Network Upgrade Gives Token 24% Price Boost
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NEAR has continued to rally despite the market slipping by 2% today. According to CoinGecko, NEAR, the native token of the platform, achieved almost 23% gains since last week. This is largely due to positive on-chain developments, showing that the altcoin has enough muscle to remain in its current position within the market.
Just recently, NEAR announced that Nightshade 2.0, NEARâs touted ânovel sharding designâ, was deployed on the platformâs mainnet, improving the already robust and reliable system users have been enjoying for years.
According to a recent blog post, network upgrade have brought in stateless validation, the new sharding architecture for the protocol. This new architecture improved upon the single-shard performance of the network. NEAR already has six shards deployed on the network with a target of ten by the end of the year.Â
It also lowers hardware requirements to become a validator. Nightshade 2.0 improved the validator experience by omitting the need to track all of NEARâs shards, stimulating the growth of the validator side of the crypto.Â
âIn particular, the new sharding implementation paves the way to significantly increase the coinâs already-fast transaction throughput,â said Bowen Wang, Head of Protocol at NEAR One.
According to Illia Polosukhin, Co-Founder of NEAR Protocol and the CEO of the NEAR Foundation, the network upgrade fixes âthe fundamental bottleneck issue on most L1s of how to scale while preserving both usability and security.â
Rejection Candle Forms Marking Start Of NEAR Correction Phase
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