NEAR 2024 H1 Data Analysis: Average of 330K New Daily Addresses, Stablecoin Market Cap Up 7x in Six Months
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NEAR 2024 H1 Data Analysis: Average of 330K New Daily Addresses, Stablecoin Market Cap Up 7x in Six Months
NEAR remains committed to developing its network and advancing the core components of its chain abstraction vision.
Navigating Web3 tides with focused insightsAuthor: Stacy Muur
Translation: TechFlow
During periods of crypto market downturns, we should focus on fundamentals and developments.
This is my analysis of NEARProtocol in the first half of 2024.
This year, $NEAR has been one of the top-performing L1 tokens, reaching a year-to-date all-time high in March.
One key driver has been NEAR’s strategic shift toward AI and chain abstraction. Chain Signatures, a new feature enabling NEAR wallets to initiate transactions on other blockchains, has already launched.
In its Q2 2024 report on NEAR, messari highlighted ecosystem progress:
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NEAR’s stablecoin market cap reached $567 million by the end of Q2 2024, up 164% quarter-on-quarter and 717% over six months.
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Daily active addresses hit 1.9 million, up 51% quarter-on-quarter and 620% year-on-year.
Despite a market-wide dip in Q2 2024, NEAR improved its market cap ranking from 21st place, indicating its decline was less severe than other leading assets.
Network activity has steadily risen, with quarterly revenue increasing in every quarter of 2024—up 28x compared to the same period last year.
Average daily active addresses rose to 1.9 million, up 51% quarter-on-quarter.
Meanwhile, average daily new addresses reached 330,000, up 40% quarter-on-quarter. Daily transaction volume hit 7.7 million, up 77.8% quarter-on-quarter.
Social applications are the main driver of NEAR activity, led by CosmoseAI's Kaikai.
Launched in September 2023, this app uses blockchain and AI to deliver curated content to users’ lock screens and rewards them with NEAR tokens.
Infrastructure ranks as the second most active sector on NEAR.
A notable development in Q1 2024 was the emergence of hotdao_, a Telegram-integrated wallet supporting multiple assets and innovative social features.
In Q2 2024, Kaikai averaged 960,000 daily active users, while Hot Wallet averaged 530,000.
Gaming ranks among the top three sectors. SweatEconomy emerged as the leading app on NEAR, accumulating over 140 million users in the past year.
In DeFi, the latest development on NEAR is allstake_fi, which launched on June 20 and quickly amassed $12 million in total value locked (TVL), ranking third on the NEAR network.
Other leaders include finance_ref and burrow_finance.
In 2024, the NEAR ecosystem aims to expand chain abstraction.
In early August, Chain Signatures went live, allowing users to sign transactions on Bitcoin, Ethereum (and any EVM chain), Dogecoin, XRP, Cosmos, Polkadot, and more using their NEAR account.
Additionally, in Q2 2024, nufflelabs launched the Fast Finality Layer.
Built atop NEAR DA, this layer enhances finality for L2s, reducing transaction confirmation time to three to four seconds and cutting transaction costs by 4,000x.
NEARProtocol announced major investments in AI development, focusing on core infrastructure and R&D.
In collaboration with NEAT Protocol, the foundation allocated 1 million NEAR tokens for staking to support AI application growth and revealed plans to develop an AI agent.
Despite a broad market correction in Q2 2024, NEAR continued to achieve strong growth across multiple key performance metrics.
By staying committed to advancing its core vision of chain abstraction, NEAR has delivered practical and effective solutions.
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@stacy_muur
