“In the tumultuous storm that was the third quarter of 2023, amidst the swirling chaos of the cryptocurrency cosmos, NEAR Protocol and NEAR Tokens emerged, its growth a beacon of defiance against the tempestuous forces besieging the market.”
“A recent scrutiny by Messari unveiled a kaleidoscope of metrics, each flashing like a supernova in the night sky of crypto analytics. NEAR Protocol, basking in the celestial glow of its own trajectory, soared to new heights, riding the comet tail of a broader uptrend in cryptocurrency prices.”
Surge In Transactions Drives Revenue Growth For NEAR
According to the report, even in the face of a modest crypto market downturn, where XRP and Grayscale received favorable court rulings, NEAR Protocol demonstrated remarkable resilience. As the swirling maelstrom of the cryptocurrency market raged on, its capitalization plunged into the abyss, a daunting descent of 5.8%. Bitcoin (BTC) and Ethereum (ETH), titans among the digital denizens, bore the brunt of the tempest, their values plummeting by 7.5% and 10.0%, respectively, like mighty colossi felled by unseen adversaries in the tumultuous battleground of digital finance.
In this context, NEAR’s circulating market capitalization saw a 14% quarter-over-quarter (QoQ) reduction, amounting to $1.08 billion, while its fully diluted market capitalization decreased by 17% QoQ to $1.12 billion.
Yet, even as NEAR Protocol braved the turbulence, it clung to its rank as the 40th largest cryptocurrency protocol by market capitalization as the curtains drew on the quarter. A glimmering jewel amidst the chaos, one of NEAR’s crowning accomplishments in the tumult of Q3 ’23 was its staggering revenue surge, a majestic ascent of 9% quarter-over-quarter (QoQ), from a humble $98,000 to a regal $108,000. Astoundingly, like a steadfast lighthouse in the storm, the average transaction fee stood resolute and unchanged at a mere $0.001, an unwavering beacon guiding the way through the dark and unpredictable seas of the crypto world throughout the entire quarter.
eh
In terms of network activity, NEAR witnessed substantial expansion in the number of addresses during Q3 ’23. Daily active addresses experienced a substantial 350% QoQ growth, totaling 260,000 daily active addresses, while new addresses displayed a remarkable 274% QoQ increase, reaching a daily total of 51,000 new addresses.
This growth was primarily driven by the introduction of KAIKAINOW, NEAR’s flagship application, and was further bolstered by contributions from the Web3 health and fitness application, Sweat Economy, as well as Aurora, a solution that enhances the execution of Ethereum contracts within the NEAR ecosystem, providing a more efficient environment for such operations.
TVL Drops To $52 Million In Q3 2023 -NEAR Tokens
As per Messari’s findings, NEAR’s Total Value Locked (TVL) witnessed a 13% decline quarter-over-quarter (QoQ), settling at $52 million as the quarter concluded. Among blockchains, NEAR held an approximate 35th position in terms of TVL.
Within the NEAR Network’s Total Value Locked (TVL), NEAR’s contribution amounted to $41 million (80%), with Aurora contributing $11 million (20%).
Regarding DEX trading volume, NEAR reported a consistent average daily volume of $1.3 million, showing stability compared to the previous quarter. NEAR held an approximate 30th position among DEX trading volumes.
and
NEAR’s stablecoin market capitalization witnessed a 27% quarter-over-quarter (QoQ) decline, primarily influenced by reductions in USDC and USDT. However, it’s worth noting that the native USDC was introduced on the NEAR network during this period, while USN, the stablecoin from Decentral Bank, remained unchanged.
.NEAR Token’s Bullish Momentum Continues
In the intricate dance of price dynamics, as illustrated by the 1-day chart presented below, the native token of NEAR Protocol, NEAR, has triumphantly clawed its way out of the abyss of a prolonged downtrend, a descent that commenced on July 20 and reached its nadir on August 18, heralding the dawn of an era of accumulation.
Yet, on October 19, the token embarked on a triumphant ascent, propelling itself to dizzying heights and delivering staggering gains of 12% over the past 30 days, an astonishing 22% within a mere fortnight, and a breathtaking 22.3% in the preceding week alone. At present, the token remains firmly ensconced in its bullish fervor, manifesting a formidable surge of 2.6% in the last 24 hours alone, catapulting the current trading price to a lofty $1.23.
NEAR Tokens
When considering the year-over-year timeframe, it’s worth noting that the token remains considerably below its 2022 peak, with a decline of 60% over this period. To reclaim its highest price in 2023, which was $2.83 and was reached in April, NEAR must sustain its bullish momentum.
It remains uncertain whether the token can maintain its current bullish trend and establish a new yearly high, benefiting from the surges observed in the largest cryptocurrencies in the market in the coming months to generate further gains.
–chart from TradingView.com
Read more articles at 0xleaks