NEAR Protocol Expands Intents With Passkeys And OTC Upgrades

by
Alisa Davidson

Printed: March 11, 2025 at 3:13 am Up to date: March 11, 2025 at 3:13 am

by Ana

Edited and fact-checked:
March 11, 2025 at 3:13 am

In Temporary

NEAR Protocol has launched passkeys for seamless authentication and OTC buying and selling for direct peer-to-peer asset exchanges, enhancing the platform’s usability and suppleness.

NEAR Protocol Expands Intents With Passkeys And OTC Upgrades

Proof-of-Stake (PoS) Layer 1 blockchain, NEAR Protocol has rolled out two main upgrades to NEAR Intents: passkeys for smoother authentication and OTC buying and selling for direct, peer-to-peer asset exchanges. These updates improve the platform’s usability and suppleness whereas reinforcing NEAR’s imaginative and prescient of decentralized, user-driven finance.

Managing non-public keys stays one of many largest challenges in cryptocurrency. Seed phrases are onerous to retailer securely, making onboarding tough for newcomers and posing safety dangers for skilled customers. With the newest replace, customers can now log in with their NEAR, Ethereum, or Solana wallets and retailer their belongings on-chain utilizing passkey authentication. This removes the necessity for complicated seed phrases whereas nonetheless permitting full management over digital belongings.

The brand new OTC buying and selling characteristic adjustments how peer-to-peer transactions work by eliminating the necessity for conventional trade pricing. As a substitute of buying and selling belongings at fluctuating market charges, customers can negotiate a set worth immediately with one other celebration. As soon as either side agree, NEAR Intents automates the transaction, making certain a clean and safe switch with out intermediaries.

NEAR Intents helps a variety of blockchains, together with Bitcoin, Solana, Ethereum, NEAR, Base, Arbitrum, Ripple, DOGE, Zcash, and Bera, with further assist for BNB, Gnosis, Polygon, and Aurora. A number of decentralised finance (DeFi) tasks—resembling Infinex, Templar, Rhea, Kyber Swap, and Satoshi Port—are already integrating NEAR Intents into their platforms, making it even simpler for customers to entry these new options whereas increasing the protocol’s ecosystem.

Understanding NEAR Intents: How They Simplify Blockchain Transactions

NEAR Protocol is a Layer 1 blockchain designed to present builders the instruments to construct and deploy their very own decentralized functions (dApps). These functions can serve a wide range of functions, from DeFi and non-fungible tokens (NFTs) to funds and gaming. Through the use of a sharding mechanism, NEAR enhances scalability, making certain quick and low-cost transactions, whilst community exercise grows.

One among NEAR’s standout options is its Intents system, which simplifies cross-chain and real-world interactions. As a substitute of requiring customers to manually execute complicated transactions, Intents allow them to merely state what they wish to obtain. A community of specialised solvers then competes to meet the request in essentially the most environment friendly approach attainable.

The Intents protocol streamlines your entire transaction course of from begin to end. It handles every little thing—together with discovering belongings, offering quotes, executing transactions, and even resolving disputes—whereas making certain safety and transparency by way of on-chain settlement. This automation reduces friction for customers and makes blockchain interactions extra intuitive and seamless.

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About The Creator

Alisa, a devoted journalist on the MPost, makes a speciality of cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising tendencies and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.

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