NEAR Protocol’s Revenue Surge Raises Questions About Its AI-Driven Valuation

Key Highlights

• NEAR Protocol has already surpassed its entire 2025 revenue within the first four months of 2026
• The network generated approximately $15.6 million in early 2026, exceeding last year’s total
• Despite strong fundamentals, NEAR’s price has declined in recent weeks
• Analysts argue the project may be undervalued relative to competitors
• Its positioning at the intersection of AI and blockchain is drawing increased attention

Revenue Growth Outpaces Market Expectations

NEAR Protocol has delivered a sharp increase in on-chain revenue, exceeding its full-year 2025 performance within just four months of 2026.

According to analyst estimates, the network generated around 12 million NEAR tokens in protocol revenue during that period—equivalent to roughly $15.6 million. This surpasses the approximately $10 million recorded across the entirety of 2025. 

If the current pace continues, projections suggest annual revenue could reach between $40 million and $60 million in 2026, representing a substantial year-on-year increase. 

Price Weakness Contrasts With Fundamentals

Despite the surge in revenue, NEAR’s market performance has not followed the same trajectory.

The token recently declined from a local high near $1.48 and is trading below key moving averages, indicating short-term technical weakness. 

This divergence between price action and underlying fundamentals has drawn attention from analysts, who note that such mismatches can signal either undervaluation or underlying risks not yet reflected in revenue data.

Valuation Debate Intensifies

At the centre of the discussion is NEAR’s price-to-sales (P/S) ratio.

Estimates place the protocol at roughly 34x P/S—lower than comparable networks such as Solana and significantly below Ethereum’s higher multiples. 

Supporters argue that this relative discount, combined with rapid revenue growth, suggests the asset may be undervalued. Critics, however, point out that lower multiples may reflect differences in ecosystem maturity, liquidity, and adoption levels.

AI Positioning Adds to the Narrative

A key factor driving interest in NEAR is its positioning within the emerging intersection of artificial intelligence and blockchain infrastructure.

The project is increasingly being framed as an “AI-compatible” network, aligning with a broader market trend that has seen capital flow into AI-related crypto assets. 

Analysts note that if the AI narrative continues to gain traction, protocols with both revenue generation and AI integration could see increased investor attention compared to purely speculative projects.

Long-Term Outlook Depends on Execution

Forward projections for NEAR suggest a potential path toward significant revenue expansion over the coming years, with some models forecasting hundreds of millions in annual revenue by the end of the decade.

However, these projections rely on several key assumptions:

• Continued growth in network usage
• Sustained interest in AI-related blockchain infrastructure
• Stable or expanding valuation multiples

Failure in any of these areas could limit the upside implied by current forecasts.

Outlook

NEAR Protocol’s recent performance highlights a growing tension within the crypto market: strong fundamentals paired with weak price action.

While short-term technical indicators remain under pressure, the network’s accelerating revenue and positioning within the AI narrative have placed it firmly on analysts’ radar.

Whether NEAR ultimately emerges as a leading “AI value play” will depend on its ability to convert early momentum into sustained adoption—while convincing the market that its growth story justifies a re-rating.