24/7 Cryptocurrency News

Near Protocol (NEAR) Rallies 13% On Venture Capital Funding News

Near Protocol (NEAR) rose sharply after the platform's decentralized exchange, Trisolaris, raised $4.5 million in a VC-led funding round. 
Published by
Near Protocol (NEAR) Rallies 13% On Venture Capital Funding News

Near Protocol (NEAR), the native token on the proof-of-stake (PoS)  blockchain, rose sharply in the past 12 hours after the platform’s decentralized exchange, Trisolaris, raised $4.5 million in its latest funding round.

NEAR surged as much as 13% to $17.86, and was trading close to a record high of $20.2. The token also jumped 27% in the past week, as increased interest in Ethereum’s (ETH) switch to a PoS model spilled over into other projects. Top altcoins Cardano (ADA) and Solana (SOL) have also benefited greatly from this trend.

The Near Protocol is a community-built blockchain that has been described as a more efficient version of ETH, with faster transaction speeds and better operability with other networks. The project was also recently selected by Orange DAO as its preferred layer-1 blockchain, which will see NEAR invest $15 million into Orange.

Advertisement

Trisolaris sees VC interest

Trisolaris, which is the largest decentralized exchange on the Near protocol, said it raised $4.5 million in a funding round led by Electric Capital, with participation from Jump Crypto, Dragonfly Capital, Leminscap and Ethereal Ventures.

The exchange said it will apply the new capital towards increasing total liquidity on the platform, as well as hiring more people and establishing cross-chain swaps with NEAR.

The news benefits NEAR, given that the token is used widely in depositing on Trisolaris. Wrapped Near (WNEAR), which is an encrypted, tradeable form of the token used to trade on Trisolaris, appeared to be performing slightly better than NEAR following the news.

Trisolaris currently has $239.8 million in total value locked. The exchange intends to expand liquidity to above $500 million.

Advertisement

NEAR trades around record highs

NEAR had hit its last all-time high shortly after raising $150 million in a funding round led by Three-Arrows Capital, with participation from several major crypto funds including Dragonfly, a16z and Alameda.

The token has greatly benefited from increasing interest in its main competitor, ETH, and is currently just a few dollars short of a record high hit in January. Improving sentiment in the crypto market has also attracted vast amounts of capital into altcoins, with recent gains in NEAR likely reflecting as much.

Advertisement

Share
Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026

Kraken raised $500 million, increasing its valuation to $15 billion, setting the stage for a…

September 26, 2025
  • 24/7 Cryptocurrency News

Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration

Crypto exchange Bybit has announced its listing of Ripple's RLUSD amid the stablecoin's growing adoption.…

September 26, 2025
  • 24/7 Cryptocurrency News

SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple

The world's largest interbank messaging network SWIFT has selected Ethereum layer 2 platform Linea to…

September 26, 2025
  • Bitcoin News

Breaking: U.S. PCE Inflation Rises To 2.7% YoY, Bitcoin Bounces

The August U.S. PCE inflation data has dropped in line with expectations, although it suggests…

September 26, 2025
  • 24/7 Cryptocurrency News

Breaking: $10 Trillion Vanguard Plans to Offer Crypto ETFs to Brokerage Clients

Asset manager Vanguard, with $10 trillion in assets under management (AuM), is planning to offer…

September 26, 2025
  • 24/7 Cryptocurrency News

BlackRock Loads Up on Bitcoin, Files For Premium ETF to Increase BTC Yield

BlackRock has purchased $77 million for its BTC holdings through its flagship iShares Bitcoin Trust…

September 26, 2025