Ethereum network’s competitor’s Near Protocol (NEAR) price trips

Near Protocol (NEAR) has attracted attention with its rapid rise. The 107 percent increase in the price of NEAR in the last month was reflected in the statistics.

Near, a smart contract platform that provides parallel transaction solution for network scaling, uses the proof-of-stake, PoS consensus mechanism that the Ethereum network aims to achieve with the Eth2 update.

You may be interested in: What is Ethereum 2.0 (Eth 2.0)? When Is Ethereum Update?

4-hour candlestick chart (Binance) of NEAR / USDT pair. Source: TradingView

Compared to its competitors, NEAR is a relatively new project whose mainnet was launched in April 2020. Unlike Ethereum, NEAR’s consensus mechanism works to keep fees standard. According to the website, the protocol aims to reduce decentralized application development time.

A16z Crypto Investments, Pantera Capital, Electric Capital and Ripple’s incubator Xpring are among the investors of NEAR, which raised $ 35 million in investment rounds held in July 2019 and May 2020.

Near Protocol network activity has increased significantly over the past three months.

Near Protocol number of transactions per day. Source: explorer.near.org

DeFi integration accelerating

On November 24, 2020, the Mooniswap project, supported by 1inch.exchange, announced its Automated Market Maker (AMM) features plan on NEAR. Genesis was launched with the aim of bringing liquidity and pricing from all major decentralized exchanges (DEX) to a single platform.

On January 19, Crypto.com plans to launch a new pool offering $ 250,000 worth of NEAR tokens, 50 percent below the market price. Customers need to deposit CRO tokens to trade and also reach the trading volume set on the exchange.

Comparison of NEAR price (USD) and Twitter user activity. Source: TheTie

The data shared on the analysis platform TheTie show that the popularity in the social network was effective in the recent price increase. However, transfer and processing on the Near Protocol mainnet only started three months ago.

Compared to its competitors, the NEAR protocol seems to be in an early stage. Delivering the Mooniswap integration effectively will likely be an important milestone for the project. If they are successful, the NEAR token could likely see further bullishness.

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