NEAR Protocol, a Blockchain Operating System (BOS), demonstrated notable growth in the third quarter of 2023, defying the challenging conditions of the overall cryptocurrency market.\u00a0<\/p>\n
According to a recent report <\/a>by Messari, key metrics for NEAR Protocol surged significantly over the past month, buoyed by recent price increases across the crypto market.<\/p>\n Per the report, despite a moderate downturn in the crypto market, with XRP <\/a>and Grayscale facing court rulings in their favor, NEAR Protocol showcased resilience. The total crypto market capitalization dipped by 5.8%, with Bitcoin <\/a>(BTC) and Ethereum<\/a> (ETH) experiencing declines of 7.5% and 10.0% respectively.\u00a0<\/p>\n Within this context, NEAR\u2019s circulating market capitalization decreased by 14% quarter-over-quarter (QoQ) to $1.08 billion, while its fully diluted market capitalization decreased by 17% QoQ to $1.12 billion.\u00a0<\/p>\n Nevertheless, NEAR Protocol maintained its position as the 40th largest crypto protocol by market capitalization<\/a> by the end of the quarter.<\/p>\n One of the highlights in Q3 \u201923 for the protocol was the revenue growth, which increased by 9% QoQ from $98,000 to $108,000. The average transaction fee remained at a low $0.001 throughout the quarter.<\/p>\n Regarding network activity, NEAR recorded substantial growth in addresses during Q3 \u201923. Active addresses increased by 350% QoQ, reaching 260,000 daily active addresses, while new addresses saw a 274% QoQ increase, totaling 51,000 daily new addresses.\u00a0<\/p>\n This growth was primarily fueled by the launch of KAIKAINOW, NEAR\u2019s leading application, and supported by contributions from the Web3 health and fitness app, Sweat Economy, and Aurora, a solution that allows the execution of Ethereum contracts in a \u201cmore performant environment\u201d in the NEAR ecosystem.<\/p>\n According to Messari, NEAR\u2019s Total Value Locked (TVL) experienced a 13% QoQ decrease, amounting to $52 million by the end of the quarter. NEAR ranked approximately 35th among blockchains in terms of TVL.\u00a0<\/p>\n Within the NEAR Network\u2019s TVL, NEAR\u2019s contribution accounted for $41 million (80%), while Aurora contributed $11 million (20%).<\/p>\n Regarding DEX trading volume, NEAR reported an average daily volume<\/a> of $1.3 million, maintaining stability compared to the previous quarter. NEAR ranked approximately 30th among DEX trading volumes.<\/p>\n NEAR\u2019s stablecoin <\/a>market capitalization experienced a 27% QoQ decline, primarily driven by reductions in USDC and USDT. However, the native USDC was launched on NEAR during this period, while USN, the winding-down stablecoin from Decentral Bank, remained unchanged.<\/p>\n NEAR Token\u2019s Bullish Momentum Continues<\/p>\n Regarding price action, as observed in the 1-day chart below, NEAR Protocol\u2019s token, NEAR, has broken a prolonged downtrend that commenced on July 20 and concluded on August 18, leading to a phase of accumulation.<\/p>\n However, on October 19, the token initiated an uptrend, resulting in significant gains of 12% over the last 30 days, 22% within the fourteen-day timeframe, and 22.3% in the past week. Presently, the token continues its rally, exhibiting a 2.6% surge in the past 24 hours, bringing the current trading price to $1.23.<\/p>\n When considering the year-over-year period, the token remains significantly below its high in 2022, experiencing a decline of 60% over this duration. Furthermore, for NEAR to reclaim its 2023 yearly high, which stood at $2.83 and was achieved in April, the bullish momentum must persist.<\/p>\n It remains to be seen whether the token can sustain its current bullish momentum and establish a new yearly high, capitalizing on the rallies witnessed by the largest cryptocurrencies in the market in the upcoming months to generate further profits.<\/p>\n Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n NEAR Protocol, a Blockchain Operating System (BOS), demonstrated notable growth in the third quarter of 2023, defying the challenging conditions of the overall cryptocurrency market.\u00a0<\/p>\n According to a recent report <\/a>by Messari, key metrics for NEAR Protocol surged significantly over the past month, buoyed by recent price increases across the crypto market.<\/p>\n Per the report, despite a moderate downturn in the crypto market, with XRP <\/a>and Grayscale facing court rulings in their favor, NEAR Protocol showcased resilience. The total crypto market capitalization dipped by 5.8%, with Bitcoin <\/a>(BTC) and Ethereum<\/a> (ETH) experiencing declines of 7.5% and 10.0% respectively.\u00a0<\/p>\n Within this context, NEAR\u2019s circulating market capitalization decreased by 14% quarter-over-quarter (QoQ) to $1.08 billion, while its fully diluted market capitalization decreased by 17% QoQ to $1.12 billion.\u00a0<\/p>\n Nevertheless, NEAR Protocol maintained its position as the 40th largest crypto protocol by market capitalization<\/a> by the end of the quarter.<\/p>\n One of the highlights in Q3 \u201923 for the protocol was the revenue growth, which increased by 9% QoQ from $98,000 to $108,000. The average transaction fee remained at a low $0.001 throughout the quarter.<\/p>\n Regarding network activity, NEAR recorded substantial growth in addresses during Q3 \u201923. Active addresses increased by 350% QoQ, reaching 260,000 daily active addresses, while new addresses saw a 274% QoQ increase, totaling 51,000 daily new addresses.\u00a0<\/p>\n This growth was primarily fueled by the launch of KAIKAINOW, NEAR\u2019s leading application, and supported by contributions from the Web3 health and fitness app, Sweat Economy, and Aurora, a solution that allows the execution of Ethereum contracts in a \u201cmore performant environment\u201d in the NEAR ecosystem.<\/p>\n According to Messari, NEAR\u2019s Total Value Locked (TVL) experienced a 13% QoQ decrease, amounting to $52 million by the end of the quarter. NEAR ranked approximately 35th among blockchains in terms of TVL.\u00a0<\/p>\n Within the NEAR Network\u2019s TVL, NEAR\u2019s contribution accounted for $41 million (80%), while Aurora contributed $11 million (20%).<\/p>\n Regarding DEX trading volume, NEAR reported an average daily volume<\/a> of $1.3 million, maintaining stability compared to the previous quarter. NEAR ranked approximately 30th among DEX trading volumes.<\/p>\nSurge In Transactions Drives Revenue Growth For NEAR<\/h2>\n
TVL Drops To $52 Million In Q3 2023<\/h2>\n
Surge In Transactions Drives Revenue Growth For NEAR<\/h2>\n
TVL Drops To $52 Million In Q3 2023<\/h2>\n