Buyback Radar

NEAR Protocol NEAR

Revenue fadingRank#48·Score23

Revenue −18% over 30 days. Also: the team decides the buyback.

Bridge, Near, Hyperliquid L1, 192 days of data

Market cap

$4.51B

price $3.39 · 7d −16.3% · 30d −33.4%

FDV $4.44B (1.0× market cap)

source defillama

Buyback revenue / year

$21.9M

holders revenue of the last 30 days, $1.8M, × 365 ÷ 30

Buybackbuyback share 94%

Buys back 0.5% of its market cap a year, using 94¢ of every $1 it earns.

Multiple

206×

median of all tokens 20.2×, against 206× here

Run-rate

223×

last 7 days $390k × 52 = $20.3M a year

last week's payout in line with the 30-day pace

What we checked

  1. Valuation

    Multiple 206×, 10.2× more expensive than the median of all tokens (20.2×; its category is too small for a peer group). The group's largest earner Hyperliquid trades at 20.2×: 10.2× dearer per dollar returned to holders. On total revenue: 194×, 32.3× dearer than the revenue peer median.

  2. Distribution

    Buyback: Revenue buys the token on the market; the tokens stay in circulation (treasury, stakers or LPs). Holders got $1.8M of $1.9M revenue in 30 days → buyback share 94%. DefiLlama: “NEAR Buyback: $NEAR bought back on the open market with captured Intents revenue, from 2026-02-23 onward.”

  3. Sustainability

    Holders were paid on 30 of 30 days (100%); largest single day 9% of the month's holders revenue; paid to holders this week: 57% of the best week in 90 days. Revenue −2% over 7 days and −18% over 30 days, price −33% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

  • Small peer group51 peers in universe; median taken from the universe level

How the buyback really works

Researched Nov 1, 2026 · 3 wallets: 1 high, 2 medium confidence

  1. The moneyPaid from ongoing revenue
  2. The buyerThe team decides when and how much
  3. The tokensBought tokens go to the treasury (not burned, not paid out)

The project does not say what share of its revenue goes to buybacks; DefiLlama books 94% of its revenue as holders revenue.

On-chain: not measurable with our sources (NEAR chain is not supported by this verifier (needs the NearBlocks receipts API)).

Method: not measurable: NEAR chain is not supported by this verifier (needs the NearBlocks receipts API). Checked November 12, 2026.

Red flags 7

  • The tokens are held in a multisig, not burned. The tokenomics post of 2026-02-24 literally says 'No specific mechanism is guaranteed or committed to'; governance decides case by case.
  • Contradictory communication: revenue.near.org speaks of 'buybacks that permanently remove NEAR from circulation', while the NEAR blog and DefiLlama say nothing is burned. On-chain the balance stays in the multisig.
  • There is no fixed percentage. DefiLlama counts all revenue in the three revenue wallets as holders revenue, including the front-end fund (fefundsadmin, 47.2% of the total according to revenue.near.org). That inflates the figure.
  • The figures diverge. revenue.near.org ('Figures shown are illustrative') shows 1,639,057 NEAR in the buyback wallet, NearBlocks 2.14M NEAR.
  • Multisig requests (add_request/confirm) were executed whose content was not decoded. Possible spending or transfers cannot be ruled out.
  • Issuance (2.5% inflation) is a multiple of the buybacks according to external analyses.
  • Per buyback it is not visible whether it is a market purchase: only NEAR inflows are visible.
Buyback wallets 3
Sources 8

Open the buyback wallets in their explorer and look for regular purchases of the token.

