100 USDT
Key Metrics Show Strong Growth
In the fourth quarter of 2023 (Q4), the NEAR Protocol (NEAR), a blockchain operating system (BOS), witnessed significant growth in key performance indicators (KPIs).
- NEAR Token’s Growth: NEAR, the native token of the NEAR Protocol, saw a notable 16% year-to-date growth, indicating a surge in adoption.
- Circulating Market Cap Soars: NEAR’s circulating market cap reached $3.7 billion at the end of 2023, reflecting a 245% increase quarter-on-quarter (QoQ) and a 246% increase year-on-year (YoY).
Network Activity and Partnerships
NEAR’s operational metrics also saw positive growth over this period.
Revenue
Revenue is the total income generated by a business from its operations. In the case of NEAR, revenue is primarily generated from network transaction fees.
- Revenue Growth: NEAR’s revenue in Q4 2023 grew substantially, reaching $750,000, primarily driven by the heightened activity of projects like KAIKAINOW and NEAR Inscriptions.
- Network Activity: NEAR experienced a transaction spike during the Inscriptions craze, leading to increased transaction fees. Notably, NEAR’s fee-burning mechanism burns 70% of all fees, while the remaining 30% is directed to the contract that initiated the transaction.
- Partnerships: NEAR announced strategic partnerships with Chainlink and SushiSwap, providing developers with access to real-world data, external APIs, and a wider range of token swaps and yield farming opportunities.
User Base Expansion
- Active Addresses: NEAR’s average daily active addresses increased by 1,250% YoY to 870,000 in Q4 2023, indicating significant user growth.
- New Addresses: The number of daily new addresses grew by a remarkable 550% YoY to 170,000 in Q4 2023.
Total Value Locked (TVL)
TVL refers to the total value of assets that are locked or staked in a DeFi protocol. It is an indicator of the protocol’s liquidity and the trust that users have in the protocol.
TVL and DeFi Growth
- TVL Increase: NEAR’s Total Value Locked (TVL) reached $128 million by the end of Q4 2023, marking a 147% increase from the previous quarter.
- DeFi Applications: Aurora, Ref, Berry Club, and Flux were among the DeFi applications that contributed to NEAR’s TVL.
- 25th in TVL: NEAR ranked approximately 25th among blockchains in terms of TVL.
Roadmap and Future Expectations
- Technology Roadmap: The NEAR team remains focused on iterating its technology roadmap, attracting more developers and leading protocols to the ecosystem.
- Long-Term Vision: NEAR seeks to enhance its functionality, scalability, and interoperability to support the growth of the decentralized web and the broader crypto ecosystem.
This article provides factual information about NEAR Protocol’s performance in Q4 2023 and its plans for the future. It is not intended to provide financial advice or investment recommendations and should not be relied upon as such.
