According to Mesari, NEAR Protocol, a leading smart contract platform, demonstrated resilience and growth in the second quarter of 2023, despite being listed in the SEC’s complaint against coin base. The platform’s financial and network fundamentals remained stable, with strategic partnerships and grassroots initiatives driving user adoption.

The introduction of the Blockchain Operating System (BOS) in March 2023 marked a major milestone for NEAR. In four months, NEAR Social, BOS’s social layer, attracted more than 15,000 user accounts and saw the creation of almost 6,000 widgets. The BOS, an open source platform, allows developers to develop any blockchain using familiar languages ​​and a rich set of community-created components.

Sweat Economy, a leading NEAR app, continued to thrive. In one year, he amassed a total of 19 million sweat wallets and recently held one of the largest governance votes in DAO history, drawing more than 350,000 participants.

NEAR’s current market capitalization was $1.25 billion at the end of the second quarter, reflecting a 25% quarter-on-quarter decline. However, the platform’s market capitalization quickly rebounded after the SEC news, and NEAR ranked as the 40th largest crypto project by market capitalization at the end of the quarter.

The NEAR native token (NEAR) is used for staking, transaction fees, and storage fees. As of Q2, approximately 81% of the total supply of NEAR is currently in circulation. Participants in the NEAR network earn an annual participation return of 9.4%, resulting in an actual return of 4.4%.

The NEAR Foundation’s treasury totaled $900 million at the end of the second quarter of 2023, which included $349 million in trust reserves, 315 million of NEAR ($435 million at a closing price of $1.38), and $90 million in loans and investments.

In terms of decentralization, the NEAR Foundation announced in early January that it is actively working towards a more decentralized model of capital allocation by handing over decision making to community DAOs. The first community DAOs have already been created, each with a specific focus and mandate.

The second quarter saw significant developments, including high-profile lawsuits by the Securities and Exchange Commission (SEC) against major players like Binance and Coinbase. Despite regulatory uncertainty in the United States, the NEAR network remained resilient, with network and financial metrics showing stability during the quarter.

In conclusion, despite regulatory challenges, NEAR Protocol continues to make significant strides in its mission to drive adoption and attract more users to its platform. The introduction of BOS and the continued growth of apps like Sweat Economy are testament to the platform’s resiliency and innovative approach.

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