Ethereum Competitor This Altcoin Has Accelerated: Massively Increase.
What is Ethereum Competitor Near Protocol?
Near Protocol (NEAR) is a smart contract platform that uses parallel processing to scale the network.
Known as sharding, this technique is similar to what Eth2 is aiming to achieve, and Near’s proof os staking mechanism also allows token holders to stake their cryptocurrencies.
In the past month, NEAR has increased by 107%, which raises questions about whether the project has made significant strides in the process that has become an ultra competitive smart contract industry.
Compared to its competitors, NEAR is a relatively new project that only launched as a mainnet in April 2020. Unlike Ethereum, NEAR’s consensus mechanism works for charge stabilization and, according to the website, the protocol aims to accelerate the development of decentralized applications.
Interestingly, Near’s ICO occurred four months after the mainnet launch. One possible reason for this is that the team raised $ 35 million in private funding tours in July 2019 and May 2020.
In the past three months, Near Protocols’ network activity has increased significantly, and information on Near Blog shows that there are several exciting applications already on the air.
One of them is Berry Club, a yield-building app / game that allows players to draw with pixels and earn collectible tokens. Another app called Paras also allows users to interact with an NFT digital art card market.
DeFi Integration Accelerating
On November 24, 2020, the 1inch stock-backed project Mooniswap announced its plan to build Automatic Market Creation (AAM) features on NEAR. The decentralized exchange’s aggregator is designed to move liquidity and pricing from all major DEXs to a single platform.
Sergej Kunz, CEO and co-founder of 1inch , said: “By developing NEAR, we will be able to experiment with sharding and prepare for the arrival of Ethereum 2.0.”
On January 19, Crypto.com plans to launch a new pool that offers $ 250,000 worth of NEAR tokens 50% below the market price. Customers will need to deposit CRO tokens and also meet the transaction volume requirements set at the exchange.
Compared to its competitors, NEAR Protocol seems to be in an early development stage. Delivering the Mooniswap integration effectively will likely be an important milestone for the project, and if successful, the price of NEAR token will likely rise further.