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The layer one (L1) battle is starting to heat up again and multiple protocols have seen their token values rise in recent weeks as traders venture out to see what life is like outside of the Ethereum (ETH) network. One L1 protocol that has seen its token price climb to a new all-time high this week was NEAR, a community-run cloud computing platform focused on interoperability and lightning quick transaction speed.Data from Cointelegraph Markets Pro and TradingView show that, following a pullback that hit a low of $13.10 on Jan. 9, the price of NEAR climbed more than 50% to establish a new record high at $20.36 on Jan. 14. NEAR/USDT 4-hour chart. Source: TradingViewThree reasons that contributed to the growing strength of NEAR include the successful completion of a $150 million funding round, the success of the Aurora cross-chain bridge protocol and an expanding ecosystem of projects and developers working on the NEAR network. NEAR raises $150 million in funding roundThe most recent price spike followed an announcement that the team had successfully closed its latest funding round, raising $150 million from a variety of investors including Dragonfly Capital, a16z, Alameda and Circle Ventures. @NEARProtocol raises $150M to boost ecosystem growth! #NEAR has announced the close of a $150 million funding round led by @zhusu’s Three Arrow Capital.Participants included @MechanismCap, @a16z, @dragonfly_cap, #Alameda and many more.Learn https://t.co/DjilZpkYPH— NEAR Blockchain (@NEAR_Blockchain) January 13, 2022NEAR plans to use the funds raised to accelerate the adoption of Web3 technologies via ecosystem funding, developing out regional hubs for the NEAR community to help raise awareness for the brand and by providing support to the projects building on the protocol. In addition to the communities established in Asia, Africa and Europe, NEAR is also looking to expand its reach to Latin America, Turkey and India. Aurora cross-chain bridgeA second factor behind the rise of NEAR over the past month was the successful launch of Aurora protocol. This platform is built on NEAR and it helps users and the decentralized applications that operate on the Ethereum network bridge to NEAR protocol.Aurora utilizes the Rainbow Bridge to facilitate the migration of assets between supported networks and has quickly become a popular protocol for cross-chain transfers with more than $732 million in total value locked, according to data from Defi Llama. As a result of the increased activity brought by the increased adoption of projects on NEAR and the migration of tokens from Ethereum, the daily transaction count on the NEAR network established a new record high of 721,061 transactions on Jan. 11.Daily number of transactions on NEAR. Source: NEARRelated: Which layer-one protocols will outperform in 2022?Ecosystem expansionA third development helping to boost the value of the NEAR ecosystem has been the growth of its developer community. There has been an increase in the number of projects launched or bridged to the NEAR network over the past two months. Developers on #NEAR get 30% of the txns fees spent on their contract!! – maybe one of many reasons why MAD on @NEARProtocol is growing rapidly and has shown 4x+ growth in 1 year! Top 3 in fastest-growing dev ecosystem pic.twitter.com/UCe9jYVRcG— THE NEARWEEK Ⓝ (@NEARWEEK) January 11, 2022
As seen in the tweet above, NEAR now has the third-fastest growing developer community across the whole of the cryptocurrency ecosystem, thanks in part to the fact that developers on NEAR get 30% of the transaction fees spent on their contract. This provides an income for developers in a field where compensation is not always guaranteed. The expanding developer community, combined with the release of a cross-chain bridge, has led to an expansion of the NEAR ecosystem which continues to grow and attract new projects. Projects in the NEAR ecosystem. Source: NEAR MatesVORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for NEAR on Jan. 9, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. NEAR price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for NEAR climbed into the green zone on Jan. 9 and hit a high of 75 around one hour before the price began to increase by 52% over the next four days. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.Čítaj viac
