Kalshi Integrates NEAR Tokens, Expanding Utility in Prediction Markets
The recent integration of NEAR tokens into Kalshi’s platform has enhanced their functionality as a trading currency within one of the most significant prediction markets. Currently, NEAR is trading at approximately $1.89, remaining near its year-long support levels, with analysts forecasting a potential rise towards resistance levels around $3. This integration marks a substantial advancement for the NEAR ecosystem, which has recently experienced remarkable growth in transaction volume.
Surge in NEAR Intents Protocol Volume
The NEAR Intents protocol has demonstrated impressive momentum, with its trading volume skyrocketing from $2 billion to $6 billion within just 45 days, indicating robust expansion of the ecosystem. Kalshi, a leading player in the prediction market space, announced the support for NEAR, allowing users in the United States to deposit and withdraw NEAR tokens. This was communicated through a post on X by the Kalshi Ecosystem account, which was also shared by the Near Foundation’s account, showcasing the backing of both communities.
NEAR’s Utility in Betting Markets
With this new feature, US traders can now utilize NEAR as a currency for placing and collecting bets on Kalshi, thus increasing the token’s utility and exposure. This development is set to attract more users to the platform while indirectly integrating Kalshi into the NEAR Intents ecosystem. The significance of prediction markets is growing, particularly among cryptocurrency enthusiasts, although their appeal is not limited to this demographic.
Google’s Interest and Partnerships in Prediction Markets
As reported by Coinspeaker, Google has recently integrated data from Kalshi and Polymarket into its search results. Meanwhile, Polymarket has established exclusive partnerships, including one with the UFC, which has a reach of 700 million fans, and another with Yahoo Finance, providing insights through odds-based forecasting related to real-world events. This demonstrates the increasing recognition and relevance of prediction markets in broader contexts.
Current NEAR Price Analysis
At present, NEAR is trading at $1.89, which falls within a significant support zone that has historically shown strong buying interest. This level has frequently propelled the price back towards a resistance range of $3.05 to $3.35. Professional trader Michaël van de Poppe views this as an optimal buying opportunity, asserting that “NEAR is a steal” at its current price point. However, he cautions that the token’s performance may be influenced by broader market dynamics, including Bitcoin’s price movements.
Positive Sentiment Towards NEAR’s Growth
The integration with Kalshi encapsulates the recent positive trajectory of NEAR, which IcoBeast.eth, an influencer in the Kalshi Crypto community, referred to as a “monster run.” The NEAR Intents protocol’s 300% volume increase has drawn attention from industry leaders. For instance, Hunter Horsley, CEO of Bitwise, commended the rapid growth, noting that the volume surged from $2 billion to $6 billion in less than 45 days.
Revenue Indicators and Future Prospects
Earlier this month, Haseeb, managing partner at Dragonfly, highlighted the growth of the protocol’s fees as a key revenue indicator. The accumulated fees have now exceeded the $10 million mark, reflecting the protocol’s financial health and potential for further expansion. In addition to the Kalshi integration, the NEAR AI TEE solution was recently adopted by Brave, a privacy-focused browser, which further diversifies the ecosystem’s applications.
Disclaimer
Coinspeaker is dedicated to providing fair and transparent reporting. This article aims to present accurate and timely information but should not be interpreted as financial or investment advice. Given the rapidly changing market conditions, readers are encouraged to verify information independently and consult with a professional before making any investment decisions based on this content.
