NEAR Cracks the Top 20: Why Bitwise's Matt Hougan Is Paying Attention

NEAR Protocol’s token has surged back into the top 20 cryptocurrencies by market cap, after gaining around 125% over the past 30 days, even as broader crypto momentum cooled. Bitwise CIO Matt Hougan says NEAR stands out because its AI vision is supported by a business already generating real activity and revenue. NEAR rose 198% in the third quarter, and Hougan highlighted NEAR Intents, which has processed more than $30 billion in cumulative volume. The product is on track to earn about $45 million in fees this year, with some returned via buybacks. Intents also recently faced a Thursday exploit tied to its Omni deposit/withdrawal system and smart contract, causing about $3.8 million in losses; the bug was patched and users will be fully reimbursed.