Proof-of-stake blockchain NEAR Protocol has raised $150 million in seed investments to accelerate the adoption of Web3 technologies. The team announced that the fund would be used to develop regional hubs and raise awareness for blockchain and decentralized tech.NEAR Protocol aims to use the fresh funds to foster the adoption of Web3. According to the announcement, the funding will be used to “help billions of people learn and use blockchain.” With this, projects building on the NEAR blockchain will have the opportunity to connect with new audiences.The investment round was led by hedge fund Three-Arrows Capital, with additional participation from Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime, Folius, Amber Group, 6th Man Ventures and Circle Ventures. MetaWeb.vc, the NEAR ecosystem fund, also participated in the seed round. Additionally, angels Alan Howard, Santiago Santos and Aave Founder Stani Kulechov joined the funding. “We are excited to support the NEAR team and ecosystem as they scale blockchain applications,” said Kyle Davies, the co-founder and chairman of Three-Arrows Capital.Meanwhile, Amos Zhang, the founder of MetaWeb.vc, expressed his support by saying that NEAR Protocol’s technologies are great for fostering blockchain adoption. “NEAR is best suited for empowering blockchain applications for mainstream adoption,” said Zhang.Related: Binance Labs backs $200M Oasis Ecosystem FundBack in 2021, NEAR protocol allotted $800 million for new initiatives to fund the acceleration of decentralized finance, while noting evidence that the DeFi market is still in its early stages. The move aims to encourage developers by adding incentives to build on the NEAR blockchain.Late last year, NEAR also partnered with Cardano-based stablecoin hub, Ardana. The collaboration aims to create a bridge infrastructure that will allow users to transfer assets from the NEAR protocol to its fellow proof-of-stake blockchain Cardano. With this, NEAR (NEAR) tokens will also serve as collateral on the Ardana platform to mint stablecoins.Čítaj viac
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The Ethereum ecosystem still has far more developers than rival networks, but they are catching up with a faster rate of growth.Ethereum competitors such as Polkadot, Solana, and Binance Smart Chain are growing faster in terms of development activity according to crypto research firm Electric Capital which released its findings on the blockchain development ecosystem in a new report on Jan. 6. It revealed that more than 4,000 monthly active open-source developers work on Ethereum — considerably more than the 680 who work on the Bitcoin network. Across all chains, the total monthly active developers measured was more than 18,400 and the record was broken for the number of code commits by new developers in 2021 with more than 34,000.The measurements were gleaned by analyzing around 500,000 code repositories and 160 million code commits, which are changes or updates to the code. The report noted that Ethereum, Polkadot, Cosmos, Solana, and Bitcoin are the five largest developer ecosystems overall.According to the report, Polkadot has around 1,500 developers in total, while Cosmos and Solana are around a thousand each. Other active ecosystems in terms of monthly developers were Cosmos, NEAR which launched an $800 million developer fund in October, Tezos, Polygon, and Cardano each with more than 250 active monthly developers.While Ethereum is still dominant — more than 20% of new Web3 developers joined its ecosystem — rival networks have seen greater growth.“Polkadot, Solana, NEAR, BSC, Avalanche, and Terra are growing faster than Ethereum did at similar points in its history.”Ecosystem dev growth since first commit – Electric CapitalThe report compared the average monthly active developers between Dec. 2020 and Dec. 2021, noting that Solana grew by 4.9 times, NEAR had a 4X growth rate, and Polygon’s monthly developers more than doubled. Cosmos had a 70% increase in average monthly active developers and BSC 80% over the course of 2021.While the development growth figures are impressive for more early-stage projects, Ethereum is still the king. The ecosystem continues to retain the largest network of tools, dapps, and protocols and is 2.8 times larger than its closest rival, Polkadot.Related: ‘We are 50% of the way there,’ says Vitalik on Ethereum’s developmentSolana, Avalanche, BSC, NEAR, and Terra have emerged as DeFi hubs over the past year or so, attracting more developers as adoption increases. DeFi full-time monthly active contributors grew by 64%, and more than 500 new developers contributed code to a DeFi project every month last year aside from January, it reported.Čítaj viac
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