Near Protocol (NEAR) is a smart contract platform that uses parallel processing to extend network band. This technology, known as hashing, is similar to what Eth2 aims to achieve, and a close match validation mechanism also allows token holders to post their coins.
NEAR earned 107% over the past month, raising the question whether the project has made significant headway in what has become a super-competitive smart contract industry.
Compared to its competitors, NEAR is a relatively new project since the network was first launched in April 2020. Unlike Ethereum, the NEAR compliance mechanism works against tax stability and, according to the website, the protocol aims to accelerate the development of decentralized applications.
Interestingly, ICO Near happened four months after the launch of the main network. One possible reason for this is that the team raised $ 35 million in private financing rounds held in July 2019 and May 2020. Investors included Andreessen Horowitz’s Crypto Investments, Pantera Capital, Electric Capital and Ripple Xpring Incubator.
Near Protocols has grown exponentially over the past three months, and the information on the Near blog shows that there are actually some interesting apps out there.
One of them is Berry Club, a cultural communication app / game that allows players to pixelate and earn collectibles. Another app called Paras allows users to interact with the NFT digital card market.
DeFi integration accelerated
On November 24, 2020, the Mooniswap Project, backed by 1inch.exchange, revealed its plan to build Automated Marketplace Industry (AAM) features on NEAR. The decentralized exchange complex is designed to combine liquidity and prices from all important DEXs on one platform.
“Based on NEAR, we can experience the downturn and prepare for Ethereum 2.0,” said Sergei Koontz, CEO and co-founder of 1inch.
On January 19, Crypto.com also intends to launch a new pool offering $ 250,000 in NEAR at a price 50% below the market price. Clients must bid on CRO tokens and meet the trading volume requirements specified on the exchange.
An issue of concern is that there are open questions about the management of the Social Fund. A large number of NEAR tokens are run by a handful of people who are not required to follow clear guidelines and rules.
Data from alternative social analysis platform TheTie shows that recent price hikes have been accompanied by increased activity on the social network. However, transfers and transactions on the Near Protocol network started only three months ago.
Compared to competitors, the NEAR protocol appears to be in its early stages of development. The effective implementation of Mooniswap’s integration will likely be a major milestone for the project, and if successful, there may be further development of the NEAR code.