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NEAR: Why you should keep an eye on this AI token

2min Read

Near saw the most development activity in the last month among top AI and big data-based crypto projects.

Near Blockchain

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  • Near’s development activity spiked significantly in the last month.
  • This comes amid a decline in user activity on the network.

Over the past month, Near blockchain [NEAR] has emerged as the frontrunner in daily development activity amongst crypto projects that are focused on artificial intelligence and big data, Santiment noted in a post on X (formerly Twitter).

Development activity as an on-chain metric tracks the number of unique development activity contributors, the count of all events for a project, and the number of unique GitHub activity contributors.

It offers insights into a crypto project’s commitment to creating a working product and the likelihood of shipping new features. When a project records high development activity, it often reduces the possibility of the project being an exit scam.

According to Santiment, Near’s development activity totaled 188 in the past 30 days. Oasis Network [ROSE] and Golem [GLM] trailed behind, with development activity scores of 162 and 90, respectively.

User activity fell on Near

User activity on Near peaked at the beginning of the month and has since trended downward. An assessment of the demand for the Proof of Stake (PoS) blockchain revealed a decline in the number of new addresses created on the network since 1st March.

According to The Block Data Dashboard, the daily count of unique addresses that appeared for the first time in a transaction on Near totaled 379,000 on 14th March.

This represented a 24% decrease from the 498,000 new addresses that used the chain on 1st March.

NEAR Number of New Addresses

Source: The Block


Read Near Protocol’s [NEAR] Price Prediction 2023-24


Further, its daily transactions count assessed using a seven-day moving average plummeted during the same period, AMBCrypto found. Between the 6th and 14th of March, the daily count of transactions completed on Near decreased by 17%.

Near Transactions Count

Source: The Block

Due to the fall in demand for the network, transaction fees and the revenue derived from them also plunged. Artemis’ data showed that daily transaction fees and protocol revenue dropped by 41% and 40% between March 4th and 11th, respectively. 

As for the protocol’s native coin NEAR, it recorded a triple-digit rally in the last month. Exchanging hands at $7.44 at press time, the altcoin’s value surged by 117% in the last 30 days. 

 

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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