Near Protocol (NEAR) shines in Q2 despite broad market pullback: Report

The latest State of $NEAR Q2 2024 report by Messari confirms significant progress for Near Protocol in various segments.

$NEAR’s stablecoin ecosystem grew substantially in Q2 2024, up 165% QoQ and 717% in six months to $567 million.

Moreover, Q2 saw Frax team plans to introduce a Near-based stablecoin frxNEAR amid plans to improve decentralized AI and programmable money.

Key insights:

• Daily active addresses up 51% to 1.9 million.
• Near’s stablecoin market capitalization soared to $567 million.
• Consistent developer activity
• Significant investment in artificial intelligence

Meanwhile, USD Coin and Tether’s $USDT dominated Near’s stablecoin market.

This increase was driven by USDC, which reached a market cap of $330 million (+303% QoQ), and $USDT, which reached $187 million (+117% QoQ).

Also, Near boasted a healthy network activity, with a 40% increase in 24-hour new wallets and a 51% uptick in average 24-hour active addresses. The social sector fueled this growth, with $NEAR’s KAIKAINOW topping the charts.

Cosmose AI launched the social platform KAIKANOW in September 2023, leveraging artificial intelligence and blockchain to offer current content to users, with rewards in KAI-CHING coins on the $NEAR network.

KAIKANOW boasted 960K active users (on a daily average) in the second quarter.

Moreover, the newly launched Nuffle Fast Finality Layer on $NEAR DAI will reduce transaction charges by 4,000 times and block completion times to 3-4 seconds.

Furthermore, Near Protocol maintained consistent developer activity over the past year. The blockchain offers one of the most lucrative environments for digital creations.

For instance, Near distributed 30% of fees to smart contract creators. Also, reliable tools, including $NEAR CLI, $NEAR Developer Governance, and sandbox environments, boost developer activity.

Near Protocol goes big on AI

The report revealed Near Protocol’s massive focus on artificial intelligence through investing in R&D and core infrastructure.

The project’s founders built a Horizon AI Incubator to enhance crypto and AI integration. The incubator includes high-end developer tools, data platforms, compute services, model training, and top-notch security.

Moreover, the Near Foundation collaborated with NEAT Protocol to bolster AI applications on the $NEAR blockchain. NEAT reduces gaming and AI charges with simplified off-chain execution.

Co-founder Alex Skidanov will lead the $NEAR.AI program to improve AI advancement within the Near network.

Lastly, AI agents can use Chain Abstraction to execute on various blockchains without interacting with the underlying network.

$NEAR trades at $4.06 following last weekly fluctuations that left it relatively flat, down 0.51%.

Meanwhile, the report underscored the blockchain’s resilience amidst market adversities. Near Protocol retains a healthy ecosystem, positioning $NEAR prices for outperformance upon broad-based bull runs.

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