NEAR Protocol Demonstrates Growth Despite Challenging Market Conditions
NEAR Protocol, a Blockchain Operating System (BOS), experienced significant 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
Despite a moderate downturn in the crypto market, 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. However, NEAR’s revenue grew by 9% quarter-over-quarter (QoQ) to $108,000, and network activity saw substantial growth in addresses during Q3 ’23.
TVL Drops To $52 Million In Q3 2023
NEAR’s Total Value Locked (TVL) experienced a 13% QoQ decrease, amounting to $52 million by the end of the quarter. Within the NEAR Network’s TVL, NEAR’s contribution accounted for $41 million (80%), while Aurora contributed $11 million (20%). Additionally, NEAR reported stable DEX trading volume and a decline in stablecoin market capitalization.
NEAR Token’s Bullish Momentum Continues
In terms of price action, NEAR Protocol’s token, NEAR, has broken a prolonged downtrend and initiated an uptrend, resulting in significant gains over the past month. The token continues its rally with a 2.6% surge in the past 24 hours, bringing the current trading price to $1.23. However, the token remains significantly below its high in 2022 and will need to sustain its bullish momentum to reclaim its yearly high.
Hot Take: NEAR Protocol Defies Market Conditions with Impressive Growth
Despite challenging market conditions, NEAR Protocol has demonstrated notable growth in the third quarter of 2023. The protocol’s revenue increased, network activity saw significant growth, and the token’s price experienced a bullish momentum. While there are still challenges ahead, NEAR Protocol’s resilience and positive performance suggest potential for further growth and profitability in the future.
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