Check it yourself (technical)

NearBlocks API: GET https://api.nearblocks.io/v1/account/buybacks.multisignature.near/receipts (NOT /txns alone: that misses the inflows, which arrive as receipts from intents.near) plus /ft-txns for wNEAR (wrap.near). Sum incoming deposits over 30 days (divide yoctoNEAR by 1e24) and exclude internal hops between fefundsadmin, 1csfundsadmin and buybacks, as the adapter does (NEAR's Dune queries 6740088/6732239). Alternative via Dune: near.actions with action_kind='TRANSFER' and receipt_receiver_account_id='buybacks.multisignature.near'. Also track the multisig actions (add_request/confirm): these occurred on 2026-03-18, 2026-03-20, 2026-05-27 and 2026-07-09/10, with unknown content. NearBlocks snapshot: 2,144,730 NEAR at block 222,483,014 (2026-10-31); the account has existed since 2026-03-18. On 30 and 31 Oct 2026 dozens of receipts of about 200 to 800 NEAR arrived from intents.near.

Holders revenue / revenue (30d)
$1.8M / $1.9M
last 30 closed days
To holders
Buys back 0.5% of its market cap a year
FDV / dilution
$4.44B / 1.0×
FDV ÷ market cap
Price 7d / 30d
−16.3% / −33.4%
Revenue growth 7d / 30d
−2% / −18%
versus the period before
Divergence
0.00
revenue growth minus price growth, 30d
DEX liquidity
—
trades mainly on exchanges
24h volume
$423.6M
all markets, CoinGecko
Unlocks 30d
—
DefiLlama's schedule does not cover the next 30 days while tokens are still locked
Revenue multiple
194×
market cap ÷ revenue per year
Fee multiple
63.0×
market cap ÷ fees per year
Distance to peak
57%
this week ÷ best week of 90 days
Data since
May 4
first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)

Multiple over time

today 206× (scored) · peer median 20.2×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

No signals for this token yet.

Versus peers

universe (whole universe) · 52 tokens (51 with a multiple) · median multiple 20.2× · Hyperliquid is valued 3.8× higher. Per dollar that counts for holders, NEAR Protocol is 10.2× dearer.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
TokenDistributionMultipleRevenue multipleBuyback shareTo holders 30dMarket capRev. growth 30d
PaperStrategyBuyback + burn0.2×0.1×42%$780k$1.9M+17%
Pharaoh Exchangeve / bribes0.3×0.2×100%$1.3M$2.6M−52%
OTCBuyback + burn0.5×0.2×43%$292k$1.9M+111%
RamsesXMixed0.7×0.5×97%$368k$2.2M+8%
nestDistribution0.8×0.4×100%$869k$4.4M+32%
SaplingBuyback + burn0.9×0.7×82%$100k$1.1M−30%
ORE ProtocolBuyback + burn1.0×1.0×99%$4.3M$51.7M+37%
StonkFunBuyback + burn1.7×1.0×60%$1.7M$34.5M−88%
upve / bribes2.0×1.0×100%$313k$3.9M−68%
Fake World AssetsBuyback + burn2.4×1.7×80%$149k$3.9M−70%
THORSwapMixed3.7×2.1×75%$312k$10.4M+55%
MarinadeBuyback5.1×2.5×50%$193k$11.9M−13%
ChainflipBuyback + burn5.4×5.4×100%$520k$34.4M+59%
PonsBuyback + burn5.7×5.7×118%$1.7M$99.8M−84%
PumpBuyback5.8×2.6×44%$21.9M$1.54B−24%
UsualMixed6.3×3.3×70%$378k$21.6M+80%
Aerove / bribes8.7×4.0×96%$7.4M$372.0M−6%
Tornado CashMixed9.6×7.2×100%$278k$24.4M−21%
SSV NetworkMixed12.4×9.3×100%$275k$31.1M−10%
SparkBuyback13.0×3.7×29%$340k$53.8M+133%
LighterBuyback14.6×11.8×81%$4.4M$775.1M+14%
edgeXBuyback16.0×7.0×44%$622k$120.8M−43%
LidoBuyback18.6×6.2×34%$0$255.2M+6%
GeodnetBuyback + burn18.8×15.1×80%$744k$170.5M0%
PancakeSwapBuyback + burn19.5×12.8×65%$2.4M$563.6M−29%
HyperliquidleaderBuyback + burn20.2×20.2×100%$68.8M$16.94B−3%
BankrDistribution20.3×8.8×86%$237k$25.1M−85%
deBridgeBuyback20.8×15.6×75%$340k$86.1M−13%
ApeX ProtocolMixed21.2×15.9×100%$145k$28.2M−21%
Yield Basisve / bribes22.1×7.8×100%$148k$14.0M41.0×
SkyMixed26.7×8.4×42%$5.5M$1.34B−3%
RaydiumBuyback27.1×16.8×62%$1.3M$425.4M−65%
Curve Financeve / bribes29.3×11.1×94%$2.6M$374.4M+44%
Collector CryptBuyback + burn35.3×0.9×3%$392k$168.2M−5%
GMXDistribution37.0×13.5×73%$354k$79.6M+15%
Maple FinanceBuyback37.2×7.4×20%$326k$147.5M+14%
UniswapBuyback + burn37.3×37.3×100%$8.2M$3.71B−20%
Convex Financeve / bribes47.5×13.8×95%$881k$155.5M0%
OrcaBuyback47.8×7.9×16%$130k$75.6M−36%
AsterBuyback + burn50.2×∞—$2.8M$1.69B—
JupiterBuyback50.2×15.9×32%$1.4M$856.4M−32%
dYdXDistribution51.6×25.8×100%$240k$75.2M−15%
VeniceBuyback + burn68.7×68.7×100%$1.1M$941.4M+22%
KinetiqMixed84.8×37.3×59%$133k$103.2M−37%
RailgunDistribution86.5×28.1×66%$202k$116.7M−9%
Pendleve / bribes104×37.2×72%$411k$260.0M+39%
Render Network BMEBurn122×86.6×95%$751k$832.8M+240%
ChainlinkBuyback152×147×100%$4.3M$7.66B−2%
MeteoraDistribution180×5.2×18%$458k$161.9M−60%
NEAR Protocolthis tokenBuyback206×194×94%$1.8M$4.51B−18%
LiquityDistribution1.2k×8.2×80%$128k$15.8M+409%
BONK.funMixed∞11.7×95%$1.5M$233.7M−67%
Score build-up23 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

