Key Takeaways
- Although Q3 is the continuing winter for the crypto market, Near Protocol still receives many different big news such as Listing Coinbase, organizing Nearcon, Java DSK launch
- Near Protocol with over 700 new developers in the last quarter, surpassing the top blockchains such as Ethereum, Avax, Cosmos
- The development activity of the Near Protocol ecosystem exceeds the growth rate and surpasses the top blockchains such as Ethereum, Solana or Avalanche.
- Granting activities for quality projects are still taking place with a high frequency. Investment fund with a value of $100M certified by Near Foundation
- Nearcon2022 was successfully organized, marking a brilliant year of development for the whole system with more than 700 new projects coming to the ecosystem.
- Aurora with powerful upgrades on Aurora+ confidently elevates the user experience toward mass adoption
- Ref Finance and Alpha projects maintained the expected TVL level in Q3
- Decentralbank with its $1M USN funding package brings many positive signs for Defi economy on Near Protocol
Introduction
The third quarter of 2022 is a bad time for the political economy, the financial situation in general and the crypto market in particular. Even so, Near Protocol still asserts its position by organizing Nearcon, Near’s biggest annual event to encourage the development of projects, creating conditions for developers to come to the ecosystem. Announcement of a funding fund with a huge budget to attract the development of projects with depth in use value and user-friendly and easy-to-use.
Near Daily is compiling data scattered around various sources to present this Near Protocol quarterly report. In this inaugural edition, we look into the overall ecosystem growth in the Q3 of 2022, with sections focused on on-chain data, development activity, DeFi and Web3.
Ecosystem Breakdown
Developer Status & Development Activity
Started Q3 2022 with a market cap of $2.75B and hit a quarterly peak of $4.5B in mid-August thanks to Coinbase listing.
The progress of Near Protocol in terms of technology, initiatives, and numerous significant and minor events is marked for the third quarter of 2022. Let’s examine the comparison of Near’s active developers and competing ecosystems in the most recent quarter in order to concentrate on the ecosystem’s strengths. Near gained more than 700 commits for past 3 months.
Based on the chart above, we can see that the number of new developers coming to the Near ecosystem exceeds that of Ethereum, Avax or Cosmos. Last quarter recorded 420 new commits. Some notable events like Nearcon 2022 hosted by Near Protocol in Lisbon, Release Java SDK, listing on Globe Exchange, Coinzix and especially Coinbase .
For an objective view, let’s compare the development activity between the top ecosystems such as ETH, AVAX, NEAR. From mid-July onwards, Near Protocol maintains a state of development that outperforms all systems in its comparison framework. Most of the time, Near’s development is on top of both AVAX and SOLANA and is completely ahead of Ethereum even though they have focused on activities around “The Merge” this past quarter.
Big Things Around The Ecosystem Within Q3 2022
Nearcon 2022 Highlights
With over 2,000 attendees, NEARCON 2022 is in full swing in the beautiful city of Lisbon, where the NEAR ecosystem is on full show. NEARCON has been a colorful, participatory presentation of the ecosystem’s rich and fascinating skill and creativity, with a distinct carnival atmosphere. In addition to the several fascinating talks and project demonstrations, there have been parties, an in-person hackathon, food trucks from around the world, and a great deal more.
Let’s Take A Look At NEARProtocol milestone NEARCON ALPHA and BETA
Time flies and everything has changed so much, NEAR’s Community has grown 6x in twitter space. Besides, we can see the number of addresses on the ecosystem has also made great progress.
Grant and Fundraising On The Ecosystem Within Q3 2022
Network Activity
Daily Number of Transactions
Near Protocol’s transaction volume last quarter remained at ~350k daily transactions. At the end of August, Near Protocol recorded an ATH in daily transactions of ~ 2 million transactions, and then returned to the average mark. This spike came from the listing of Coinbase.
Total Number of New Accounts
Following the explosion in the number of new accounts on Near in Q2 2022 with a 198% increase, Q3 maintained a steady growth rate. The milestone of 20 million accounts on Near has shown the stable development of the system despite the volatile market situation. For a more objective view, let’s look at the data compiled by Coin98 showing that the % of User growth on Near’s system surpasses that of other major ecosystems.
This amazing user growth major comes from the famous move-to-earn project on Near Protocol – Sweat Economy. With the goal of converting 110 million users on the Web-2 version of this Dapps, more than 10% has been realized, bringing more than 11 million users.
Aurora & Aurora+ Breakdown
The Defi Economy Breakdown
AMM DEX
REF Finance is currently holding the role of the largest AMM DEX on the NEAR with more than 84% TVL contributions on the ecosystem. $1,000,000 USN Incentive, Tokenomic V2, Sweat x Ref incentive are typical activities that help Ref maintain a stable amount of TVL on the system. Trisolaris, the leading AMM DEX project on Aurora, also confirmed its important role in the ecosystem with partnership moves with Dot Oracle, Synapse and $100,000,000 USN Incentive.
