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 Transient

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 personal keys stays one of many largest challenges in cryptocurrency. Seed phrases are laborious to retailer securely, making onboarding troublesome 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 property on-chain utilizing passkey authentication. This removes the necessity for complicated seed phrases whereas nonetheless permitting full management over digital property.

The brand new OTC buying and selling function modifications how peer-to-peer transactions work by eliminating the necessity for conventional change pricing. As an alternative of buying and selling property at fluctuating market charges, customers can negotiate a hard and fast value straight with one other celebration. As soon as either side agree, NEAR Intents automates the transaction, guaranteeing a easy 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 help for BNB, Gnosis, Polygon, and Aurora. A number of decentralised finance (DeFi) tasks—similar to 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 quite a lot of functions, from DeFi and non-fungible tokens (NFTs) to funds and gaming. By utilizing a sharding mechanism, NEAR enhances scalability, guaranteeing quick and low-cost transactions, whilst community exercise grows.

Considered one of NEAR’s standout options is its Intents system, which simplifies cross-chain and real-world interactions. As an alternative of requiring customers to manually execute complicated transactions, Intents allow them to merely state what they need to obtain. A community of specialised solvers then competes to meet the request in essentially the most environment friendly method doable.

The Intents protocol streamlines your entire transaction course of from begin to end. It handles every little thing—together with discovering property, offering quotes, executing transactions, and even resolving disputes—whereas guaranteeing 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 Writer

Alisa, a devoted journalist on the MPost, focuses on 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 interact readers within the ever-evolving panorama of digital finance.

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