The NEAR Protocol (NEAR) token was up on Wednesday after providing a series of updates.
NEAR plans to hold a one-day session on April 21 about its development tools and new features at the Devconnect venue in Boom Chicago, Amsterdam. The Devconnect event would be an in-person gathering where participants will discuss in-depth its projects.
Ranked 16th by market capitalization on Coinmarketcap, the NEAR Protocol (NEAR) token was trading 1.52% higher at US$17.16 at 4:55 am ET on Wednesday.
The protocol grabbed attention after Capsule Social, a decentralized social media platform, built an app called BlogChain, on the NEAR blockchain.
It also organized a discussion on the app project on April 20. According to the company, BlogChain is a Web3 publishing platform built for independent writers, offering them a decentralized, censorship-resistant, and user-friendly space to engage with their audience.
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Near also informed that NEAR Foundation had awarded US$5 million to Mintbase, a global platform where anyone can create/mint NFTs as part of its grants program.
Mintbase has raised US$12.5 million in Series A funding and US$7.5 million from VCs led by Woodstock Fund. Other participants include Coinbase Ventures, Libertus Capital, and Sino Global Capital.
Shifting from Ethereum to NEAR in May 2021, Mintbase finds NEAR blockchain’s sharding more suitable for the project.
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What Is NEAR Protocol (NEAR)?
The NEAR Protocol is a sharded, proof-of-stake layer-one blockchain designed as a cloud computing, community-run platform. It eliminates the limitation of low transaction speeds, low throughput, and poor interoperability.
The blockchain provides a user and developer-friendly platform that uses human-readable account names, unlike cryptographic characters in other blockchains. It uses its own consensus mechanism called Doomslug.
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In October 2021, the Near Protocol announced a US$800 million funding for the ecosystem, with US$350 million dedicated to DeFi grants and liquidity mining.
In January, the Near Foundation announced the closing of a US$150 million funding round led by Three Arrows Capital. Others who participated include Mechanism Capital, Dragonfly Capital, Andreessen Horowitz (a16z), Alameda, Zee Prime, and Jump.
In April alone, Near Protocol raised US$350 million in a funding round led by hedge fund Tiger Global in a bid to quicken the decentralizing process of the NEAR ecosystem.
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Data Source: coinmarketcap.com
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NEAR token details:
The NEAR token has a market capitalization of US$11.6 billion. Its current circulating supply is 676 million, and the total supply is one billion. The token is available for purchase on crypto exchanges like Binance, CoinTiger, Bybit, OKX, etc.
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Bottom line:
The NEAR protocol is a cash-rich, layer-one blockchain. Its robust liquidity reserves are expected to boost growth. But since it is relatively new in the market, investors should exercise due diligence before investing in the digital asset.
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