The native token of the Layer 1 (L1) blockchain Near Protocol, NEAR, has recently surged to a one-month high after breaking out of a previous downtrend. This surge saw the token hitting a low of $4 on July 5 but is now trading at $5.93. With a substantial 20% gain over the past week, NEAR has climbed to the 19th position among the top 100 cryptocurrencies. This positive momentum has caught the attention of venture capital firm Pantera Capital, signaling a bullish stance on NEAR’s protocol and growth potential.
Managing Partner of Pantera Capital, Paul Veradittakit, took to social media to highlight NEAR’s value proposition within the blockchain ecosystem. Veradittakit noted that while Bitcoin and Ethereum have been at the forefront of the crypto technology “revolution,” they face challenges related to transaction scalability. He pointed out that this is where NEAR Protocol comes in, addressing scalability issues while prioritizing developer engagement and user experience through a scalable and user-centric blockchain solution. NEAR stands out with its Thresholded Proof of Stake (TPoS) system and Nightshade sharding, which enhance scalability and decentralization.
The advancements made by NEAR have enabled significant milestones to be achieved. The Total Value Locked (TVL) has reached $335 million, marking a 547% increase in just six months. Veradittakit emphasized that this growth demonstrates NEAR’s traction and strategic effectiveness in the market. Additionally, key metrics such as a 42% quarter-on-quarter increase in daily active addresses, a surge in transactions from 35 million to over 220 million, and a substantial rise in monthly active users from 2.9 million to 15 million have solidified NEAR’s market presence. Furthermore, NEAR is making a name for itself in the emerging crypto artificial intelligence (AI) ecosystem, aligning with the increasing interest in AI within the crypto space.
Integration of AI and Market Recognition
The NEAR team has placed a strong emphasis on integrating AI through an open and decentralized framework, giving users control over their data and assets. This approach has garnered recognition, as NEAR has been included in Grayscale’s AI Fund. The fund’s component assets include Bittensor, Filecoin, Livepeer, NEAR, and Render, showcasing NEAR’s position as a leader in the AI ecosystem. With the rising interest in AI and blockchain technology, NEAR’s strategic focus on these areas bodes well for its future growth and development.