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According to Messari, amid an upward trend in the cryptocurrency market, the NEAR protocol had a strong first quarter, with the market capitalization of the native token NEAR growing 55% from the previous quarter, reaching 1.6 billion by the end of the first quarter of 2023. Reached $70 million. report.
By comparison, the global cryptocurrency market capitalization registered a 46% increase.
NEAR’s quarterly revenue (total gas spent on network) reached $120,000. But the most notable growth was the number of daily active accounts, which reached an all-time high for his third consecutive quarter in Q1 2023. According to the report, NEAR had an average of 64,000 daily active accounts during the first quarter.
The NEAR developer community is also thriving.according to Electric Capital Annual Developer Report, NEAR saw a 40% increase in the number of developers in 2022 and a 20-fold increase in the total number of developers since 2018. The report also notes that NEAR, Solana, and Polygon have the most monthly active developers, and he grew faster than Ethereum last year.
not all good news
However, the number of new accounts created on NEAR declined for the third consecutive quarter. The network’s average number of transactions per day also dropped 13% quarter-on-quarter to 393,000, according to the report. Non-fungible token (NFT) activity on the NEAR protocol also declined in Q1.
In addition, NEAR’s Total Value Lock (TVL) decreased 32% quarter-over-quarter to $97 million. However, the report attributes the decline to Alameda Research-linked wallets removing liquidity and closing positions.
However, NEAR’s liquid staking ecosystem is in luck. His TVL for the liquid staking protocol on the network was $36 million at the end of Q1, up 98% quarter-on-quarter.
Increased decentralization
In January, NEAR said it was working towards a “more decentralized model of capital allocation”. A type autonomous organization (DAO) was created. These include Marketing DAO, Developer Governance DAO, Creatives DAO, and NEAR Digital Collective (NDC).
Marketing DAOs focus on improving the financing of marketing-focused projects. Developer Governance DAO decentralizes the developer community on the network. Creatives DAO is for all creative contributors in the ecosystem and provides a platform for collaboration. NDC manages the NEAR ecosystem.
In addition, the number of validators on the network is over 200 and decentralization is progressing.
