- In terms of activity, NEAR, a Layer 1 smart contract technology, has been rising almost at an almost vertical rate in 2024.
FlipsideCrypto reports that in the last few days, the total number of transactions has increased from 300 million in late August to 1.3 billion, a more than fourfold increase.
Additionally, throughput has increased dramatically, reaching a peak of 6 million transactions in late May from an average of 300,000 daily transactions in mid-2023.
Since September 2023, the number of wallets produced on NEAR has more than doubled to 75 million from 30 million, demonstrating a similar trend. The number of wallets created every day has also been significantly increasing, rising from about 30,000 in August 2023 to 209,000 more recently.
Additionally, cryptocurrency exchange OKX announced that its Web3 wallet now supports NEAR, with the goal of using Chain Abstraction to scale Web3. After the integration on May 28, users can now move NEAR tokens to 95 different blockchains with ease.
The NEAR token has rallied due to the increased activity; even with today’s 4% decline, it has increased by 350% in the last year.
Activity is Driven by Sweat Economy and Kai-Ching
According to DappRadar, Kai-Ching, the native stablecoin of the KAIKAINOW shopping app, ranks second among all blockchain dapps with unique active wallets, having displayed 946,000 in the last day. That represents a 30% rise from November 2023.
The spike indicates that KAIKAINOW and Cosmose AI, a massive online retailer that leverages artificial intelligence to power better shopping experiences, have a successful cooperation.
The second primary factor is Sweat Economy. The “walk-to-earn” program, which doubled in size since November 2023, is intended to encourage physical exercise. As of right now, there are 226,000 distinct active wallets.
Continued Achievement
While many projects show brief spikes in interest, NEAR’s activity seems to be steady and robust.
In addition to a jump in all metrics, the network’s continued increase in activity suggests that users came and stayed, suggesting that Kai-Ching and Sweat Economy may have discovered a market niche.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
