protocol revenue for NEAR buybacks, including approximately $910,000 over 30 days. Much of the remaining fees went to solvers and distribution partners. Traders should monitor ZEC’s share of NEAR Intents volume, ZEC ETF inflows, protocol revenue and the sustainability of NEAR buybacks. The NEAR Intents thesis is potentially bullish for NEAR, but its reliance on ZEC creates concentration and reversal risks.

Bullish

The news is potentially bullish for NEAR because rising ZEC activity could increase NEAR Intents transaction volume, protocol revenue and market buybacks. The fee switch and reported use of protocol revenue for NEAR purchases provide a direct token-demand narrative. Strong ZEC performance and ETF inflows may also attract traders to the wider ecosystem in the short term. However, the bullish case is not risk-free. Only about $5.51 million of reported cumulative fees became protocol revenue, while most fees were distributed to solvers and partners. In addition, ZEC-related pairs account for nearly 40% of current NEAR Intents volume. A fall in ZEC demand, weaker ETF inflows or a decline in buyback activity could quickly reduce the impact on NEAR. Traders should therefore treat the setup as conditionally bullish and monitor ZEC volume share, protocol revenue and buyback execution.