Decentralized application (dApp) platform Near Protocol demonstrated notable expansion in crucial metrics during the initial quarter (Q1) of 2024, propelling its native token NEAR to regain a pivotal level and paving the path for a potential retest of its all-time high (ATH) from January 2022.
According to a recent analysis by Messari, NEAR witnessed significant upticks in market capitalization, revenue, active addresses, and Total Value Locked (TVL), solidifying its stance among the premier contenders in the cryptocurrency market.
NEAR Outperforms Bitcoin And Ethereum
In Q1 2024, NEAR’s circulating market cap surged to $7.2 billion, marking a 94% quarter-on-quarter (QoQ) escalation. The fully diluted market cap also experienced substantial growth, reaching $8.2 billion, representing a 91% QoQ rise. These figures propelled NEAR to secure a position among the top 20 cryptocurrencies by market capitalization. Remarkably, NEAR outshined Bitcoin (BTC) and Ethereum (ETH), which recorded QoQ growth rates of 69% and 53%, respectively. Additionally, NEAR’s revenue, derived from network transaction fees, witnessed an 82% QoQ increase, reaching $1.9 million.
NEAR continued its address growth trend in Q1 2024, with average daily active addresses reaching 1.2 million, representing a robust 42% QoQ increase.
The network also observed a surge in daily new addresses, totaling 236,000 (a 37% QoQ increase), and surpassed the milestone of 100 million total accounts. According to Messari, contributions from established protocols like KAIKAINOW, Sweat, and Playember and the adoption of HOT Wallet, averaging over 350,000 daily active addresses in March and nearly 3 million total wallets, drove this expansion.
Stablecoin Market Cap Skyrockets In Q1
As per the report, the protocol experienced a sustained surge in transaction activity throughout Q1 2024, with daily transactions reaching 4.3 million, representing a 78% QoQ increase and a 538% surge over the last six months. Similarly, NEAR’s TVL witnessed significant growth, concluding the quarter at $335 million, a 163% surge from the previous quarter and a 547% increase over the last six months.
Furthermore, NEAR’s decentralized exchange (DEX) volume experienced a notable upswing, with an average daily volume of $8 million, representing a 95% QoQ increase. Ref Finance emerged as the leading DEX on the protocol, with $6 million daily volume, surpassing Orderly Network. Lastly, NEAR observed a substantial surge in its stablecoin market cap during Q1 2024, soaring 176% QoQ to $214 million. Notably, USDT experienced a significant upsurge, with its market cap increasing by 1,155% QoQ, reaching $88 million.
