- Within four days, transactions on the blockchain increased twelvefold.
- 100% of the inscriptions have been minted.
Transactions on the NEAR protocol [NEAR] According to Near Blocks, blockchain rose to unexpected levels between December 1 and 2. As of November 29, the total is transaction count on NEAR was 1.84 million.
But at the time of writing, the same benchmark was 13.93 million, indicating a 12-fold increase within a few days.
Source: NearBlocks.io
The reason for the sudden spike in the number of transactions was not without reason. Based on AMBCrypto’s research, NEAR has become the latest Layer-one (L1) blockchain with onboard inscriptions.
NEAR and NEAT: An interesting bromance
On November 28, the NEAT inscriptions appeared on the NEAR blockchain for the first time. 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 that it was the Bitcoin ordinal numbers’ experimentation is valuable. It also added that this was one of the reasons why it followed the same step using the Ordinals protocol.
Other L1s like it Litecoin [LTC] And Dogecoin [DOGE] have also walked a similar path.
Like Bitcoin’s BRC-20, NEAT also created its own NRC-20, the fungible side of its inscriptions. At the time of writing, 100% of NRC-20’s total assets have been minted and burned.
According to AMBCryptos research from NEAT there are now 24,139 holders of the NRC-20 tokens.
An all-time high of 13.19 million transactions in the last 24 hours and 350,000 NEAR tokens burned.
That’s neat!
Inscription is a new mechanism for creating digital assets on blockchain, sourced from the Bitcoin network via Ordinals Protocol.
Read more about the first… https://t.co/u1KyhLLFVP pic.twitter.com/BGK7ZEfF1C
— NEAR Protocol (@NEARProtocol) December 1, 2023
Due to this increase in activity, NEAR earned $173,000 in fees. The protocol was therefore able to make a jump of 67.90% gainunveiled Token Terminal.
Source: Token terminal
In addition to the increase in turnover, NEAR’s Social Volume has also been affected. The social volume, followed from the on-chain analytics platform Santiment is the total number of searches or messages associated with a project.
The market is listening
In the early hours of December 3, social volume rose to 12.14 before falling. This means that there is increasing discussion about NEAR.
However, sentiment around the project seemed indecisive between the bullish and bearish sides.
Source: Santiment
In terms of the Total Value Locked (TVL), DefiLlama showed that the standard had increased. At the time of writing, NEAR’s TVL was $51.58 million.
How many Worth 1,10,100 NEARs today?
The TVL measures the total value of assets locked in a protocol.
When the TVL falls, this means that market parties refrain from doing so to deposit their belongings in a protocol. Thus, NEAR’s TVL increase implies that the protocol seemed reliable enough to allow liquidity to be poured in exchange for returns.
