As the third quarter of 2023 unfolded, a certain Ethereum competitor defied the broader crypto market trend, amassing significant traction. This platform was none other than the NEAR Protocol. But what factors contributed to this surge? Let’s delve into the details.
NEAR Protocol’s Impressive Performance
Despite the general slump in blockchain activity during Q3 2023, NEAR Protocol gained steam, recording an impressive 120% quarter-on-quarter growth in average monthly transactions. While most blockchains experienced a dip in transaction numbers, NEAR Protocol’s performance stood out, thanks to strategic partnerships and grassroots initiatives.
A Rise in Daily Active Addresses
Another interesting trend observed during this period was an increase in NEAR Protocol’s daily active addresses. Even as most smart contract platforms faced a downturn, NEAR Protocol bucked the trend. It not only achieved an average of 650,000 daily active addresses but also surpassed Ethereum and Solana in this metric by September.
The launch of USDC, the second-largest stablecoin by market cap, on NEAR in September, is believed to have played a pivotal role in this surge in active addresses.
Focus on Scalability and Stability
NEAR Protocol’s focus on scalability and stability has been a key factor in its success. The platform is designed to enable developers to create decentralized applications at a minimal cost. Its native asset, NEAR, was trading at $1.12 at the time of writing.
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