Consumers applications on NEAR continue to thrive, with daily active users growing to 3.1 million in the third quarter.
Author: OurNetwork
Translation: ShenChao TechFlow
Editor's Note: Background Introduction
Welcome to our 2024 ecosystem special edition! In this issue, we will delve into NEAR, a platform with one of the most enduring and technically excellent communities in the industry.
NEAR has been focused on chain signatures, a feature that allows NEAR accounts to sign transactions on any blockchain. Chain signatures not only enhance developers' capabilities but also enable them to write smart contracts that interact with other blockchains. This feature is a significant driving force behind NEAR's vision for 2024 and beyond, as it aims to simplify the underlying architecture of blockchains, providing users with a smoother experience.
Another important direction for NEAR is artificial intelligence, particularly the user-owned technology that has gained significant attention in recent years. A key step in NEAR's AI development roadmap is the launch of the incubation program, which includes projects that provide payment infrastructure, GPU markets, and monetization tools for artists' works.
This is just the beginning; we will now take a deeper look at NEAR's past, present, and future development directions. Let's explore. — ON Editorial Team
Abhishek Anirudhan | Website | Dashboard
NEAR performs strongly in the third quarter, adding 30 million users and processing 600 million transactions
- NEAR Protocol is a fully sharded, cost-efficient Layer 1 blockchain known for its high-speed transaction capabilities, aiming to bring 1 billion users to an open network. Its core focus is on improving usability, providing a flexible account model, and building a highly scalable blockchain capable of supporting mainstream applications for billions of users. In the third quarter, NEAR added 30 million users, bringing the total number of on-chain users to over 130 million, and processed over 600 million transactions.
- Despite the exponential growth in transaction volume, transaction fees remained relatively stable. In the third quarter, the protocol generated 300,000 NEAR by processing over 600 million transactions, with an average transaction fee of 0.0005 NEAR. This is thanks to sharding technology, a scaling method that divides the blockchain into multiple parallel chains. Currently, the protocol has 6 shards, with plans to increase to 10 by the end of 2024.
- NEAR's technical strength and its vision for chain abstraction and user-owned AI have attracted many new developers to the ecosystem. This year, developers have deployed approximately 5,000 new contracts, surpassing the total number of contracts deployed in 2023 (around 4,500).
Consumer Ecosystem | Dashboard
Consumers applications on NEAR continue to thrive, with daily active users growing to 3.1 million in the third quarter
- NEAR's chain signatures are a groundbreaking chain abstraction solution that simplifies multi-chain dApp development into a single layer—a smart contract on NEAR that can communicate with all other chains. Major consumer applications and wallets on NEAR, such as Sweat Economy, HERE Wallet, and Bitte Wallet, have successfully implemented chain signatures, leading to a significant increase in usage—in the third quarter, NEAR's average daily active users reached approximately 3.1 million, up from 1.6 million in the first quarter. This brought the average monthly active users in the third quarter to 22.9 million, an increase from 13 million in the second quarter.
- Consumer applications like Kaikai, Sweat, and HERE Wallet (also known as HOT Wallet) have introduced over 55 million new wallets to the NEAR ecosystem and web3.
- Consumer applications on NEAR demonstrate strong user retention. In fact, most of the daily active users on the chain are retained users. In the third quarter, out of the average 3.1 million daily active wallets, only 280,000 were new wallets, while the remaining 2.8 million were wallets of existing users.
NEAR's Total Value Locked (TVL) and Liquid Staking Reach $250 Million
- Decentralized finance (DeFi) on NEAR is experiencing a resurgence: the total value locked (TVL) has grown from about $100 million at the beginning of the year to approximately $250 million by the end of the third quarter. The recently launched chain signature feature, along with upcoming foundational projects such as the multi-chain decentralized exchange (DEX) Defuse, is expected to further drive this number up.
- As the total value locked (TVL) on NEAR increases, liquid staking is also on the rise. In 2024, NEAR has introduced new projects such as HERE Wallet staking and TruStake, along with established projects like Meta Pool and LiNEAR. Additionally, the Allstake protocol, a full-chain reset protocol, is included. These projects collectively contribute approximately $325 million in assets.
- User interest in decentralized finance (DeFi) on NEAR has also extended into the memecoin space. NEAR's latest DeFi project, meme.cooking, is a token launch platform that achieved a total value locked (TVL) of approximately 11K NEAR (about $54,000) within 2 hours of its launch.
Stablecoins on NEAR
Sebastian Melendez | Dashboard
- Since the beginning of 2024, the usage of stablecoins on NEAR has surged—monthly transaction volume in August exceeded $2 billion, with a growth rate of over 800% year-to-date.
- In June 2024, the monthly transfer count of stablecoins on the NEAR blockchain peaked at over 3.3 million transactions.
- The total supply of stablecoins on NEAR has reached $671.05 million, making it the tenth-ranked blockchain by market capitalization in this category.
- The number of delegators on the network has been steadily increasing, especially from 50,000 at the beginning of 2023 to over 250,000 in 2024. This indicates that more users are participating in staking and delegation activities on the network, which may reflect growing confidence in the platform and its staking rewards.
- Since 2021, the total amount of staked NEAR has continued to grow, maintaining significant stability after surpassing 400 million NEAR at the end of 2022. Currently, a total of 619 million NEAR is staked to secure the network.
- Since 2023, the number of validators on the NEAR network has remained relatively stable, typically fluctuating between 160 and 240. This stability indicates that the staking ecosystem of the network is functioning well and is healthy.
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