Key Takeaways:
- NEAR Protocol launched Universal Send, a cross-chain payment tool, on May 29
- NEAR token rose 4% to $3.42 following the announcement
- The feature supports Ethereum, Solana, Arbitrum, Optimism, and Base
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NEAR jumps 4% as Universal Send cross-chain tool goes live
NEAR Protocol's new Universal Send feature lets users route any token to any supported blockchain, marking a step forward in cross-chain interoperability.
NEAR Protocol's token rose 4% to $3.42 on May 29 after the network launched Universal Send, a cross-chain payment tool that routes any token to any supported blockchain.
"Universal Send removes the friction of managing multiple bridges and wrapped assets," the NEAR Foundation said in a statement. "Users can now send any token from any supported chain directly to a NEAR address."
The feature aggregates liquidity across multiple bridges and decentralized exchanges, selecting the optimal route for each transaction. NEAR currently supports Ethereum, Solana, Arbitrum, Optimism, and Base, with additional chains expected in subsequent releases. The tool processes payments without requiring users to manually swap tokens or manage gas fees on destination chains, according to the foundation.
The launch positions NEAR among a growing cohort of layer-1 protocols competing to solve cross-chain fragmentation, a market that DefiLlama estimates represents more than $20 billion in bridged total value locked across all networks. NEAR's total value locked stood at $245 million as of May 29, according to DefiLlama data, up 12% over the past week.
Universal Send arrives as demand for cross-chain infrastructure accelerates, driven by the proliferation of layer-2 networks on Ethereum and the expansion of Solana's ecosystem. Competitors including Chainlink's CCIP and LayerZero have also rolled out interoperability solutions, though NEAR's approach differs by routing payments through its own chain rather than relying on external oracle networks.
The 4% price move pushed NEAR's market capitalization to approximately $3.8 billion, with daily trading volume reaching $420 million across centralized exchanges, according to CoinGecko data. The token has gained 18% over the past month, outperforming the broader crypto market as measured by the CoinDesk 20 Index, which rose 9% in the same period.
This article is for informational purposes only and does not constitute investment advice.
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