Overview of Near Protocol
NEAR Protocol is a blockchain operates under the public mechanism Proof of Stake and Sharded (segmented). It is like a community run, highly scalable and low cost cloud platform for developers to create decentralized applications easily.
NEAR secure enough to manage high-value assets like money or identities and performant enough to make them useful, especially given the power of Open Web in the hands of users.
And one thing to note, NEAR is not a side chain, much less an ERC20 token or a blockchain specialized, but simply a 1-layer (1-layer) protocol designed to independently support the Open Web platform.
- Sharding: The system is designed to distribute computation across multiple parallel shards.
- Consensus: Achieving consensus on all nodes through the use of a new algorithm called Nightshade.
- Staking selection & Game theory: To participate in the validation process, stakers are selected using a secure randomization process, which optimally distributes space between parties and provides incentives for them to operate with good behavior. .
- Randomness: The random approach is unpredictable.
- Applications of the above infrastructure Near Protocol already quite complete: Aurora EVM, Rainbow Bridge, Flux Oracle, coordinate Chainlink and Band Protocol (not yet implemented),… Next time, I'm looking forward to the launch of Flux Protocol - Oracle The first native on Near, and the extensive work of the Aurora EVM to attract Dapps to Near.
- After bridge ETH-NEAR, the bridge BSC-NEAR is being developed by the Near Foundation team. After the BSC-NEAR bridge, SOL-NEAR will be the team's next choice for development and cash flow into the ecosystem. Currently bridge SOL-NEAR has not been developed due to lack of developers. If these bridges are completed soon, the money flowing into Near will be easier and more abundant, especially at a time when the ecosystems are alternately growing like they are now.
- Total assets on Rainbow Bridge have reached $5.4 million - 2 times more than this number last week (and an increase of 600 thousand compared to last night I checked)!
- In the past week, the volume of transactions in the past week has far exceeded the number 2 million transactions. This is a great sign for the ecosystem as more and more users enter the platform.
- In the past week, the number stablecoins on Near has reached $3.1 million, the cash flow into the Near ecosystem is very clear.
The ecosystem has many important updates:
- Octopus Network $OCT was successfully opened for sale on Skyward Finance, with nearly 1 million NEAR raised. The project has 3 floors listed DEX and Gate exchange, currently tradable on Ref Finance, Uniswap, Pancakeswap and Gate.
- Ref Finance has launched liquidity incentives, and the success exceeded the team's expectations - they reached 25 million TVL communication.
- Hackathon on Near has taken place.
- Metapool has 3 million NEAR locks on the platform after 1 week of launch. TVL of this app is nearing $20 million - this means that Near Ecosystem already has two available Dapps TVL more than 20 million!
Analyze each piece
Stablecoins, Lending & Borrowing
Total amount stablecoins on Near there was a rapid spike in a few short days when liquidity mining on Ref Finance launched for the second time. Over $3 million in stablecoins (mostly USDT and DAI) went to Near Ecosystem - tripled $1 million last week!
Liquidity mining activities of Ref Finance initially attracted a lot of TVL to the whole platform. As you can see, with just a few bootstrapping of the ecosystem properly, the whole ecosystem has made its first significant strides.
Communication Lending & Borrowing and DeFi Stablecoins are extremely weak right now. Ref Finance promised in the roadmap that it will do lending protocol in 2022. This will leave Near missing a very important piece of the puzzle, the money market.
If you are holding a lot of NEAR, you also realize that you really need a protocol for NEAR collateral to get a loan. USDC or USDT to use capital effectively, and to invest in other projects. However, on the current Near Ecosystem, you cannot do this.
Ref Finance after fixing the problem hack, revived and returned even more intensely than before. With a high APR at the opening (400-500%), it is not surprising that Ref Finance has attracted many TVLs to the platform.
Currently, the APR pool REF-wNEAR still has an APR at 350% - a very attractive level for farmers. If you want to farm REF, you can deposit into the farm in the REF-wNEAR pool to get the most profit.
Remember, over there is APR - ie profit excluding compounding. If you include compound and compound interest every day (that is, every day you withdraw the reward and continue to use that reward to increase your TVL), and APY of REF-wNEAR pool is at 3,700% - a very attractive APY level. So I predict that Ref Finance's TVL will continue to increase in the future.
In the near future, after handling the case hack, Ref Finance needs to focus on marketing to push liquidity and community of the project. Recently, the marketing activities of the project have been more intense, but they can still do better with their position as the top. AMM on one platform.
For Ref Finance to be known more, the communication of the project must be promoted: list of Coingecko, Coinmarketcap, list of exchanges CEX (paved the way for other NEP-141 tokens to go on the exchange),…
The Metapool project on Near has been released, and now you can use the product staking of project. This is a NEAR staking solution to create liquidity for staked tokens. Currently, when staking NEAR on Metapool, you not only receive NEAR but also receive META - liquidity incentives of the project.
Currently, TVL of Staking pool This is already at 3 million NEAR, which is 20 million dollars. Two Dapps DeFi The first on Near had a total TVL of more than 45 million dollars - 30 times more than the small amount of TVL of the entire ecosystem in the previous 2 weeks.
You can see, how easily the Near-type TVL increases when there are enough pieces. However, the number of pieces on Near is still too small, and since then it has been difficult to bootstrap the ecosystem. Therefore, I look forward to the effective operation of Aurora EVM, thereby earning more Dapps for the ecosystem, to have more "tools" to bootstrap Near Ecosystem.
Token $OCT of Octopus Network completed the sale on Skyward Finance. The total raised capital is 1 million NEAR, or 6 million dollars. As you can see, fundraising projects on Skyward Finance are extremely easy and effective. To raise $6 million in real life from funds, the project took a lot of work. However, to raise a few million dollars over Skyward Finance, projects only need to have attractive enough mining liquidity.
Last week, I also said that you should be careful and should not fomo $OCT, because the amount of tokens released from private and seed sales is very large. Currently, $OCT has been listed on many exchanges besides Ref Finance such as Gate, Pancakeswap, Uniswap.
This week, Skyward Finance is also opening the 3rd $SKYWARD token sale. Currently, 400,000 NEARs have been deposited, ie 1 SKYWARD is at 30 dollars, the project FDV is at 30 million dollars.
What is NEAR Token?
NEAR is Near Protocol's unity token. The protocol's foundation and surrounding ecosystem relies on the efforts of a large community of participants. Token NEAR, distributed to support the launch of this ecosystem.
Basic information about NEAR . coin
- The supply starts at 1,000,000,000 tokens and grows at a maximum rate of 5% per year.
- Transaction fees burned. Therefore, at high usage, the NEAR token becomes deflationary.
- Transaction fees are kept low over time as network capacity expands dynamically through sharding.