dailyhodl.com
A new report from Binance Research claims that one Ethereum (ETH) competitor ignored the greater crypto market trend and witnessed a surge in activity in the third quarter of this year.
Researchers at the top global crypto exchange by trading volume note that the smart contract platform $NEAR Protocol ($NEAR) clocked 120% quarter-on-quarter growth in terms of average monthly transactions.
Explains Binance Research,
“Blockchain activity generally declined across the board in Q3 with a fall in the number of transactions across most blockchains. Notwithstanding that $NEAR is starting from a low base, it has witnessed increasing usage driven by top-down partnerships and grassroots initiatives.”.
The researchers also note that $NEAR Protocol registered an increase in daily active addresses in a quarter where most smart contract platforms suffered a decrease. The project reached an average of 650,000 daily active addresses and passed both Ethereum and Solana (SOL) in terms of that metric in September.
USDC, the second-largest stablecoin by market cap, launched on $NEAR in September, which helped fuel the protocol’s surge in active addresses, according to Binance Research.
$NEAR Protocol is focused on scalability and stability. The project aims to allow developers to build decentralized applications at low cost.
The protocol’s native asset, $NEAR, is trading at $1.12 at time of writing.
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