TL;DR
- Near Protocol records a massive surge of 730,000 daily active users attributed to the growing interest in Web3 and adopting dApps in the ecosystem.
- The recent developments and activities on the Near Protocol’s ecosystem may help its native token, NEAR, bounce back and rally.
Near Protocol Daily Active Users Increase
Ethereum (ETH) competitor, Near Protocol, had significant movements in its ecosystem at the end of Q1 2023, according to Messari’s report.
Notably, the daily active users on Near Protocol are souring to surpass 730,000 – recording its highest level since Jan. 2023 due to its popular Sweat Economy application.
The Sweat Economy is a renowned Near application, similar to the STEPN APP, that allows users to earn tokens by moving their bodies.
The ecosystem is anticipating a continuous surge in daily active users as NEAR, a native token for decentralized applications (dApp), is the ideal platform for crypto nerds.
Sweat to Earn? @NEARProtocol has a massive spike relative to the average number of daily active users on the platform. The spike was driven by @SweatEconomy, a @Stepnofficial-esque move to earn applications.
MessariCrypto tweeted on X (formerly Twitter).
The statistic report vividly depicts NEAR’s rapid surge, with daily active users transacting on the Near network skyrocketing consistently.
It is hovering around 1.9 million, and daily active account growth has now surpassed 730,000.
All these aspects have made Near Protocol become a Web3 King in the crypto sphere.
Reasons Behind the Increase
Besides the Sweat Economy, Near Protocol has an enabling environment that makes transactions seamless.
Fast and cost-effective transactions on the ecosystem attract a massive user base. Near could observe daily transactions ranging from 300k to 730k in Q2 2023.
It also supports the staking of NEAR tokens and an AI-driven retail ecosystem, which are the critical drivers of Near Protocol success.
In just two weeks, the KAI-Ching, powered by Cosmose AI, generated a whopping 14.88 million transactions within the ecosystem.
On top of that, Near Protocol hints at launching another project—Sharding Mechanism, Nightshade.
With all this innovative thinking and a wide range of decentralized application (dApps) support, crypto nerds are paying more attention to Near.
NEAR is Still Reeling from Losses
The blockchain is reaching historic peak levels, enabling a turning point in Near Protocol’s journey towards mainstream recognition.
However, at the time of writing, the number of assets locked (TVL) on Near Protocol is around $34.88 million, according to data from DefiLlama.
It shows that L1’s TVL has been on a downtrend since June 2022 and continues to spiral downward. Additionally, the protocol’s TVL is declining by 51% on a YTD basis.
The value of NEAR is also declining, exchanging hands at $1.12, which is about a 76% decrease in price in the last 12 months.
On the flip side, while its price is lingering in a tight range, NEAR accumulation is growing among daily traders on the market.
Its Money Flow Index (MFI) is above the center line at 55 and trending upwards.
Will the protocol’s coin NEAR uptrend? Price predictions aren’t looking great. Users should brace themselves for another dip.
Susan Oh
Susan Oh is a leading figure in the integration of AI and blockchain for social good, serving as the CMO for BeOmni by Beyond Imagination and a civic technologist dedicated to creating scalable solutions. She is a board member of the Blockchain Commission For Sustainable Development supported by the UN GA Office of Partnerships, and a member of the Global Sustainability Network, a joint initiative by the Vatican and the Church of England to combat human trafficking. Recognized with the...
