NEAR Protocol performed well in the fourth quarter of 2024 as shown in a Messari report even though trading markets were tough. The protocol grew through more agreements, growing DEX use, and raised address registration which offset its market cap reduction.
The NEAR token showed sharp movement in price hitting $8.19 during December then returning to $4.91 by the end of Q4 2024. In Q4 the market cap bottomed out at 2.09% below its previous quarter total value of $5.73 billion. The market capitalization loss put NEAR into the ranks of 21 crypto assets at positions ten below.
The revenue NEAR earned from network transaction fees grew by 26.81% during the period hitting $2.11 million. With more people using the blockchain network NEAR generated 15.91% higher transaction fees that averaged $0.0031 during this period.
NEAR Revenue Grows Significantly
NEAR’s effective earning system defines the functionality of its entire network. The system applies 5% inflation annually to allocate 90% to validators and 10% toward the treasury. Around half of all NEAR tokens were available for use throughout this quarter since 95.12% of the total supply circulated while 49.08% became staked. Active staking in the NEAR network provided users with an annualized 8.95% nominal reward rate and real rate of 4.55%.
Network performance in Q4 experienced an important boost. The number of returning user addresses increased by 15.82% to 3.55M while new users added up 29.05% to 361,046 each day. Core developers performed badly by falling 13.95% to 159 in weekly activity during this period while the number of ecosystem developers shrank 30.34% to hit 129.
The DeFi sector on the NEAR network had uneven performance over the specified period. The amount of money invested in DeFi protocols on NEAR rebounded 4.48% to $240.16 million while liquid stakeholders reduced by 10.32% to $250.81 million. Staking platforms LiNEAR and Meta Pool lost use value in their customers’ funds for 8.77% and 11.78%.
Meanwhile, DEX activity flourished. Dex trades on NEAR platforms surged 25.40% in one quarter up to $8.45 million volume and Ref Finance listed $8.35 million as market leader. Stablecoin market value for NEAR increased to $683.69 million during QoQ showing 1.88% growth and encountered a massive 880.71% boost from last year.
The market price for NEAR has jumped to $3.52 during the past two weeks while also remaining 82% below its highest ever recorded level. The rising acceptance of NEAR and increasing transaction numbers show that its system will expand successfully up to 2025.
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