We also can’t forget the emerging DEXs on the system like SPIN when it was the first DEX orderbook on the system with an integrated sharding solution, or Tonic Dex with $50,000 USN Incentive. Finally, Fusotao Protocol when the mainnet was successful in early August and was available on Huobi, MEXC shortly after.
Lending Protocol
Big brother Burrow Cash hit $70M TVL in mid-August and remained at an average level throughout the third quarter. Bastion Protocol with its TVL gradually decreasing from $150M to $80M and Aurigami descending from $30M TVL to $12M in the last quarter shows a significant decline in lending protocols on the Aurora ecosystem. This is an alarming case of lending platforms in the system.
Stablecoin
Stablecoins serve a crucial role in building a bridge that attracts projects and users straight to the ecosystem. In response to the public’s loss of faith in LUNA/TERRA USD in particular and stablecoins in general, USN and Decentralbank prioritized the stability of their stablecoins, erecting a sturdy barrier against the occurrence of negative occurrences. Last quarter, USN-v2 was successful in developing two scenarios to resist the bear market and prepare for a future bull market. Moreover, DBank’s $1 million incentive package demonstrates an effort to attract additional currency flows to the ecosystem.
In terms of overall supply, USN rose by more than 140% year-over-year in the third quarter. This score indicates that USN’s popularity has increased significantly. Users will not have to worry about losing pegs due to two factors: first, the size is still quite modest and Decentralbank can fully cover this risk; and second, with the USN-v2 update, 1 USN will be fully backed by 1 USDT, minimizing the threats. Likewise, the number of holdings and total transactions are both positive, coming in at 8% and 12%, respectively.
The Non Fungible Token (NFTs)
NFTs
NFTs in particular and Gaming NFT in general on the Near ecosystem may not be able to compare in scale with competitors like Polygon or Solana. However, this is still a fertile land with many resources and tools for development. With prominent projects like Paras, Mintbase, Apollo42, we can say that developing NFTs on the system is extremely easy, user-friendly as well as developer.
Let’s take a look at the NFTs parameter of Near Protocol compiled by Paras. This data is not complete, but still accounts for most of the ability to reflect the general situation of NFTs on the ecosystem. Based on the above data, we can see that sales volume is always maintained at an average and acceptable level. Soon, Sweat Economy will launch its NFTs, with more than 13 million available users of this Dapps, we can fully expect a new breeze with Near’s NFTs market.
Despite the bear market, we can see an impressive volume of NFT collections across the ecosystem. Standing apart from other competitors, Antisocial Ape Club accounts for most of the volume on the exchange, followed by NearNauts, SSS together generated more than $600k in trading volume on Paras.
Gaming
The vision of the Gaming on the Near ecology is unique and sets it apart from other ecosystems. With web-3 development as its guiding principle, Near simultaneously focuses on mobile gaming and internet gaming experiences, enabling convenience while also matching the enjoyment element of pure gaming. game.
The founders of Near dedicated special attention to providing the most ideal and cost-effective circumstances for game developers on the system during the third quarter. OPgames is a prime example of an application that enables developers to create the most accessible, player-driven gaming solutions imaginable by providing a simplistic yet adaptable platform.
Sweat Economy
Sweat Economy is a project that repositions the move-to-earn concept while also demonstrating the strengths of the Near ecosystem in terms of cost savings, speed optimization and maximum scalability.
After just a few days of TGE, Sweat appeared as a phenomenon by marking itself as the project with the most users with more than 620 thousand users, surpassing BNB Chain’s Pancakeswap.
Just after TGE, Sweat economy was listed on a series of large centralized exchanges. Impressive records that SWEAT has set such as $107M Trading Volume, $143M Total Marketcap after 1 week of TGE.
Projection
According to Coin98 Analytics, the 2021 decline has persisted for over 320 days, although Near Protocol’s on-chain indicators continue to be positive. The % growth address, for example, is at the top of prospective layer-1 blockchains. In early August, when Near surpassed 2 million daily transactions, the daily transaction figures were also quite good.
Second, the number of new projects on the ecosystem demonstrates the good growth of the system when the milestones of 700 and 800 projects are reached, respectively, in the third quarter of 2022. The Near Foundation’s $100 million investment package is proof that it is attempting to support the creation of more optimal, efficient, and innovative projects.
Thirdly, with the outbreak of Q2 2022, Near’s TVL decreased slightly but not dramatically. The system’s TVL fluctuates at an acceptable level with Decentral Bank’s $1M USN funding package.
From the personal view, the ecosystem is still highly promising, the main Defi projects perform well, and this is a wonderful opportunity to catch up with fresh and promising projects on the system.
Contributor & Friends
Disclaimer
The vision of the article depends a lot on the subjective perspective of Near Daily’s Writer. The data in here are acquired from third-party sources, including data aggregator platforms and team projects
While collected from sources that are thought to be trustworthy, Near Daily has not independently validated such information and makes no claims about the information’s long-term accuracy or its suitability for a particular circumstance.
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or financial advice. You should consult your own advisers as to those matters.
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