NEAR Protocol showcases remarkable resilience and impressive growth in the second quarter of 2023, surmounting regulatory hurdles while continuously attracting users.
- NEAR Protocol shows resilience and growth in Q2 2023 despite being listed in SEC complaint against Coinbase.
- Introduction of Blockchain Operating System (BOS) boosts NEAR’s user base and widget creation.
- The Sweat Economy on NEAR thrives with millions of wallets and large governance vote participation.
- NEAR’s market cap recovers after SEC news, ranks 40th by market cap; NEAR token usage and treasury details provided.
According to Mesari, NEAR Protocol, a leading smart contract platform, showed resilience and growth in the second quarter of 2023, despite being listed in the Securities and Exchange Commission’s (SEC) complaint against Coinbase. Despite this setback, NEAR Protocol’s financial and network fundamentals remained stable, and it continued to attract users through strategic partnerships and grassroots initiatives.
One of the significant milestones for NEAR was the introduction of the Blockchain Operating System (BOS) in March 2023. Within four months, NEAR Social, the social layer of the BOS, garnered over 15,000 user accounts and witnessed the creation of nearly 6,000 widgets. The BOS, as an open-source platform, allows developers to build on any blockchain using familiar languages and a broad set of community-built components.
1/ How did @NEARProtocol fare in Q2’23?
NEAR remained strong with unaffected financials & network fundamentals. Notably, the Blockchain Operating System (BOS) launched, and NEAR Social attracted 15k+ user accounts.@NickDGarcia dives into highlights below.🧵 pic.twitter.com/iDqYUEKBLV
— Messari (@MessariCrypto) July 12, 2023
The Sweat Economy Thrives on NEAR
NEAR’s leading application, the Sweat Economy, continued to thrive in the second quarter. Within one year, it accumulated a total of 19 million Sweat wallets and recently conducted one of the largest governance votes in DAO history, attracting over 350,000 participants. This success further showcases NEAR’s ability to drive user adoption and engagement.
While NEAR’s circulating market capitalization stood at $1.25 billion at the end of Q2, representing a 25% decrease compared to the previous quarter, the platform quickly recovered following the SEC’s news. By the end of the quarter, NEAR ranked as the 40th largest crypto project by market cap, regaining its position swiftly.
NEAR Token Usage and Treasury Details
NEAR’s native token (NEAR) is utilized for staking, transaction fees, and storage fees. As of Q2, approximately 81% of the total NEAR supply is currently in circulation. Stakers on the NEAR network are earning an annual staking yield of 9.4%, resulting in a real yield of 4.4%.
The NEAR Foundation’s treasury, on the other hand, totaled $0.9 billion at the end of Q2 2023, consisting of $349 million in fiat reserves, 315 million NEAR ($435 million at a closing price of $1.38), and $90 million in loans and investments.
To promote decentralization, the NEAR Foundation announced its active pursuit of a more decentralized model of capital allocation. This involves handing over decision-making to community DAOs (Decentralized Autonomous Organizations). Already, the first community DAOs have been established, each with a specific focus and mandate.
During the second quarter, high-profile lawsuits by the SEC against major players like Binance and Coinbase raised regulatory uncertainty in the United States. However, despite these challenges, the NEAR network exhibited resilience, with financial and network metrics demonstrating stability throughout the quarter.
In conclusion, NEAR Protocol continues to make significant strides in its mission to drive adoption and attract more users to its platform, despite regulatory challenges. The introduction of the BOS and the ongoing growth of applications like the Sweat Economy serve as testaments to NEAR’s resilience and innovative approach.