During the last month, the value of the native token of the Layer 1 (L1) blockchain Near Protocol, which is denoted by the acronym NEAR, has undergone substantial growth, reaching its most significant point. It was after the token broke free from a previous downward trend that it had been on, during which it had reached a low of $4 on July 5, that this spike occurred. A massive twenty percent growth in value has happened in the value of NEAR over the past week, putting it in the nineteenth position among the top one hundred cryptocurrencies. The current market price of NEAR is $5.93.
A Solution for Scalability in the Face of Challenges with Bitcoin and Ethereum
On Thursday, Veradittakit expressed his opinions for the first time on social media, highlighting the exceptional value that NEAR contributes to the ecosystem of blockchain technology.
Veradittakit observed that Bitcoin (BTC) and Ethereum (ETH) have been at the forefront of the phenomenon known as the “revolution” in cryptocurrency technology. Ethereum has been an essential component in the development of smart contracts and decentralized apps (dApps), while Bitcoin has established itself as a trustworthy asset that can hold value. On the other hand, when it comes to the scalability of transactions, both cryptocurrencies have challenges.
Pantera’s MP asserts that the NEAR Protocol significantly contributes to resolving scalability issues while also placing a significant emphasis on developer participation and the quality of the user experience. The blockchain solution that it offers is not just scalable but also focused on the user.
The TPoS method and Nightshade sharding that NEAR has developed are two of the things that distinguish it unique from other cryptocurrencies. These mechanisms significantly improve scalability and decentralization. A spectacular 547% increase in Total Value Locked (TVL) to an astonishing $335 million in just six months is one of the extraordinary accomplishments that NEAR has made as a result of these incredible advancements.
Veradittakit draws attention to the fact that NEAR has had remarkable growth, which demonstrates the company’s powerful traction and strategic expertise in the industry. In addition, the market presence of NEAR is increased by measures that measure crucial metrics. From one quarter to the next, there was a noticeable increase of 42 percent in the number of daily active addresses, a significant spike in the number of transactions, which increased from 35 million to over 220 million, and a substantial increase in the number of monthly active users, which increased from 2.9 million to 15 million.
Integration of NEAR and Crypto AI
It should be mentioned that NEAR is establishing itself as a forerunner in the rapidly developing field of crypto artificial intelligence (AI). In recent years, this industry has witnessed exceptionally rapid expansion, thanks in large part to the establishment of businesses like Nvidia.
To prioritize user sovereignty over data and assets, the NEAR team has focused on implementing artificial intelligence (AI) inside an open and decentralized framework.
NEAR has been discovered to be a component of Grayscale’s artificial intelligence fund, which has resulted in this receiving praise. The fund’s portfolio is made up of a variety of assets, each of which is assigned a distinct weighting. Render has a rate of 24.86%, Bittensor has a rate of 2.92%, Filecoin has a rate of 30.59%, Livepeer has a rate of 8.64%, and NEAR has a rate of 32.99%.
Ultimately, it is crucial to highlight that NEAR’s achievements can be credited to the exceptional guidance of its collaborators. In developing NEAR’s infrastructure, Polosukhin’s extensive expertise in artificial intelligence (AI) and Skidanov’s solid experience in engineering have both been essential contributors.
Although it has reached its highest point of the month at $5.93 and has witnessed an astounding 300% rise so far this year, the token will need to surpass the $8.28 level in the near future to break free from its current negative trend.
Nevertheless, in light of these developments and the introduction of tokens connected with artificial intelligence, NEAR may be in an excellent position to see more growth in the coming months, which will be backed by the revival of the market as a whole.
