Popular blockchain analytics platform Dune has integrated the NEAR protocol, a fast-growing layer 1 network focused on scalability and interoperability. Developers and crypto analysts can now access easy-to-read insights directly from the NEAR network.
According to current Dune data, NEAR’s daily active users have jumped from 1 million at the beginning of the year to more than 3 million as of mid-October. Meanwhile, DeFi TVL grew from $90 million to $240 million, and the value of stablecoins soared from $31 million to over $650 million over the same period.
Additionally, with the introduction of metatransactions, users can now perform transactions on NEAR without owning gas or tokens. According to data from Dune, the number of meta transactions has increased from about 20,000 at the beginning of the year to more than 4.3. As of this writing, there are 1 million people.
Thanks to its high performance, scalability, and enhanced user experience, NEAR will experience rapid growth in 2024 and become increasingly relevant for blockchain analysts and developers.
Dune’s integration allows cryptocurrency users to track a wide range of NEAR insights, including trading volume, gas fees, active users, blocks, and shards.
Additionally, users can monitor activity on popular NEAR dapps, DeFi protocols, and NFT platforms.
NEAR co-founder Ilya Poloskin explained:
“The integration of the NEAR Protocol with Dune gives the NEAR community practical tools to explore and analyze data across a wide range of activities within the ecosystem, from consumer apps to DeFi, With over 30 million monthly active accounts, robust on-chain data is key to driving growth for all entrepreneurs and enabling transparency tools for the community within our ecosystem.”
👏👏👏 @NEARProtocol is live at Dune! 👏👏👏
Starting today with Dune, you can:
– Track NEAR network transactions and gas fees
– Monitor dApp, DeFi and NFT activity
– Explore NEAR’s Rainbow Bridge and transfer assets https://t.co/w9FT7AcTVW
— Dune (@DuneAnalytics) October 22, 2024
NEAR is an independent chain that is becoming increasingly popular among Web3 developers. Although NEAR is not EVM compatible and does not directly support Ethereum-based dapps like Avalanche or Binance Smart Chain (BSC), it prioritizes blockchain interoperability through alternative methods.
NEAR stands out because it employs sharding, the process of dividing network tasks into multiple parts to increase efficiency. Nodes are divided into groups to manage transactions in parallel, which enhances scaling capabilities.
Another key aspect of NEAR is “chain abstraction,” a concept that aims to make the blockchain user experience as seamless as Web2 applications. NEAR Chain’s goal is to allow end users to enjoy dapps as easily as using regular applications, without blockchain-related complexities.
To accelerate the adoption of “chain abstraction,” the NEAR Foundation, the nonprofit organization behind the network, introduced a new feature called chain signatures in August 2024. This allows users to trade between supported networks without connecting to a bridge. First tested in March, this feature allows users with NEAR accounts to seamlessly sign transactions on all supported blockchains.
The NEAR integration is part of Dune’s broader goal to integrate 100 blockchains in 2024. More recently, Worldcoin and Polkadot have been added, among others.
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