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

💰Frax Finance $FXS partners with $NEAR Protocol to enhance decentralized AI and programmable money.

🪙Launching frxNEAR #stablecoin and liquid staking derivative in collaboration with NEAR Protocol.$frax #FRAX #AI #AINEWS #btc pic.twitter.com/ducfLH0yUk

— Crypto + AI – news (@ai_news_crypto) June 27, 2024

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%.

NEAR 7D Chart on Coinmarketcap

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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