Recently, the Near Protocol has been experiencing a remarkable rise in its daily user count. The network’s native token, NEAR, has seen an amplified demand over the past week. According to Token Terminal, the highest daily active users on Near Protocol have reached a year-to-date (YTD) high.
Exploring the Surge in User Count
The Layer 1 (L1) blockchain network, Near Protocol, witnessed an impressive increase in its daily user count, which peaked at 926,943 on September 5th. This marked a 2500% surge from the user count of 36,211 recorded on January 1st. The network’s transaction fees and protocol revenue have also seen a noticeable uptick due to the enhanced network activity in recent days.
Data from Token Terminal unveiled that the network fees and revenue on the blockchain escalated by nearly 100% over the past week. The number of daily transactions on the network also soared to its highest daily active users since the beginning of the year as users continued to flock to the platform.
Shifts in Daily Transactions
On September 5th, Near Protocol completed 3.17 million transactions, a significant 92% leap from the daily transactions count recorded on the first day of the year. However, a decline in active wallets in the past few days has led to a decrease in the daily transactions count. According to data from Artemis, the number of transactions executed daily has decreased by 46% since September 5th.
Concerns Surrounding Near Protocol
As of the current time, the total value of assets locked (TVL) on Near Protocol stands at $34.88 million. Data from DefiLlama indicates that the L1’s TVL started a downtrend on June 2, 2022, and has been dropping ever since. The protocol’s TVL has decreased by 51% on a YTD basis. The protocol’s native coin, NEAR, has also faced a downward trend for most of the year, with a 76% drop in price within the last 12 months.
However, despite its price being relatively stable over the past week, NEAR accumulation has grown among daily traders in the coin’s spot markets. Key momentum indicators on a daily chart indicate that NEAR purchases have been on the rise since September 6th.
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