HomeCryptoNEAR Protocol Thrives Despite Bear Market: A Comprehensive Look

NEAR Protocol Thrives Despite Bear Market: A Comprehensive Look

Analysis Reveals Robust Growth in Daily Active Accounts, Transactions, Developer Activity and Community Dedication

Despite the 2022 Bear Market in the cryptocurrency industry, the Near Protocol (NEAR) has made progress in terms of growth and adoption, and the dedication shown by its community is also positive.

These are the interesting conclusions that emerge through a highly interesting survey by analytics firm, Messari.

During the fourth quarter of 2022, Near Protocol recorded strong growth in its network activity with an increase in daily active accounts, reaching an all-time high and increasing them by almost three times year-on-year.

Total transactions also saw an uptick, recording a 50% year-over-year increase, with an average transaction fee of less than one cent. The growth was driven by the DeFi segment, which saw a 160% increase in total value locked (TVL) on the network.

This growth was very well spread across the leading protocols, including Aurora, Ref Finance and Burrow.

The launch of new NFT marketlaces, such as Few and Far, and the emergence of successful games, such as PlayEmber, contributed to the increased activity. Overall, network activity showed strong year-on-year growth despite the bear market.

NEAR also saw growth in developer activity. According to Electric Capital’s annual developer report, the number of developers working at NEAR has increased 20-fold since 2018, from fewer than 50 to more than 600.

This performance indicates a 22% increase in full-time developers and a 40% increase in total developers by 2022.

To support this growth, NEAR announced a partnership with Google Cloud to provide technical support to all NEAR grantees and also released a JavaScript software development kit (SDK) to develop smart contracts.

Despite facing a difficult year in cryptocurrencies, NEAR proved resilient and recorded remarkable progress on fundamentals.

As we enter 2023, NEAR plans to continue to grow by forging partnerships to increase its usage, further engaging its community through the NEAR Digital Collective, implementing a more decentralized fund allocation model, and growing further with Nightsharding Phase-2.

We will be watching NEAR’s progress with interest as it competes in the crowded blockchain sector of Level-1.

Originally published at https://bitnewsbot.com on February 1, 2023.

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