According to recent data, the NEAR Protocol’s current value is $1.09 USD, and it has had a trading volume of $23,746,049 USD over the past 24 hours. Within this same time frame, NEAR Protocol has experienced a 1.04% decrease.
CoinMarketCap currently ranks NEAR Protocol at #41, with a live market cap of $1,029,300,326 USD. The circulating supply of NEAR coins is 941,671,517, though the maximum supply is currently unknown.
In September, Artemis data shows that NEAR Protocol had more daily active addresses than Ethereum and its layer-2 protocols like Arbitrum and OP Mainnet. NEAR Protocol has consistently maintained over 400,000 daily active addresses.
Bitcoin leads Ethereum in daily active addresses
According to Artemis Terminal data from September 15, despite being primarily a transactional layer, allowing the peer-to-peer (P2P) transfer of value between addresses, Bitcoin has more daily active users than Ethereum.
— bitcoinplannerberthold.com (@bitcoinberthold) September 16, 2023
The NEAR Protocol has observed an increase in daily active addresses, indicating that more users are adopting the platform.
After analyzing the data, it is clear that the daily active addresses on Ethereum, the primary platform for decentralized finance (DeFi) and non-fungible token (NFT) activity, have declined. In mid-September, for instance, the number of daily active addresses on Ethereum exceeded 1 million, but it has since decreased by more than half to below 400,000.
Similarly, Arbitrum has also experienced a similar trend, decreasing from around 200,000 in late June to 150,000 as of September 25th.
Making non-EVM networks interoperable can be challenging due to:
👉 Different smart contract environments
👉 Different programming languages
👉 Different transaction models
👉 Different consensus algorithms
— Wanchain (@wanchain_org) September 25, 2023
Recently, the NEAR Protocol has seen a significant surge in daily active addresses, surpassing Ethereum in this regard. Additionally, there has been a noteworthy increase in daily transactions. According to trackers, NEAR Protocol processes more transactions than Ethereum.
The health and adoption rate of NEAR Protocol and Ethereum networks rely on the engagement of their user communities who participate in transactions and act as validators for security. Daily active address monitoring can provide valuable insights into the network’s overall health, adoption rate, and user engagement. Moreover, an increase in daily active addresses may indicate a shift in market sentiment, significantly affecting prices.
Volume Remains Relatively Stable
The NEAR Protocol’s native token, NEAR, is currently trading at its lowest point of 2023, with a value of $1.107. Although it has dropped by 61% since its peak, the coin seems to be stabilizing and consolidating just above its main resistance level of $1.
If the price stays below the crucial resistance level of $1.23, which represents the highs of August 17th, the bears will be in control.
The volume for the NEAR Protocol DEX is not performing as well as the Ethereum and Layer-2 platforms.