NEAR Protocol Raises $150M to Accelerate Web3 Adoption

The Web3 revolution is gaining momentum, and NEAR Protocol is at the forefront. Recently, NEAR secured a significant $150 million investment led by Three Arrows Capital to fuel the mass adoption of Web3. What does this mean for the future of blockchain and the internet?

What is NEAR Protocol and Why the Investment?

NEAR Protocol is a proof-of-stake (PoS) network designed to be a user-friendly and scalable platform for decentralized applications (dApps). The $150 million funding round, with participation from notable investors like Mechanism Capital, Dragonfly Capital, and a16z, signals strong confidence in NEAR’s potential.

Kyle Davies, co-founder of Three Arrows Capital, emphasized their support for the NEAR ecosystem as it scales blockchain applications. The funding will be used to accelerate the deployment of regional hubs and boost brand awareness.

NEAR’s Market Performance

Following the announcement, NEAR’s native token experienced a notable surge. Here’s a snapshot of its performance:

• 24-hour increase: 7.7% against the USD
• Last 2 weeks: 28.2% gain
• Last 30 days: 111% gain
• Last 12 months: 1,236.5% gain

Currently, NEAR ranks 17th among cryptocurrencies with a market cap of $2.1 billion.

NEAR’s Valuation and Multichain Compatibility

NEAR’s market valuation represents 0.54% of the total $2.1 trillion crypto industry. Amos Zhang, founder of Metaweb.vc, highlighted NEAR’s multichain interoperability and the benefits of the Rainbow Bridge.

“With multichain interoperability of Rainbow Bridge, Aurora (EVM), Octopus (Substrate), and NEAR native’s Nightshade sharding technology, NEAR is best suited for empowering blockchain applications for mainstream adoption,” says Zhang.

The Rainbow Bridge: Connecting Blockchains

The Rainbow Bridge facilitates the transfer of assets between NEAR and other blockchains. Here’s its current standing:

• Total Value Locked (TVL): $478 million
• Ranking: 6th largest cross-chain bridge TVL

Compared to other bridges, Rainbow Bridge is behind Polygon, Avalanche, and Ronin.

NEAR’s Global Expansion

NEAR Protocol is focusing on expanding its global presence, particularly in regions with burgeoning communities:

• Asia
• Africa
• Europe
• Latin America
• Turkey
• India

This expansion builds upon previous fundraising efforts totaling $65.9 million, backed by firms like Digital Currency Group, Baidu Ventures, and Coinbase Ventures.

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What Does This Mean for Web3 Adoption?

NEAR’s focus on user-friendliness, scalability, and interoperability positions it as a key player in driving Web3 adoption. The recent funding and strategic expansion plans will likely accelerate its growth and impact on the blockchain landscape.

The investment in NEAR Protocol highlights the growing interest and confidence in Web3 technologies. As NEAR continues to develop its ecosystem and expand its global reach, it will play a significant role in shaping the future of the internet.