Aside from the $150M funding round, what prompted NEAR to launch a new ATH? | News on Jan 15

Aside from the $150M funding round, what prompted NEAR to launch a new ATH?

The Layer 1 (L1) battle is starting to heat up again, and many protocols have seen their token values ​​surge in recent weeks as traders dare to see what life is like outside of the Ethereum network.

One L1 protocol that has seen token prices surge to an all-time high (ATH) this week is NEAR, a community-driven cloud computing platform focused on interoperability and transaction speed.

Data from TradingView shows that after the pullback fell as low as $13.1 on Jan. 9th, the NEAR price surged more than 50% to establish a new ATH at $20.36 on Jan. 14th .

NEAR/USDT 4 hour chart | Source: TradingView

Three reasons contributing to NEAR’s growing strength are the successful completion of a $150 million funding round, the success of the Aurora cross-chain bridge protocol, and an open ecosystem and wide variety of projects and developers who work on the NEAR network.

NEAR raises $150 million in funding round

NEAR’s recent price increase was followed by the announcement that the team had successfully completed its latest funding round, raising $150 million from a variety of investors including Dragonfly Capital, a16z, Alameda and Circle Ventures, as Bitcoin Magazine reported.

NEAR plans to use the funds raised to accelerate adoption of Web 3 technology through ecosystem funding, develop regional hubs for the NEAR community to increase brand awareness, and support projects built on the protocol.

In addition to established communities in Asia, Africa and Europe, NEAR is looking to expand its reach into Latin America, Turkey and India.

Aurora Cross chain bridge

The second factor behind NEAR’s rally over the past month is this debut successful Aurora protocol that helps users and decentralized applications (dApps) to work on the Ethereum network bridge using the NEAR protocol.

“Aurora is an EVM built on top of NEAR, providing a solution for developers to run their applications on a future-proof, Ethereum-compatible platform with high throughput and low transaction costs for users.”

Aurora uses Rainbow Bridge to facilitate the movement of assets between supported networks and has quickly become a popular protocol for cross-chain transfers, totaling more than $732 million in Lost Key (TVL ) developed.

Due to the increased activity caused by the increasing acquisition of projects on NEAR and the migration of tokens from Ethereum, the daily transaction count on the NEAR network set a new ATH of 721,061 transactions on January 1st.

Number of daily transactions on NEAR | Source: NAH

Expansion of the ecosystem

The third factor adding value to the NEAR ecosystem is the growth of the developer community, which has seen an increase in the number of projects launched or connected to the NEAR network over the past two months.

https://twitter.com/NEARWEEK/status/1480887470644473858?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“Developers on NEAR earn 30% of the txns fees spent on their contracts. This could be one of the many reasons why MAD is growing fast in the NEAR protocol and has shown a 4x growth in one year!”.

As seen in the tweet above, NEAR currently has the 3rd fastest growing developer community in the entire crypto ecosystem, thanks in part to the fact that developers on NEAR receive 30% transaction fees spent on their contracts, allowing developers revenue in one Area where rewards are not always guaranteed.

The growing developer community, along with the release of the cross-chain bridge, has led to the expansion of the NEAR ecosystem, which continues to grow and attract new projects.

Projects in the NEAR . ecosystem | Source: NEARMates

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