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NEAR ecosystem Analysis

 

Near Protocol is a major project aimed at creating a conducive atmosphere for the development of altcoins in the cryptocurrency market. As you may know, the inability of the Ethereum blockchain to properly meet the needs of network users was the trigger for creating this project. The Ethereum network has recently suffered greatly from increased demand (NFT, DeFi). Unreasonably high fees, delayed transactions, and a high barrier to entry for new developers wishing to enter the ETH ecosystem.

Near Protocol stood out as a solid blockchain at the start of its journey, with the intention of gaining a high niche in cryptocurrency. The team's prominent programmers were able to entice a number of powerful investors to their ideas, including:



Of course, this does not go ignored, and investors are clamouring for the Near Protocol to fulfil its promises to expand and incorporate Near technology into the cryptosphere.

Although the Near ecosystem is still in its early stages, it is already clear that it is a robust economic structure in which every crypto enthusiast can find work.

Near Wallet, Aurora, REF Finance, and Berry Club are all applications you've probably heard of or used.

Because the Near blockchain is open source, any developer can use it to create their own decentralised application (Dapps) ecosystem and solve any problem. Aurora is a project created on the Near blockchain that helps evolve ETH and Near.

Let's take a deeper look at the ecosystem and try to figure out what it's made up of and how it all works together.

Near Wallet/Token

You're all aware that any economic and financial system requires its own payment system to function. For their users, the Near team has designed their own user-friendly wallet. I've never seen a wallet with such functionality before. To create a wallet, you'll need a mnemonic phrase, but you don't have to enter it every time you want to access it.

You can simply log into your wallet with two-step verification, which is usually done with your phone. The wallet naming method was also a big hit with me. There will be no more 0x1023123asdASDwqe symbols.... Everything is highly accessible with Near; for example, you may name your wallet baxoff.near, and that is all you need to send tokens to it.

APY of Near Staking

The staking rate for Near token is now about 13 percent! Don't you think that's a fairly decent result? Given the minimal fees, this is a fantastic way for anyone who wishes to supplement their income.

Near Explorer

The ecosystem includes a user-friendly explorer that displays all transactions, as well as the number of nodes and validators. There are also daily transaction statistics and a very low gas cost per transaction. It's incredible, but any action on the Near blockchain will only cost you 0.0001 N/tgas, or less than $ 0.0025 USD.

The increase in transaction volume is also remarkable; during the month, the average daily transaction volume increased by 48%. There were roughly 140k at the end of June 2021; presently, this number is up to 212k each day!


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