NEAR, a cryptocurrency in the market since October 2020 has been recording impressive performance over the past months according to the Messari's State of NEAR Q1 2023 report which exposes the increased network activity of the token along with its financial performance. CoinMarketCap data shows a 10.69% gain on the weekly chart and a 24-hour price increase of 5.02%.
The report by Messari states a slight increase in daily active accounts from 63,700 in Q4 2022 to 63,940 in Q1 2023 but a slight decline in average daily transactions from 453,440 to 393,050. While this happens, the transaction fee remains low due to their fee adjustment mechanism. The NEAR protocol team has been pursuing ecosystem development projects as well which resulted in the Sweat Economy, Aurora, Spin.fi and NEAR Crowd launch.
In April 12, NEAR stepped into a new collaboration with Binance by integrating USDT and allowing millions of Binance users worldwide to access USDT on the NEAR ecosystem. This sparked in more users to transact of the NEAR protocol as result of more usability and adoption of the token. As a consequence, NEAR has recorded an increase in trading volume and price surge, standing at a 109.76% increase in 24 hours trading at the moment.
Overall, NEAR seems to be heading in the right direction with the numerous development projects and collaborations that are in the works. As more users join in and become users of the token, network activity is expected to grow even further with more scalability, stability and reliability. It looks as if NEAR could be an interesting token to watch in the coming months.
Selena Ramirez
- 2023-04-13
NEAR's Impressive Performance in Q1 2023
NEAR, a cryptocurrency in the market since October 2020 has been recording impressive performance over the past few months according to the Messari's State of NEAR Q1 2023 report which exposes the increased network activity of the token along with its financial performance.
