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Near Protocol is drawing renewed attention from crypto analysts after a detailed revenue breakdown was shared on social media. The blockchain project is currently priced at $1.28, with a market capitalization of $1.7 billion.
A financial model circulating on X argues that the token may be undervalued based on its price-to-sales ratio and projected revenue growth through 2030. The analysis also compares NEAR with Solana and Ethereum across valuation metrics.
According to the breakdown, Near Protocol recorded $10 million in total revenue before 2026. If that amount is attributed solely to 2025, it represents a strong starting point.
In the first four months of 2026, the protocol generated revenue equivalent to 12 million NEAR tokens. At current prices, that is roughly $15.6 million in just four months.
Analyst Michaël van de Poppe projected that annual revenue could reach between $40 million and $60 million by the end of 2026. He also modeled a growth path through 2030, estimating revenues of $150 million in 2027, $300 million in 2028, and up to $585 million by 2030. The projections are based on declining but sustained compound annual growth rates.
The compound annual growth rate between 2025 and 2026 is estimated at 300% to 500%. Even under bearish market conditions, the pace of growth is described as notable, with investors increasingly incorporating on-chain revenue metrics into their assessments.
Van de Poppe also noted that NEAR has a fully circulating supply, with token mechanics designed to benefit active community members. The analysis argues this reduces dilution risk commonly associated with protocols that still hold large token reserves.
On valuation, NEAR is cited as trading at a price-to-sales ratio of 34x. Solana is listed at 40x, while Ethereum trades at 200x. The breakdown compares this with traditional Web2 companies, which average between 15x and 30x on the same metric, placing NEAR within a competitive range for blockchain infrastructure projects.
The post further notes that companies such as OpenAI and Anthropic trade at higher multiples despite having considerably less revenue, suggesting NEAR’s valuation may look more favorable when measured against high-growth technology benchmarks. It also states that crypto markets can lag when repricing assets with improving fundamentals.
In the model, if NEAR’s price-to-sales ratio remains steady over the next four years, the projected revenue trajectory implies a potential return of 10x to 15x. The estimate is presented as not relying on multiple expansion, but instead on revenue growth sustaining the current trajectory.
The analysis concludes that AI and crypto protocol crossover projects remain underappreciated by the broader market at this stage, positioning NEAR as a candidate for renewed attention heading into the second half of the decade.
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