- Blockchain transactions surged 12-fold in just 4 days.
- 100% of the inscriptions were produced.
transaction NEAR Protocol (NEAR) According to Near Blocks, blockchain surged to unexpected levels between December 1st and 2nd. Total as of November 29 transaction The number of NEARs was 1.84 million.
However, at the time of going to press, the same figure stood at 13.93 million, a 12-fold increase in a matter of days.
Source: NearBlocks.io
There was no reason for the rapid increase in trading volume. According to research by AMBCrypto, NEAR has become the latest Layer 1 (L1) blockchain with the inscription.
NEAR and NEAT: An interesting bromance
On November 28, the NEAT inscription first appeared on the NEAR blockchain. During the launch, the Neat Inscription team described it as a new standard for launching public tokens on the network.
The development team also admitted to discovering this. ‘Bitcoin Ordinal’ A valuable experiment. I also added that this is one of the reasons why I follow the same steps using the Ordinals protocol.
Other L1s include: Litecoin (LTC) and Dogecoin (DOGE) has followed a similar path.
Like Bitcoin’s BRC-20, NEAT also created its own NRC-20, a fungible aspect of the inscription. As of this writing, 100% of all NRC-20 assets have been minted and burned.
According to AMBCrypto: evaluation NEAT currently has 24,139 NRC-20 token holders.
This is a historical record with 13.19 million transactions and 350,000 NEAR tokens burned in the last 24 hours.
That’s cool! 📸
Inscription is a new mechanism for creating digital assets on the blockchain, launched on the Bitcoin network via the Ordinals protocol.
Learn more about the first… https://t.co/u1KyhLLFVP pic.twitter.com/BGK7ZEfF1C
— NEAR Protocol (@NEARProtocol) December 1, 2023
This increase in activity earned NEAR $173,000 in fees. Therefore, the protocol was able to create a jump of 67.90%. revenueToken terminal has been released.
Source: Token Terminal
In addition to the revenue increase, NEAR’s social volume was also impacted. social volume, tracked Total number of searches or messages linked to the project by on-chain analytics platform Santiment.
The market is listening.
In the early hours of December 3, social volume spiked to 12.14 and then declined. This means that discussions related to NEAR are increasing.
But sentiment surrounding the project seemed indecisive, swinging between bullish and bearish.
Source: Santiment
In terms of Total Value Locked (TVL), DefiLlama showed What this means is that the metrics have increased. At press time, NEAR’s TVL was $51.58 million.
how much? Currently worth 1,10,100 NEAR?
TVL measures the total value of assets locked in the protocol.
A decreasing TVL means that market participants are refraining from buying. deposit Convert their assets to protocols. Therefore, NEAR’s TVL increase means that the protocol is trustworthy enough to deposit liquidity in return for returns.