22% Price Surge In Seven Days, Network Activity Skyrockets By 350%

NEAR Protocol, a Blockchain Operating System (BOS), demonstrated notable growth in the third quarter of 2023, defying the challenging conditions of the overall cryptocurrency market.

According to a recent report by Messari, key metrics for NEAR Protocol surged significantly over the past month, buoyed by recent price increases across the crypto market.

Surge In Transactions Drives Revenue Growth For NEAR

Per the report, despite a moderate downturn in the crypto market, with XRP and Grayscale facing court rulings in their favor, NEAR Protocol showcased resilience. The total crypto market capitalization dipped by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) experiencing declines of 7.5% and 10.0% respectively.

Within this context, NEAR’s circulating market capitalization decreased by 14% quarter-over-quarter (QoQ) to $1.08 billion, while its fully diluted market capitalization decreased by 17% QoQ to $1.12 billion.

NEAR’s Q3 market cap is sideways at $1 billion. Source: Messari

Nevertheless, NEAR Protocol maintained its position as the 40th largest crypto protocol by market capitalization by the end of the quarter.

One of the highlights in Q3 ’23 for the protocol was the revenue growth, which increased by 9% QoQ from $98,000 to $108,000. The average transaction fee remained at a low $0.001 throughout the quarter.

Regarding network activity, NEAR recorded substantial growth in addresses during Q3 ’23. Active addresses increased by 350% QoQ, reaching 260,000 daily active addresses, while new addresses saw a 274% QoQ increase, totaling 51,000 daily new addresses.

This growth was primarily fueled by the launch of KAIKAINOW, NEAR’s leading application, and supported by contributions from the Web3 health and fitness app, Sweat Economy, and Aurora, a solution that allows the execution of Ethereum contracts in a “more performant environment” in the NEAR ecosystem.

TVL Drops To $52 Million In Q3 2023

According to Messari, NEAR’s Total Value Locked (TVL) experienced a 13% QoQ decrease, amounting to $52 million by the end of the quarter. NEAR ranked approximately 35th among blockchains in terms of TVL.