đ„đ„đ„ Near Protocol ($NEAR ) shines in #Q2 despite broad market pullback: Report
NEAR Protocol's Q2 2024 Report Highlights
Stablecoin Growth: NEARâs #stablecoin ecosystem grew 165% QoQ and 717% over six months, reaching $567 million. Frax plans to introduce frxNEAR, a Near-based stablecoin, to boost decentralized AI and programmable money.
Increased Network Activity: Daily active addresses rose by 51% to 1.9 million. NEARâs stablecoin market cap also hit $567 million, with a 40% increase in new wallets and a 51% rise in average daily active addresses, largely due to the KAIKANOW platform.
KAIKANOW and AI Integration: Launched in September 2023, KAIKANOW uses AI and blockchain for dynamic content and rewards, averaging 960K active users daily. NEARâs Nuffle Fast Finality Layer is expected to cut transaction costs by 4,000 times and reduce block completion times to 3-4 seconds.
Developer Activity: NEAR remains a strong environment for developers, offering tools like NEAR CLI and NEAR Developer Governance. Smart contract creators receive 30% of fees.
AI Focus: NEAR invests heavily in AI with initiatives like the Horizon AI Incubator, supporting crypto and AI integration.
Collaborations with NEAT Protocol aim to reduce costs in gaming and AI. Alex Skidanov will lead the NEAR.AI program to advance AI technologies.
Market Performance: NEAR is trading at $4.06, with a slight 0.51% decrease over the past week. Despite market fluctuations, NEARâs resilient ecosystem shows potential for outperformance in future bull markets.
Source - Â invezz.com
