NEAR Protocol Soared 17%, Here's Why!

NEAR crypto prices have experienced a significant increase in the last 24 hours. (Photo; Doc. Zebornet)

JAKARTA - NEAR Protocol, one of the blockchain networks that provides platforms for decentralized app developers (DApps), recorded a significant price increase on Wednesday. NEAR prices, digital currencies running on the network, jumped 17.46% and traded at $2.69 (Rp41,700) levels at the time of writing.

At the same time, NEAR's trading volume jumped 111.95% to $357.77 million (IDR 5.5 trillion), indicating strong trading activity for this crypto. Interestingly, NEAR has risen more than 31% in the last 30 days.

Causes of NEAR prices rising

What causes the NEAR price increase? One of the factors driving NEAR demand is the launch of Aurora, a platform that allows users to run the Ethereum app on the NEAR network. Aurora launched on October 19, 2021 and is claimed to be the "fastest and cheapest bridge" between Ethereum and NEAR. With Aurora, users can take advantage of NEAR's speed and low cost without having to leave the Ethereum ecosystem.

In addition, NEAR also received support from several strategic projects and partners that built DApps on its network. Several examples of projects using NEAR are Flux, a protocol that allows users to create a prediction market, Mintbase, a platform that allows users to create and sell non-fungible tokens (NFT), and Ref Finance, a decentralized exchange protocol (DEX).

NEAR also has strategic partners like Kraken, one of the largest crypto exchanges in the world, which has launched NEAR staking on its platform since November 2021. With NEAR staking, users can get an annual interest of up to 12% of the NEAR they store in Kraken.

In addition, NEAR is also working with Coin98 Wallet, a multi-chain crypto wallet, which has been integrating NEAR into its app since December 2021. With Coin98 Wallet, users can easily access various DApps on the NEAR network.

Capai 100,000 Transactions Per Second

NEAR Protocol is one of the blockchain networks designed to overcome some of the limitations faced by other blockchains, such as low transaction speeds, limited capacity, and poor interoperability.

NEAR uses Nightmen's technology, a variation of sharding, which divides the network into multiple parallel chains processed by a group of validators. In this way, NEAR can reach up to 100,000 transactions per second and achieve transaction finality almost instantly at very low transaction fees.

For additional information, the NEAR Protocol was founded by Erik Trautman, Illia Polosukhin, and Alexander Skidanov in 2018. NEAR Protocol has experienced development teams, including several gold and silver medal winners at the International Collagiate Programming Contest (ICPC). NEAR Protocol is backed by a number of leading investors in the world, such as Andreessen Horowitz (a16z), Coinbase Ventures, Pantera Capital, and Electric Capital.