Zcash is one of the few crypto projects to have fully recovered from the first-quarter slump, with its native token, ZEC, recently surpassing its local highs from January. The privacy coin narrative continues to resonate strongly with investors, fueled by the recent listing of ZEC on Robinhood and news of an imminent launch of the first spot ETF (exchange-traded fund) managed by Grayscale.

The Near Protocol Connection: Privacy Meets Cross-Chain Swaps

The Zcash rally is now spilling over into another protocol that has shown a strong link to the privacy sector: Near Protocol. Specifically, the spotlight is on Near Intents, a flagship platform within the ecosystem that has consistently hosted high trading volumes for ZEC.

While Zcash is a PoW Layer-1 focused on private transactions and Near is a sharded blockchain specialized in scalability and interoperability, they are connected by a crucial technical bridge. ZEC has become one of the most traded assets on Near Intents, which allows for bridge-less, intent-based swaps across different networks. According to Dune Analytics, ZEC alone accounts for approximately 9% of cross-chain volume on Near over the last 24 hours, trailing only behind BTC, USDT, and USDC.

For ZEC holders, Near Intents represents arguably one of the most convenient channels for bringing privacy into the DeFi space, allowing users to swap their coins across more than 30 different chains, including Solana, Ethereum, Bitcoin, and many others. The process is fast, cost-effective, and operates within a confidential execution environment, which minimizes data visibility during swaps and enhances the efficiency of cross-chain routing.

The $1.5 Billion Milestone

The NEAR Protocol team has frequently highlighted Zcash's significant weight within the Intents ecosystem—a trend that began gaining momentum in October 2025. According to reports on X (formerly Twitter), the cumulative cross-chain volume associated with ZEC has officially surpassed $1.5 billion.

Now that ZEC has taken flight again in May, boasting a +50% performance over the last month, many users within the Near ecosystem anticipate a surge in activity on Intents. In fact, the last time Zcash experienced such a vertical rally—between October and November 2025—cross-chain trading volumes literally exploded.

Historical Comparison: ZEC vs. Blue Chips

To provide context, at its peak, volumes reached $40 million in a single day, more than 10 times the volume observed on 'blue chip' altcoins like XRP and SOL, and nearly matching the trading levels of Bitcoin (BTC). Currently, ZEC volumes on the platform sit just below $4 million per day, but the Near community believes a new wave of high-value cross-chain transactions is imminent.

Decentralized Exit/Entry Strategy

As the current rally persists, there is a growing likelihood that investors will seek to enter or exit positions in BTC, ETH, or stablecoins without utilizing centralized exchanges (CEXs), preferring Near Intents as their primary decentralized exchange channel.

7 Billion Dollars in Trading Volume

It is also worth noting that Zcash’s overall trading volume across all exchanges (not just cross-chain) has surged in recent sessions. According to Token Terminal data, the last week of trading saw over $7 billion in volume—more than double the amount recorded during the April 20–26 period.

The "Near Intents" Flywheel: A Path to Deflation?

An increase in trading volume on Intents directly benefits the NEAR token. As more swaps are processed, the protocol generates higher fees, funneling value back into the ecosystem. Notably, Near Protocol automatically burns a portion of the transaction fees paid in NEAR. In scenarios of extreme volume, this mechanism could potentially offset the annual staking emissions (approx. 5% per year), rendering the token deflationary.

Current Metrics: TVL and Fees

While the 'deflationary' narrative is a favorite among 'crypto bros,' its impact is typically felt in the medium-to-long term. Currently, the Total Value Locked (TVL) on Near Intents stands at $69 million—a slight YTD increase—while weekly fees remain stable above $700,000, despite a minor recent contraction.

Over the past month, NEAR has surged by 16%, supported by increasing volumes across both spot and futures markets. Most notably, the Open Interest (OI) has doubled since late March, climbing from $100 million to approximately $200 million, signaling a massive influx of new capital and liquidity into the ecosystem.

Market Dynamics: Funding and CVD

Despite the surge in interest, the aggregate funding rate remains in neutral territory, suggesting that the leverage is balanced and not yet overextended. Meanwhile, the Cumulative Volume Delta (CVD) indicates a prevalence of sellers among 'taker' trades, which suggests that the current price appreciation is likely driven by limit buy orders (passive accumulation) rather than aggressive market buying.