Blog

NEAR Protocol, the Blockchain Operating System (BOS), skilled vital progress in key metrics in the course of the fourth quarter (Q4) of 2023. The protocol’s native token, NEAR, recorded a exceptional 16% year-to-date progress and witnessed a surge in adoption. 

Circulating Market Cap Soars 245%

According to a Messari report, your complete crypto market cap elevated in Q4 2023, largely pushed by the anticipation surrounding the introduction of spot Bitcoin exchange-traded funds (ETFs). 

NEAR actively participated within the general market rally and achieved extra positive aspects resulting from its heightened community exercise and vital bulletins. As a end result, NEAR’s circulating market cap for the top of 2023 reached $3.7 billion, marking a 245% improve quarter-on-quarter (QoQ) and a 246% improve year-on-year (YoY). 

Furthermore, NEAR’s totally diluted market cap reached $4.3 billion. The protocol’s market cap rating additionally soared, climbing 10 locations to succeed in roughly thirtieth by the top of 2023.

In Q4 2023, NEAR’s income grew considerably, primarily generated from community transaction charges, reaching $750,000. The improve in income was attributed to the heightened exercise generated by initiatives corresponding to KAIKAINOW and NEAR Inscriptions. 

During the Inscriptions craze, income surged resulting from a transaction spike, driving up transaction charges. Notably, NEAR employs a fee-burning mechanism, the place 70% of all charges are burned, whereas the remaining 30% is directed to the contract from which the transaction originated.

NEAR User Base Skyrockets

Another key metric demonstrating the protocol’s progress in Q4 2023 is that NEAR skilled vital progress in its consumer base. 

Average every day lively addresses elevated by 1,250% YoY, reaching 870,000 in Q4 2023. In addition, the variety of daily new addresses grew by a exceptional 550% YoY to 170,000 in Q4 2023. 

According to Messari, this growth comes after the profitable launch and adoption of initiatives corresponding to KAIKAINOW and contributions from the Sweat Economy, Aurora, and Playember, which additional supported this constructive pattern.

NEAR’s every day lively addresses have been notably greater than these of different main blockchain networks. For instance, Optimism averaged 72,000 every day lively addresses, Arbitrum 150,000, Polygon PoS 375,000, and Aptos 60,000 in Q4 2023.

NEAR Inscriptions considerably drove community exercise, reaching a yearly excessive of 14 million transactions in December. Despite this substantial improve, transaction charges remained secure, staying under $0.01 for the quarter. 

Top 25 Blockchain By TVL In Q4 2023

NEAR’s Total Value Locked (TVL) reached $128 million by the top of Q4 2023, marking a exceptional 147% improve from the earlier quarter. Among blockchains, NEAR positioned itself at roughly twenty fifth place concerning TVL. 

Within the NEAR Network’s TVL, NEAR contributed $59 million, accounting for almost 46% of the entire TVL on the community. The remaining TVL was distributed throughout numerous decentralized finance (DeFi) applications, together with Aurora, Ref, Berry Club, and Flux.

Additionally, NEAR introduced partnerships with initiatives corresponding to Chainlink and decentralized alternate (DEX) SushiSwap. 

According to Messari, the combination with Chainlink’s decentralized oracle network supplied NEAR builders with entry to real-world information and exterior Application Programming Interfaces (APIs), enhancing the performance and usefulness of NEAR-based functions. 

On the opposite hand, the collaboration with SushiSwap allowed NEAR customers to entry a variety of token swaps, liquidity swimming pools, and yield farming alternatives, enabling developer adoption and elevated utilization inside the ecosystem. 

Ultimately, waiting for 2024, Messari mentioned the protocol’s imaginative and prescient is to iterate the expertise roadmap, appeal to extra builders, and appeal to extra main protocols. 

Featured picture from Shutterstock, chart from TradingView.com

Disclaimer: The article is supplied for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding selections. Use info supplied on this web site totally at your individual danger.