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NEAR has roughly doubled in a week, from $2.33 to a $4.66 high on the 22nd, and the catalysts behind it are real. Ondo is bringing tokenized US stocks and ETFs onchain through near Bitwise's NEAR ETP crossed $100M. Intents now supports limit orders across more than 30 chains, and private swaps have been the loudest driver of the move. Here is the number that complicates it. NEAR's TVL sits near $207M against a $5.6B market cap — about 27 times. $NEAR