Hold onto your hats, crypto enthusiasts! The NEAR Protocol [NEAR] blockchain has just experienced a seismic shift, witnessing an unprecedented 12x surge in transactions within a mere four days. If you blinked, you might have missed it, but this isn’t just a blip – it’s a full-blown explosion of activity. Let’s dive into what’s fueling this frenzy and what it means for the NEAR ecosystem and beyond.
What Triggered the Transaction Tsunami on NEAR?
Between December 1st and 2nd, the transaction count on NEAR Protocol went parabolic, according to data from Near Blocks. To put it in perspective:
- On November 29th, NEAR recorded 1.84 million transactions.
- Fast forward to now, and that number has catapulted to a staggering 13.93 million.
That’s not just an increase; it’s a moonshot! But what’s the rocket fuel behind this dramatic ascent? The answer, as revealed by Bitcoinworld’s investigation, lies in the fascinating world of inscriptions, inspired by none other than Bitcoin’s Ordinals experiment.
Enter NEAT Inscriptions: NEAR’s Ordinals Moment
Just like Litecoin and Dogecoin before it, NEAR Protocol has embraced the inscription trend, and the results are already electrifying. On November 28th, NEAT inscriptions officially landed on the NEAR blockchain.
The team behind NEAT inscriptions openly acknowledges the influence of Bitcoin Ordinals, viewing it as a valuable experiment. They’ve essentially taken a page from Bitcoin’s book, adapting the Ordinals protocol to launch public tokens on the NEAR network. Think of it as bringing the innovative concept of Bitcoin inscriptions to a new, vibrant ecosystem.
Read Also: Daily Transactions On The Near Blockchain Soared Above 13.935 Million
NRC-20: NEAR’s Fungible Inscription Standard
Following the BRC-20 model on Bitcoin, NEAT inscriptions introduced NRC-20, a standard for fungible tokens within the NEAR inscription ecosystem. And the initial response has been explosive:
- 100% of NRC-20 assets have already been minted and burned.
This rapid minting signifies strong early interest and demand for these new digital assets on NEAR. According to Bitcoinworld’s data, the NRC-20 token already boasts a community of 24,139 holders, showcasing the swift adoption within the NEAR ecosystem.
ICYMI: NEAR inscriptions are here!
Inspired by Bitcoin Ordinals, inscriptions are now available on NEAR.
Learn more about inscriptions on NEAR and how to get started 🧵 https://twitter.com/NEARProtocol/status/1730585506314862949
— NEAR Protocol (@NEARProtocol) December 1, 2023
The Ripple Effects: Revenue, Social Buzz, and TVL on the Rise
The inscription-driven transaction surge isn’t just about numbers on a blockchain explorer; it’s translating into tangible benefits for the NEAR Protocol:
Revenue Boost
With increased activity comes increased fees. NEAR raked in a significant $173,000 in fees, resulting in a remarkable 67.90% jump in revenue, as reported by Token Terminal. This demonstrates the direct economic impact of inscriptions on the protocol’s earnings.
Social Volume Explodes
It’s not just the blockchain that’s buzzing; social media is too! Santiment data reveals a surge in NEAR’s Social Volume, which tracks the total mentions and discussions surrounding a project. In the early hours of December 3rd, Social Volume peaked at 12.14, indicating a significant spike in conversations about NEAR. While sentiment remains somewhat mixed, the sheer volume of discussion points to heightened awareness and interest.
Read Also: NEAR Protocol Up More Than 3% In 24 hours
Trust and Liquidity Grow: TVL on the Upswing
Total Value Locked (TVL), a key indicator of confidence in a protocol, is also showing positive signs for NEAR. DefiLlama data confirms an increase in NEAR’s TVL, reaching $51.58 million at the time of writing. A rising TVL suggests that users are increasingly willing to deposit their assets into NEAR protocols, trusting in the network’s potential to generate yield. This influx of liquidity further strengthens the NEAR ecosystem.
The Inscription Impact: A Glimpse into the Future?
The rapid transaction surge on NEAR, fueled by NEAT inscriptions, underscores the powerful impact that innovative concepts like Bitcoin Ordinals can have when adapted to different blockchain ecosystems. It highlights the crypto community’s continuous exploration of new ways to utilize blockchain technology and create digital assets.
Will this inscription trend continue to drive growth and innovation within the NEAR Protocol and other blockchains? Only time will tell. But one thing is clear: the crypto space is constantly evolving, and the rise of inscriptions is a fascinating chapter in this ongoing story. Keep watching this space as NEAR continues to navigate this exciting new frontier!
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
