According to a recent report from Binance Research, NEAR Protocol, a competitor to Ethereum (ETH), experienced a surge in activity during the third quarter of this year, despite a decline in blockchain activity across the market. NEAR Protocol, a smart contract platform, saw a 120% quarter-on-quarter growth in average monthly transactions.
The researchers at Binance Research attribute this increase in activity to top-down partnerships and grassroots initiatives. They explain that while most blockchains experienced a decrease in the number of transactions during the third quarter, NEAR Protocol was able to overcome this trend and witness increasing usage. It is important to note that NEAR Protocol started from a relatively lower base, but its growth is noteworthy.
NEAR Protocol also saw an increase in daily active addresses, which is in contrast to most smart contract platforms that suffered a decrease in active addresses during the same period. In September, NEAR Protocol reached an average of 650,000 daily active addresses, surpassing both Ethereum and Solana (SOL) in terms of this metric.
It is interesting to note that the launch of USDC, the second-largest stablecoin by market cap, on NEAR Protocol in September played a significant role in fueling the protocol’s surge in active addresses. This integration provided a boost to NEAR Protocol’s ecosystem and attracted more users to the platform.
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NEAR Protocol distinguishes itself by focusing on scalability and stability. The project aims to enable developers to build decentralized applications (DApps) at a low cost. With its increasing usage and growing number of active addresses, NEAR Protocol is positioning itself as a viable alternative to Ethereum and other smart contract platforms.
As of now, NEAR, the native asset of NEAR Protocol, is trading at $1.12. It is worth monitoring the performance of NEAR Protocol and its native asset as its growth continues and it gains more attention in the crypto market.
In conclusion, NEAR Protocol has defied the overall decline in blockchain activity and experienced significant growth in the third quarter. This can be attributed to its top-down partnerships, grassroots initiatives, and the integration of USDC on the platform. As NEAR Protocol focuses on scalability and stability, it has attracted a growing number of active addresses and positioned itself as a promising competitor to Ethereum and other smart contract platforms. Investors and crypto enthusiasts should keep an eye on NEAR Protocol as its growth trajectory unfolds.
