NEAR Protocol Experiences Significant Growth in Q4 2023
NEAR Protocol, the Blockchain Operating System (BOS), had a successful fourth quarter (Q4) in 2023. The native token, NEAR, saw a remarkable 16% year-to-date growth and witnessed increased adoption.
Circulating Market Cap Soars 245%
The entire crypto market cap rose in Q4 2023, driven by the anticipation surrounding the introduction of spot Bitcoin exchange-traded funds (ETFs). NEAR actively participated in the market rally and experienced a 245% increase in its circulating market cap, reaching $3.7 billion by the end of the year.
The fully diluted market cap also reached $4.3 billion, and NEAR’s market cap ranking climbed to approximately 30th place.
Substantial Revenue Growth from Transaction Fees
In Q4 2023, NEAR’s revenue grew significantly, primarily generated from network transaction fees. The revenue reached $750,000 due to heightened activity from projects like KAIKAINOW and NEAR Inscriptions.
The surge in revenue was attributed to a transaction spike during the Inscriptions craze, which drove up transaction fees. NEAR employs a fee-burning mechanism where 70% of fees are burned and the remaining 30% is directed to the contract of origin.
NEAR User Base Skyrockets
NEAR experienced substantial growth in its user base during Q4 2023. Average daily active addresses increased by 1,250% year-on-year (YoY), reaching 870,000. Additionally, daily new addresses grew by an impressive 550% YoY to 170,000.
NEAR’s daily active addresses surpassed those of other leading blockchain networks, including Optimism, Arbitrum, Polygon PoS, and Aptos.
Total Value Locked Reaches $128 Million
NEAR’s Total Value Locked (TVL) reached $128 million by the end of Q4 2023, marking a 147% increase from the previous quarter. NEAR accounted for nearly 46% of the total TVL on the network, with the remaining TVL distributed across various DeFi applications.
NEAR also announced partnerships with Chainlink and DEX SushiSwap, enhancing the functionality and usability of NEAR-based applications and providing users with access to token swaps, liquidity pools, and yield farming opportunities.
Hot Take: NEAR Protocol Grows Rapidly in Q4 2023
NEAR Protocol experienced significant growth in key metrics during Q4 2023. The protocol’s native token, NEAR, achieved impressive year-to-date growth and witnessed increased adoption. Additionally, NEAR saw a substantial increase in its circulating market cap, revenue from transaction fees, user base, and total value locked. The protocol’s partnerships with Chainlink and SushiSwap further enhanced its functionality and usage within the ecosystem. Looking ahead to 2024, NEAR aims to iterate its technology roadmap and attract more developers and leading protocols. Overall, NEAR’s performance in Q4 2023 showcases its potential as a prominent player in the blockchain industry.
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