We’re NEARing the bull run, Web3 activity is about to surge, and this could be one of the best Layer 1 plays of the coming bull cycle.
Join us as we dive into one of the leading blockchains, the NEAR Protocol, on their 5th anniversary!
What is NEAR Protocol?
NEAR Protocol is a Layer 1 blockchain built by founders with backgrounds from Google, Wall Street and Microsoft and launched on April 22nd 2020. After five years of solid BUIDLing, let’s discover what NEAR has created and how it works!
Over the last five years, the NEAR blockchain has progressed at a rapid rate, and is developing the all-in-one AI and blockchain infrastructure where developers can build AI-driven dApps, financial or commerce tools and automate transactions.
Why NEAR?
What makes NEAR so unique is the integration of AI and, most importantly, its Proof-of-Stake consensus mechanism and its unique sharding technology known as Nightshade. This innovation divides the network into smaller parallel processing units (shards), allowing NEAR to process major transactional volume without congestion!
In terms of scalability, the NEAR Protocol competes amongst the best as it is capable of processing over 100K transactions per second, with an average block time of 1.2 seconds and an average minuscule fee of $0.0001, making NEAR a golden choice for speed, cost and efficiency.
NEAR Ecosystem
Although the NEAR Protocol is a direct competitor to Ethereum and other Layer 1s, it still strives to provide a fully interoperable experience by integrating cross-chain dApps and data. This has made NEAR one of the most powerful ecosystems in the entirety of Web3.
With over 373 dApps, NEAR is home to some of the largest and most popular protocols, ranging from Rhea Finance, the most powerful DeFi hub on NEAR, to the leading liquid staking platform, Linear Protocol.
DEXs, NFTs, RWAs, GameFi, Borrowing & Lending, you name it, NEAR has it.
NEAR Statistics
Hosting such a powerful blockchain and ecosystem, NEAR Protocol has over 472,869 users and over 1995 developers active on the network with a total of over 3.8B conducted transactions. And now, with the surge in AI and a bull run on the horizon, these figures could potentially multiply!
NEAR Protocol Token ($NEAR)
Diving into the fuel that’s driving this notorious network is the native token, $NEAR. The $NEAR token has many utilities including the primary function of paying for any transactional fees, staking to secure the network, participating in governance and more.
Nonetheless, the NEAR blockchain has also implemented a burning mechanism, where a portion of all transaction fees is burned, permanently removing $NEAR tokens from circulation and reducing the overall supply, and therefore making it a scarce asset over time.
Conclusion
According to CoinMarketCap, at the time of writing, $NEAR is currently priced at $2.20 with a large market cap of $2.65B, ranking it the 35th largest crypto. In January 2022, $NEAR achieved an ATH of $20.42, marking a 10x away from its current price point. The question we are all asking is, will $NEAR reach and exceed that ATH once again?
Well, let’s wait and see!
Official NEAR Protocol Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
