NEAR Protocol has introduced a new incentive program called “[email protected],” replacing the standard instant airdrop model with locked milestone tokens. Eligible users receive the reward in a restricted form first, and the tokens convert to liquid NEAR on a 1:1 basis only after both ecosystem growth and market price conditions are satisfied.
In its announcement published on the 11th, the protocol said the first wave, “Drop 1,” is aimed at compliant users who previously used the Confidential Swap feature on near.com. The tokens are not being credited immediately. Allocation weight is tied to past onchain activity, and users can still increase their share before the snapshot by raising their activity level.
Two separate triggers govern distribution and unlock
The first drop consists of 333,333 milestone tokens. Distribution and unlock are split into two stages. The first trigger is tied to TVL: NEAR will only execute the snapshot and send the locked tokens to eligible wallets once total value locked in Confidential Intents reaches $70 million.
The second trigger is tied to market price. Even after users receive the tokens, they cannot transfer or sell them. The rewards become active only if NEAR’s volume-weighted average price, or VWAP, stays at or above $3.33 for three consecutive trading days. At that point, the locked rewards convert into freely tradable NEAR at a 1:1 ratio.
Wallet cap and minimum eligibility rules
To limit concentration, NEAR has imposed a cap that allows any single wallet to receive no more than 2% of the drop pool. The protocol also set a minimum threshold for snapshot eligibility: users must maintain at least $100 in ongoing private asset balances on near.com, regardless of token type, and must have completed at least one Confidential Swap.
Above that floor, larger balances and more frequent privacy-related activity can raise a user’s allocation score. NEAR said the components of the scoring formula have been disclosed, but the exact weighting remains undisclosed to reduce score farming by bots or coordinated actors.
More rounds are already being prepared
NEAR described the structure as an experiment in changing how Web3 rewards are distributed, with the stated aim of reducing the sell-pressure pattern often seen in traditional airdrops. The team also said that Round 2 drops are already in preparation. Later milestones will require stronger ecosystem activity, and the compliance floor for participation will also be raised.