NEAR Buybacks Reach $2.73 Million in Q4 So Far
Key Facts
NEAR Intents recorded $2.73 million in NEAR buybacks during Q4 2026 through November 12, according to DefiLlama data. The figure is partial because the quarter had not ended as of the date of review. Purchases were below the Q3 total of $3.07 million. This coincided with $8.78 million in gross fees recorded in the current quarter, against net revenue of $2.73 million. The figures place buybacks within the protocol's financial activity, without implying that all fees collected were converted into token purchases.
The quarterly comparison shows gross fees declining from $14.43 million in Q3 to $8.78 million in Q4 so far. DefiLlama also recorded $3.07 million in revenue and earnings in Q3, the same figure it reported for NEAR buybacks during that period. In Q4, net revenue came to $2.73 million, matching the recorded buyback value. The platform's methodology distinguishes gross fees from net revenue: fees include the protocol fee and distribution fees collected by interfaces. Net revenue measures NEAR and wNEAR transferred to revenue wallets, so the fee and revenue figures are not the same measure.
Activity data show NEAR Intents use expanding alongside recorded revenue and buybacks. Decentralized exchange trading volume through the protocol reached $3.731 billion in the 30 days through November 12, with cumulative volume at $37.438 billion. DefiLlama recorded $5.99 million in fees and $1.8 million in revenue over the same period. These figures show the financial and trading activity recorded during the period, while the distinction remains between fees collected and revenue reaching NEAR. In February, the company said Intents had settled more than $13 billion in cross-chain trading volume up to that point, before a later announcement said cumulative volume had surpassed $37 billion.
Revenue captured from NEAR Intents began being used to buy the token on the open market on February 23, 2026, according to DefiLlama's description of the mechanism. Tokens purchased are not burned under the same methodology, meaning buybacks do not automatically remove them from circulation. The NEAR revenue tracker shows that the multi-signature buyback wallet received 1,751,826.1 NEAR, or 40.6% of the distribution shown for wallets as of November 12. NEAR said its governance-based treasury structure enables economic tools including NEAR buybacks. It added that governance participants retain full authority to determine whether, when and how these tools are used, with no commitment to any particular mechanism.
As activity grew, NEAR announced on November 9 that Intents was available within the Talos order management and execution system, enabling Talos institutional clients to request cross-chain decentralized finance liquidity through their usual workflows. The company said the protocol had surpassed $37 billion in cumulative volume and more than $4 billion in the 30 days before the announcement. It said tokenized real-world assets, yield-bearing assets and prediction markets were the next areas it aimed to add to the institutional execution pathway. In a July update, NEAR said its fee capture rate had exceeded 30% for months, averaging 17.9% over the last 90 days and 30.5% over the last 30 days. The company estimated that the 30-day rate had accelerated by about 2.7 times over a quarter, according to its update published on July 8, 2026.