The NEAR Protocol ecosystem has announced the scheduled cessation of services for MyNearWallet, a prominent non-custodial wallet provider. Operations are set to conclude on October 31, 2026, necessitating a transition for users to maintain access to their digital assets. While the service provider is shutting down, the underlying funds remain secure on the NEAR blockchain, requiring only a new interface or access method for continued management.
Transition to NEAR.com and Passkey Integration
To facilitate a smooth transition, the NEAR team recommends migrating assets to near.com, an integrated platform that supports cross-chain functionality across more than 30 different networks. This new infrastructure utilizes passkeys for account control, aiming to enhance security while simplifying the user experience for payments, asset exchanges, and yield-earning activities. Passkeys offer a biometric or hardware-based alternative to traditional password systems, reducing the risk of phishing attacks.
Migration Best Practices and Security Protocols
NEAR Protocol has released a comprehensive guide to assist users during this transition period. To ensure the safety of funds, the development team has outlined several critical technical precautions:
- Perform a test transaction with a small amount before moving the full balance.
- Note that deposit addresses generated during the wallet connection process are one-time use only; do not reuse these addresses for subsequent transfers.
- Process transfers for one asset at a time and verify completion before initiating the next.
- Retain all MyNearWallet recovery information until balances are correctly reflected in the new account.
Maintaining On-Chain Security
The protocol representatives emphasized that the safety of non-custodial assets depends entirely on private key management.
NEAR emphasizes, never share your seed phrase. User assets are stored on the chain and only require a new access method.
The migration process is designed to maintain default privacy for users while expanding their access to the broader decentralized finance (DeFi) ecosystem. By moving to the updated near.com architecture, users will be able to interact with multiple liquidity pools and decentralized applications (dApps) without compromising the self-sovereignty of their holdings.
As the October 31st deadline approaches, users are encouraged to finalize their migrations promptly to avoid potential service disruptions. The discontinuation of MyNearWallet marks a shift in the ecosystem's strategy toward more integrated, multi-chain solutions that leverage modern authentication standards like WebAuthn. Users who require technical assistance are advised to follow the official step-by-step documentation provided by the NEAR Protocol team to ensure their cryptocurrency holdings remain accessible.
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For educational purposes only. Nothing here constitutes financial or investment advice. Crypto markets are highly volatile — always DYOR before making any decisions.
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