NEAR Protocol, a Blockchain Operating System (BOS), demonstrated notable progress within the third quarter of 2023, defying the difficult situations of the general cryptocurrency market.
According to a current report by Messari, key metrics for NEAR Protocol surged considerably over the previous month, buoyed by current value will increase throughout the crypto market.
Surge In Transactions Drives Revenue Growth For NEAR
Per the report, regardless of a reasonable downturn within the crypto market, with XRP and Grayscale going through courtroom rulings of their favor, NEAR Protocol showcased resilience. The complete crypto market capitalization dipped by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) experiencing declines of seven.5% and 10.0% respectively.
Within this context, NEAR’s circulating market capitalization decreased by 14% quarter-over-quarter (QoQ) to $1.08 billion, whereas its totally diluted market capitalization decreased by 17% QoQ to $1.12 billion.
Nevertheless, NEAR Protocol maintained its place because the fortieth largest crypto protocol by market capitalization by the top of the quarter.
One of the highlights in Q3 ’23 for the protocol was the income progress, which elevated by 9% QoQ from $98,000 to $108,000. The common transaction charge remained at a low $0.001 all through the quarter.
Regarding community exercise, NEAR recorded substantial progress in addresses throughout Q3 ’23. Active addresses elevated by 350% QoQ, reaching 260,000 each day lively addresses, whereas new addresses noticed a 274% QoQ enhance, totaling 51,000 each day new addresses.
This progress was primarily fueled by the launch of KAIKAINOW, NEAR’s main software, and supported by contributions from the Web3 well being and health app, Sweat Economy, and Aurora, an answer that permits the execution of Ethereum contracts in a “more performant environment” within the NEAR ecosystem.
TVL Drops To $52 Million In Q3 2023
According to Messari, NEAR’s Total Value Locked (TVL) skilled a 13% QoQ lower, amounting to $52 million by the top of the quarter. NEAR ranked roughly thirty fifth amongst blockchains by way of TVL.
Within the NEAR Network’s TVL, NEAR’s contribution accounted for $41 million (80%), whereas Aurora contributed $11 million (20%).
Regarding DEX buying and selling quantity, NEAR reported a mean daily volume of $1.3 million, sustaining stability in comparison with the earlier quarter. NEAR ranked roughly thirtieth amongst DEX buying and selling volumes.
NEAR’s stablecoin market capitalization skilled a 27% QoQ decline, primarily pushed by reductions in USDC and USDT. However, the native USDC was launched on NEAR throughout this era, whereas USN, the winding-down stablecoin from Decentral Bank, remained unchanged.
NEAR Token’s Bullish Momentum Continues
Regarding value motion, as noticed within the 1-day chart beneath, NEAR Protocol’s token, NEAR, has damaged a protracted downtrend that commenced on July 20 and concluded on August 18, resulting in a section of accumulation.
However, on October 19, the token initiated an uptrend, leading to important beneficial properties of 12% during the last 30 days, 22% throughout the fourteen-day timeframe, and 22.3% up to now week. Presently, the token continues its rally, exhibiting a 2.6% surge up to now 24 hours, bringing the present buying and selling value to $1.23.
When contemplating the year-over-year interval, the token stays considerably beneath its excessive in 2022, experiencing a decline of 60% over this length. Furthermore, for NEAR to reclaim its 2023 yearly excessive, which stood at $2.83 and was achieved in April, the bullish momentum should persist.
It stays to be seen whether or not the token can maintain its present bullish momentum and set up a brand new yearly excessive, capitalizing on the rallies witnessed by the biggest cryptocurrencies out there within the upcoming months to generate additional income.
Featured picture from Shutterstock, chart from TradingView.com
