What is NEAR?What is NEAR?
NEAR is an L1 blockchain that uses Nightshade, a unique segmentation technology, to achieve scalability. It was launched in 2020 as a decentralized cloud infrastructure to host decentralized applications (DApps).
NEAR offers interconnectivity through Rainbow Bridge and the L2 Aurora solution. Users can transfer ERC-20 tokens and assets from Ethereum to NEAR, giving them access to higher bandwidth and lower transaction fees.
Aurora is an L2 blockchain, the Ethereum Virtual Machine (EVM) created by the core developers of the NEAR protocol. It operates as a smart contract on NEAR, providing benefits such as Rainbow Bridge connectivity, high bandwidth and low transaction fees in ETH. Aurora is available through various bridges including Allbridge, Axelar, Rainbow Bridge and others.
Details on all ecosystem projects can be found here
Top largest projects in Aurora by number of accounts: Aurora, Ref Finance, Stader.Near.
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Current performance of the NEAR blockchain:
700+ projects (including those under construction)
125 DAO
550 thousand participants
4k+ developers
865 knots
20 million wallets
250 million transactions were made in 2022
The current TVL of NEAR+Aurora is about $160 million.
Current TVL NEAR is $85M
TVL peaked at $500M in May 2022.
The main Defi project is Ref Finance.
Aurora's current TVL is $72 million.
TVL peaked at $1.3 billion in May 2022.
The main Defi project is Bastion.
How much was invested?
According to known information, about $533 million were invested in NEAR.
Current capitalization is $2.15 billion.
Total capitalization is $2.5 billion.
There are 85% of tokens in circulation.
The current price of NEAR is $2.51. The price has fallen 88% from the highs.
What is the NEAR token
The NEAR blockchain has its own asset for its ecosystem - the NEAR token.
The NEAR token is the primary asset of the NEAR ecosystem, and its functionality is available to all accounts. Each token is a unique digital asset that can be used for:
1.Paying for transaction processing and data storage.
2.Launch a validation node (by participating in the stacking process).
3.Participate in voting.
The NEAR token provides economic coordination for all participants who run the network, as well as providing new behavior for applications built on that network.
NEAR development activity
Among the largest ecosystems (Polkadot, Ethereum, Cosmos, Aptos, Chia), NEAR is holding steady with Chia, ranking fourth for the past year.
At the same time, the level of development holds about the same level.
Development activity - shows the project's development activity over time based on a number of purely development-related "events" in the project's publicly accessible Github repository. (does not take into account: release comments, forks, stars, etc.).
How NEAR works. Functionality
NEAR aims to compete with other platforms with its segmentation/sharding solution called "Nightshade".
Let's take a look at the functionality that the NEAR protocol provides.
Plans for 2023-2024
Since the launch of Mainnet in late 2020, the NEAR ecosystem has made great progress, becoming one of the top-tier blockchains with 22 million accounts, 600,000 active wallets per month (2+ transactions count as active) and 15x growth in users and projects.
Last year, despite market chaos and a major downturn in recent months, the NEAR Foundation has enough capital to sustain at least five years of operations in a bear market thanks to responsible treasury management.
The NEAR Foundation believes that NEAR is the only ecosystem in which the promise of Web3 can be realized and where mass adoption can occur.
The roadmap covers major efforts to improve the scalability and decentralization of the protocol.
Phase 2 and 3 blockchain segmentation
The next step of the deployment is Phase 2 segmentation, which will completely separate state and processing, further reducing hardware requirements for segment validators, making the network more accessible to validators. Phase 2 is expected to begin in 2023. This upgrade will increase the capacity of the network from 4 to 100 segments, with the validators not tracking all segments.
Phase 3 segmentation will involve dynamic redistribution - the network will be dynamically divided into segments, and then the segments will be combined based on resource usage. This will allow NEAR to expand almost indefinitely. Phase 3 is expected to begin in 2023-2024.
Conclusion
For 2022, blockchain NEAR has tried to keep a constant level of development, roughly on par with Chia.
NEAR strives to create the most user and developer-friendly ecosystem possible.
Users are being offered the full suite of cheap and fast transactions, simple addresses, instead of public key hashes. In 2023, Iphone owners will be able to use NEAR as easily as possible, without having to create a separate wallet. A focus on simplicity and mass.
Developers are offered a toolkit that allows for "one-click" app deployment wherever possible. They also lowered the entry barrier as much as possible by offering the use of the Javascript SDK.
Segmentation/sharding technologies, with overall security in mind (like Polkadot) suggest that this is a very balanced blockchain.
This is reflected in the highest $500+ million investment.
Ease of use, balanced technical solutions, unlimited blockchain scalability, very large investment, collaborative developments with Apple - this is a good bid for the first blockchain with mass use!
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