As a seasoned blockchain analyst with a background in artificial intelligence and a keen interest in the crypto market, I have closely monitored NEAR Protocol’s recent surge in value and the reasons behind it. With over five years of experience in this field, I have witnessed firsthand the challenges faced by Bitcoin and Ethereum in terms of scalability and transaction processing speed.
The native token of Near Protocol’s Layer 1 blockchain, NEAR, has reached a one-month peak following its breakout from a previous slump. The price hit a low of $4 on July 5 but is now at $5.93, representing a significant 20% increase over the last week. As a result, NEAR currently ranks as the 19th largest cryptocurrency by market capitalization.
The favorable progress of NEAR’s protocol has piqued the interest of investment firm Pantera Capital. Their managing partner, Paul Veradittakit, has articulated multiple reasons behind the company’s optimistic viewpoint towards NEAR’s expansion prospects.
Scalability Solution Amidst Bitcoin And Ethereum Challenges
On Thursdays, Veradittakit showcased NEAR’s unique selling points in the realm of blockchain technology through social media.
As a researcher studying the crypto technology landscape, I’ve observed that Bitcoin (BTC) and Ethereum (ETH) have spearheaded this revolutionary movement in the digital currency space. Bitcoin has carved out a niche as a store of value, while Ethereum enables smart contracts and hosts decentralized applications (dApps). However, both these trailblazers encounter significant “hurdles” in terms of transaction scalability.
In the words of Pantera’s Market Intelligence team, NEAR Protocol assumes a pivotal position in tackling scalability challenges while maintaining a strong focus on developers and delivering an optimal user experience. It accomplishes this through its scalable and user-friendly blockchain solution.
NEAR sets itself apart with its Threshold Proof of Stake (TPoS) system and Nightshade sharding, features that boost scalability and decentralization. These innovations have enabled NEAR to accomplish notable achievements, such as hitting a Total Value Locked (TVL) figure of $335 million, representing a 547% surge in the past six months.
Veradittakit’s findings indicate that NEAR’s market influence and strategic success are evident from its significant growth. Notably, the number of daily active addresses has increased by 42% quarter over quarter. Transactions have seen a remarkable surge, rising from 35 million to over 220 million. Moreover, monthly active users have experienced a substantial increase, jumping from 2.9 million to 15 million.
NEAR And Crypto AI Integration
Significantly, NEAR is making strides in the rapidly growing field of crypto artificial intelligence (AI), with many companies such as Nvidia leading the charge in this area in recent times.
The NEAR team highlights the importance of incorporating artificial intelligence (AI) within an open and decentralized structure, ensuring users maintain control over their data and assets.
NEAR has gained notable recognition, as it has been included in Grayscale’s AI Fund. The composition and proportions of the fund’s assets are Bittorus (2.92%), Filecoin (30.59%), Livepeer (8.64%), NEAR (32.99%), and Render (24.86%).
In conclusion, Veradittakit highlighted that the key to NEAR’s achievement lies in the guidance of its co-founders, Illia Polosukhin and Alexander Skidanov. Polosukhin’s proficiency in AI and Skidanov’s engineering knowledge have played a crucial role in building NEAR’s framework.
Although the token has hit a record monthly price of $5.93 and achieved an impressive 300% growth since the beginning of the year, it must surpass the $8.28 mark in the near future to escape its current descending trendline.
With the ongoing progress and integration of AI technologies signified by NEAR’s new advancements, this cryptocurrency could potentially experience more growth during the remaining months of the year. This upward trend might be reinforced by the overall market upturn.
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2024-07-19 00:41