The State of NEAR Protocol in Q3/2022 - Update Information About NEAR

The third quarter of 2022 is a bad time for the political economy, the financial situation in general, and the crypto market in particular. Following the series of ecosystem updated information, this article will cover The State of Near Protocol in Q3/2022.

Network Activities of Near Protocol in Q3/2022

In Q3/2022, there are many changes in the Near Protocol. Let's look over what happened in this section.

Daily Transaction

During the past quarter, the average number of Near Protocol transactions maintained at approximately 350 thousand per day. It achieved an All-Time High (ATH) in Daily Transactions with Less Than 2 Million Transactions

Total Unique Account

The number of Total Unique Accounts continues to climb at a consistent rate. It is recorded that the 20 Million Unique Accounts milestone was reached in August.

total transaction of near in q3

Key events in Near Ecosystem

Jul 13: Near is available for trading on Globe.exchange
Jul 16: Near listed on COINZIX
Aug 13: Sweat Economy announces that Sweat Wallet App
Aug 16: The 1inch Network integrated Aurora
Aug 19: The Near website had a major revamp
Aug 26: Cosmos IBC is coming to NEAR
Aug 31: Coinbase is alisted NEAR and AURORA
Sep 8: Huobi Global listed USN, Near protocol’s Javascript SDK is live
Sep 12: Tether $USDT launches on NEAR network and NEAR CON 2022 hosted by Near Protocol in Lisbon

Notable Grant & Fundraising on NEAR Protocol

Jul 18: Aurora just launched its Community Grants Program
Jul 20: The Near Foundation awarded a $50000 grant to develop the Here Wallet
Aug 2: Octopus Accelerator program Autumn Batch 2022
Aug 25: Near community has donated $5M" to support Ukraine via co-organizers Unchain fund.
Sep 2: 1000000 $USN incentive program to support the growth of $NEAR and $AURORA decentralized finance.
Sep 9: MetaWeb Ventures raised $30 million for builder-focused blockchain fund.
Sep 12: Near Foundation unveils $100 M VC funding targeting Web3 culture and entertainment.

Network Overview

During the third quarter, NEAR network activity produced contradictory outcomes. The number of active addresses increased by 130% year over year, reaching a new all-time high of 3 million. The debut of Sweat Economy was principally the reason for the dramatic increase in the number of active addresses. Concurrently, the number of new addresses fell by 55% year over year to 4.7 million, and the number of transactions fell by 35% year over year to 40 million.

After suffering a drop of 74% in value as measured by the market cap during the second quarter, NEAR's market cap made a strong comeback during the third quarter, seeing a QoQ growth of 14% to move from $2.47 billion to $2.82 billion. On December 27, 2021, the value of NEAR was still 70 percent below its all-time high of $9.6 billion.

Defi

NEAR finished the third quarter with 143 million NEAR TVL, which is equal to $513 million. This represents a 10X increase year over year but a 30% decrease quarter over quarter. 45%, or $232 million, of the TVL, is accounted for by the DEX known as Ref Finance.

Ref Finance has been a top application for most of the time that NEAR has been operational, and it counts blue-chip investors such as Alameda, Dragonfly, and Jump among its backers. A general-purpose electronic voting machine known as Aurora is responsible for 33% of the TVL, or $170 million.

A lending process known as Burrow is responsible for 10% of TVL's total value, which is equal to 52 million dollars. Burrow was released at the beginning of the second quarter of 2016, and its TVL initially skyrocketed to over $400 million, before falling to $52 million by the end of the third quarter.

When compared, Avalanche finished the third quarter with a TVL of $1.9 billion, which is a decrease of 28% from the previous quarter; Binance $6.6 billion (+11% QoQ), and Solana $2.1 billion (-16% QoQ).

NFTs

During the third quarter, NEAR reported 16,000 transactions with NFT (a decrease of 68 percent from the previous quarter) and 20,000 active wallets (a decrease of 66 percent from the previous quarter), with an equal number of NFT buyers and NFT sellers.

