NEAR protocol reveals new updates that hope to bring positive change

NEAR Protocol will introduce the first Protocol Working Group meeting to discuss the latest enhancement proposals for the network. This team will contribute to the future of NEAR and will be active in development activities.


Despite debuting a new development-oriented group, NEAR still had a pretty good performance last week. According to its recent weekly update, NEAR completed 2.25 million transactions with an average of 751,293 transactions. The network also saw a dramatic increase in the number of accounts as they grew to 316,894 (+17%).

Meanwhile, NEAR Daily posted a tweet about the top gainers on the protocol over the past week. REF continues to lead the chart, recording a 15.5% increase throughout the week.

Followed by NEAR token with 11.1%. The AURORA token completes the top three lists with a 10.3% gain. It's important to note that NEAR has had a promising week. Prior to that, according to LunarCrush, the Altitude Rating on the NEAR token dropped in the last week.



These updates leave the NEAR token at $4.14 with a slight drop of 0.8% over the past 24 hours. However, it still holds a 7.75% gain from last week according to CoinMarketCap.

However, there was a significant drop in the total value of NEAR's DeFi locked (TVL) over the past month.

According to DeFiLlama, NEAR's TVL is down 10% within five days of entering August. The protocol has locked up $285.09 million at press time.

Ref Finance continues to dominate with $228.8 million and 80.28% stronghold in NEAR TVL.

Source: DeFiLlama

Furthermore, the network is continuing to show a bearish pattern with low trading volume. NEAR saw trading as high as $800 million in early April.

But bear forces continued to undermine its growth. Furthermore, it has not been able to surpass the $500 million mark for more than two weeks.


Source: Santiment


Sep 06, 2022

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