- 250 million transactions have been processed on the NEAR protocol
- The price of NEAR, however, continued to decline
Two years after its mainnet launch, the decentralized open-source blockchain platform NEAR Protocol [NEAR] reached the milestone of 250 million transactions on the platform.
the #CLOSE Community. Just. Keep. Nail it. pic.twitter.com/mNpP9NRWPW
— NEAR protocol | Create without limits (@NEARProtocol) December 16, 2022
Read the NEAR protocol [NEAR] Price Prediction 2023-24
The NEAR protocol is designed for applications that require high scalability and low transaction fees, such as decentralized applications (dApps) and decentralized finance applications (DeFi). Additionally, it is home to 750 active projects and 125 Decentralized Autonomous Organizations (DAOs).
The NEAR ecosystem has seen tremendous growth as the total number of accounts, monthly active wallets, transactions, active developers and projects has increased over the past year.
NEAR protocol on chain
In the latest version of his Weekly Channel Data Report, over the past week, it has seen a jump in the daily average number of new wallets created on the NEAR blockchain. New accounts on NEAR hit a weekly high of 25,001 on December 12, with an average of 24,000 wallets created daily.
This represented a 42% jump from the 14,000 wallets created daily the previous week. NEAR noted that this rally brought the total number of wallets on the blockchain to two million.
As for daily active accounts on the network, NEAR reported that last week the number of wallets performing on-chain transactions peaked at 92,440 on December 12. However, that number has fallen back to around 51,000 per day.
In addition, NEAR saw an increase in the number of new contracts and active contracts on its network between December 12 and 16. According to the report, the number of new contracts on NEAR reached a daily high of 57 on December 13, out of the 17 new contracts created on December 11.
Regarding active portfolios, NEAR reported,
“This metric also trended upwards this week, with 640 measured on Dec. 11 and a peak of 797 active contracts created on Dec. 13.”
While the NEAR blockchain has seen some ecosystem growth in the past week, its native coin NEAR has not seen an increase in value. According to data from CoinMarketCap, NEAR was trading at $1.40 at press time. Additionally, in the past week, the price of NEAR has dropped by 17%.
With On Clearance Volume (OBV) steadily declining over the past week, sellers were in control of the NEAR market at press time.
At the time of writing, the 20 exponential moving average (EMA) was positioned below the 50 EMA (yellow) line. NEAR’s Directional Movement Index (DMI) gave credence to this position. The strength of the sellers of NEAR (red) at 36.48 rested above that of the buyers (green) at 14.22.
The Average Directional Index (ADX) showed that buyers may struggle to negate the strength of short-term sellers.