NEAR, the native token of the Layer 1 (L1) blockchain Near Protocol, has recently experienced a surge in value, reaching a one-month high of $5.93 after a previous downtrend that saw the token drop to $4 on July 5. This significant increase of 20% over the past week has positioned NEAR as the 19th top cryptocurrency in the market.
Venture capital firm Pantera Capital has shown interest in NEAR’s protocol and growth potential, with Managing Partner Paul Veradittakit sharing reasons for the firm’s bullish stance. Veradittakit highlighted NEAR’s value proposition within the blockchain ecosystem, emphasizing its ability to address scalability issues faced by Bitcoin and Ethereum while prioritizing developer engagement and user experience through a scalable and user-centric blockchain solution.
NEAR Protocol distinguishes itself with its Thresholded Proof of Stake (TPoS) system and Nightshade sharding, which have led to increased scalability and decentralization. These advancements have enabled NEAR to achieve milestones such as reaching $335 million in Total Value Locked (TVL), marking a 547% increase in just six months. The growth of NEAR is further evidenced by key metrics like a 42% quarter-on-quarter increase in daily active addresses, a surge in transactions from 35 million to over 220 million, and a substantial rise in monthly active users from 2.9 million to 15 million.
In addition to its success in the blockchain space, NEAR Protocol is also making strides in the emerging crypto artificial intelligence (AI) ecosystem. The integration of AI through an open and decentralized framework has positioned NEAR as a leader in this space, with a focus on user control over data and assets. NEAR’s recognition in the AI ecosystem is further solidified by its inclusion in Grayscale’s AI Fund, alongside other prominent assets such as Bittensor, Filecoin, Livepeer, and Render.
NEAR Protocol’s recent surge in value and achievements in addressing scalability issues, developer engagement, and user experience highlight its strategic effectiveness in the market. With a focus on innovation and leadership in both the blockchain and AI ecosystems, NEAR Protocol is poised for continued growth and success in the future.
Leave a Reply