NEAR Protocol Expands Intents With Passkeys And OTC Upgrades
In Brief
NEAR Protocol has introduced passkeys for seamless authentication and OTC trading for direct peer-to-peer asset exchanges, enhancing the platform’s usability and flexibility.
Proof-of-Stake (PoS) Layer 1 blockchain, NEAR Protocol has rolled out two major upgrades to NEAR Intents: passkeys for smoother authentication and OTC trading for direct, peer-to-peer asset exchanges. These updates enhance the platform’s usability and flexibility while reinforcing NEAR’s vision of decentralized, user-driven finance.
Managing private keys remains one of the biggest challenges in cryptocurrency. Seed phrases are hard to store securely, making onboarding difficult for newcomers and posing security risks for experienced users. With the latest update, users can now log in with their NEAR, Ethereum, or Solana wallets and store their assets on-chain using passkey authentication. This removes the need for complex seed phrases while still allowing full control over digital assets.
The new OTC trading feature changes how peer-to-peer transactions work by eliminating the need for traditional exchange pricing. Instead of trading assets at fluctuating market rates, users can negotiate a fixed price directly with another party. Once both sides agree, NEAR Intents automates the transaction, ensuring a smooth and secure transfer without intermediaries.
NEAR Intents supports a wide range of blockchains, including Bitcoin, Solana, Ethereum, NEAR, Base, Arbitrum, Ripple, DOGE, Zcash, and Bera, with additional support for BNB, Gnosis, Polygon, and Aurora. Several decentralised finance (DeFi) projects—such as Infinex, Templar, Rhea, Kyber Swap, and Satoshi Port—are already integrating NEAR Intents into their platforms, making it even easier for users to access these new features while expanding the protocol’s ecosystem.
Understanding NEAR Intents: How They Simplify Blockchain Transactions
NEAR Protocol is a Layer 1 blockchain designed to give developers the tools to build and deploy their own decentralized applications (dApps). These applications can serve a variety of purposes, from DeFi and non-fungible tokens (NFTs) to payments and gaming. By using a sharding mechanism, NEAR enhances scalability, ensuring fast and low-cost transactions, even as network activity grows.
One of NEAR’s standout features is its Intents system, which simplifies cross-chain and real-world interactions. Instead of requiring users to manually execute complex transactions, Intents let them simply state what they want to achieve. A network of specialized solvers then competes to fulfill the request in the most efficient way possible.
The Intents protocol streamlines the entire transaction process from start to finish. It handles everything—including discovering assets, providing quotes, executing transactions, and even resolving disputes—while ensuring security and transparency through on-chain settlement. This automation reduces friction for users and makes blockchain interactions more intuitive and seamless.
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