The NFT marketplace for digital cards known as Paras Marketplace is the leader in terms of transaction volume. The increase in February prices can be attributed to the launch of Paras Comic by the company in the early part of 2022. Paras Comic is a marketplace where comic-related NFTs can be published by artists.

In addition, a number of different NFT projects catering to a wide range of use cases have either just debuted or are now in the process of doing so. These projects include Mintbase, DAO Records, Raiz, Naksh, NEARxPublish, and Endemic.

Gaming

ARterra Labs is an infrastructure platform for the eSports and gaming industries that focuses on fan engagement using Web 3.0.

Atlantis World is a fundamental layer for the metaverse that connects components like audio, video, and text. It also offers developer-friendly features like no-code tooling so that users may construct in the metaverse.

OP GAMES is a blockchain game development company that makes it simple for Web2 gaming developers to move their projects to Web3 by providing them with an SDK. OP provides creators with the ability to launch their games through the use of the Arcadia Platform, which is a community-owned Web3 gaming arcade platform.

Hash Rush is a massively multiplayer online (MMO) strategy game that makes use of play-to-earn game features, and it was the first game to be released on Vorto.

Play Ember is a Web3 gaming platform that provides an on-ramp for mobile game companies and consumers who are paying for their games with the NEAR currency.

Aurora

Aurora is an EVM that runs on NEAR and is implemented in the form of a smart contract. It combines the ease of use and familiarity that developers and users have with the EVM with the scalability and security that NEAR offers.

Aurora was developed by ex-members of the NEAR Protocol team, and the EVM went operational in the middle of 2021. Since that time, it has risen to become one of the most popular applications on NEAR, and its own ecosystem has even come close to matching NEAR's in terms of the total value of transactions (165 million dollars at the end of Q3)

The release of Aurora+ in the second quarter of this year was the most significant change that Aurora made this year. The Aurora+ membership program provides its users with a number of privileges, the most notable of which is the allowance of fifty free transactions every month.

Early in the month of September, Aurora introduced a new upgrade that was equipped with a cross-contract call function. This functionality bridges the gap between the synchronous and asynchronous runtimes of Aurora and NEAR, making it possible for Aurora smart contracts to communicate with any other smart contracts running on NEAR with a single transaction and without the need for any bridging. This creates a deeper connection between the two ecosystems, which in turn opens up new opportunities for apps built on the Aurora blockchain, such as a DEX aggregator that has access to the liquidity of both the Aurora and NEAR exchanges.

USN

USN is a NEAR-native stablecoin which is pegged with 1US dollar. The maximum total supply of USN will be 5,332,259 (145%) in the third quarter of 2022. The total number of transactions rose by 12.2%.

Update information about $NEAR

Market Cap: $2,710,847,133
Circulating Supply: 819,190,542.00 NEAR
Max Supply: 1,000,000,000
Total Supply: 1,000,000,000
$NEAR price fluctuation (see the figure below)

Screen Shot 2022-11-05 at 15.35.07.png

Conclusion

In Q3/2022, Near Protocol maintains its position by hosting Nearcon, the company's largest annual event aimed at encouraging project development and attracting developers to the ecosystem. According to announcements of a funding fund, Near attracts the development of projects with high utility and usability.

Hopefully, you have an understanding of the state of Near Protocol in Q3/2022 through this article. If you want to stay updated with the latest information about the project, these are the official links to Near Protocol.

Website: https://near.org/

Telegram: https://t.me/cryptonear

Twitter: https://twitter.com/NEARProtocol

FQAs - The state of Near Protocol in Q3/2022

What is the NEAR protocol?

NEAR Protocol is an Ethereum competitor and decentralized application (dApp) platform that focuses on developer and user-friendliness. Its native NEAR tokens pay for transaction fees and storage on the Near crypto platform.

Is Near superior to Ethereum?

Near Protocol is both faster and less expensive than Ethereum. More importantly, it is expected to be faster than some of the other major competitors.

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