23of 100#48·top 94%
Valuation 0.0Momentum 10.9Divergence 0.0Quality 16.6penalties −5= 22.6
Valuation35%
0Valuation 0.0: HR half 0.0 (multiple 205.78×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 0.0 (revenue peer value 0.03×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.
Momentum25%
44Momentum 43.8: m = 0.5·g7 −0.025 + 0.3·(ln(day jump 0.89) clamped ±1.5 = −0.114) + 0.2·g30 −0.202 = −0.087; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.
Divergence20%
0Divergence 0.0: d = g30 − p30 = 0.000; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.
Quality20%
83Quality 83.1: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 9% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.57 → 49.4 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).
  • Penalty −5 (team_discretion): buyback at the team's discretion.

Penalties−5

−5Buyback at the team's discretionbuyback at the team's discretion

9 rules not applied, 2 wait for research data.

Where the numbers come from
Revenue source
2 active children
DefiLlama adapter per child
Price and market cap
defillama / defillama
latest fetch
Scored on
November 11, 2026
as-of date of the last compute run
On-chain verified
not measurable
checked Nov 12
Protocols behind this token2 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

  • NEAR Intents
    Bridge · Near
    type buyback · source label
    “NEAR Buyback: $NEAR bought back on the open market with captured Intents revenue, from 2026-02-23 onward.”

    Since 2026-02-23, NEAR's captured Intents revenue is used to buy back $NEAR on the open market (not burned), returning value to holders.

    NEAR Buyback
    $NEAR bought back on the open market with captured Intents revenue, from 2026-02-23 onward.
    adapter on GitHub ↗
  • Near Perps
    Interface · Hyperliquid L1
    type unclear · source none

    No methodology text at DefiLlama.

    adapter on GitHub ↗