Near Ecosystem? An ecosystem with huge growth potential in 2022

May 6, 2022 - Around 9 mins mins to read

Currently, the Near ecosystem is the most noticed ecosystem, with huge potential for development in the future. To help readers have an overview of this potential ecosystem and help you find investment opportunities, I am sending you an overview article about the Near ecosystem.

What is the NEAR blockchain?

NEAR Protocol is an Ethereum competitor and decentralized application (dApp) platform aimed at developer and user-friendliness. Near is the protocol’s native token, which is used to pay transaction fees and hold funds on the near cryptocurrency platform. NEAR is a Proof-of-Stake blockchain that achieves scalability with the use of sharding technology.

On-chain Metrics on Near

Market Cap: $7,979,655,336
Circulating Supply: 676,076,114
Total Supply: 1,000,000,000
FDV: $11,802,894,927
Rank: #19
ATH/ATL Price: $20.44/$0.52
Blockchain Near:
- TPS:1 00,000 TPS in 1 million node condition
- Node: 100
- Block time: 1.01s
- Transaction Fee: $0.1
- Total Transaction: 136 million
- Total Addresses: 7,049,589
- Total Value Locked: $1.77 billion
- Total Stake: 449.9 million $NEAR

You can update the price of NEAR Token on Coincu.com right at: CLICK HERE

Backers/Investors: Three Arrows Capital, Jump Capital, Alameda Research, Zee Prime, Amber Group, Dragonfly Capital, Coinbase Ventures, a16z, Multicoin Capital, Pantera, Arrington XRP Capital, IOSG Venture, Libertus Capital,…

The development process in the Near ecosystem

Formation of Near Protocol (August 2018): The stage of ideation and development of Near Protocol.
Mainnet Phase 0: PoA Genesis (4/2020): The first phase of the Mainnet took place at the end of April 2020, using the Proof of Authority mechanism developed by the NEAR Foundation. During this phase, the nodes are still operated by validators belonging to the Near Foundation.
Mainnet Phase 1: Restricted (9/2020): The second phase of the Mainnet allows third-party validators to participate in network operation.
Mainnet Phase 2: Community Governed (October 2020): This phase allows the community to become the administrator of Near Protocol’s network through on-chain operations. Users were able to transfer tokens and trade.
Rainbow Bridge (April 2021): The bridge between Near Protocol and the Ethereum network has been launched.
Simple Nightshade (9/2021): Implementation of Simple Nightshade – a step towards full sharding;
Nightshade Sharding (11/2021): Deploying Nightshade Sharding – a step towards full sharding.
Near raised capital of $150M (January 2022): from large funds and leading individuals such as Su Zhu (of 3AC), Mechanism Capital, a16z, Alameda Research, etc., to promote the development of DeFi.
Near raised $350 million(April 2022): From hedge fund Tiger Global and other funds such as Dragonfly Capital, Republic Capital, Hashed, and FTX Ventures.

Outstanding features of the Near ecosystem.

The transaction fee is as low as $0.10, which is 10,000 times lower on Ethereum.
The backers of the project are leading investment funds such as a16Z, Coinbase Venture, Multicoin Capital, IOSG Venture, Pantera, and Dragonfly Capital.
Compatible with EVM. The Near Protocol project team developed Aurora, an EVM that allows projects on Ethereum to easily bring dApps from Ethereum to Near Protocol. Currently, Aurora has a TVL of up to $1.3 billion with about 30 active Defi projects. Current situation and roadmap

Pieces of the Near ecosystem

Near ecosystem currently has more than 108 projects under construction on which the main areas include: Stablecoins, AMM DEX, Lending, IDO Platform, NFT Market, Gaming, and many other contents. In this article, I only focus on the main puzzle pieces such as Stablecoin, AMM, Lending, Oracle, NFT, IDO Platform, and Gaming.

Stablecoins

Stablecoin projects that have been brought to Near include USDT, USDC, DAI, and TUSD. Until April 2022, the total supply of Stablecoins on NEAR reached $967 million, mainly USDT and USDC. Most of these stablecoins are on Aurora ($800 million) and not on Near.

Most recently Near launched its first native stablecoin – USN, backed by $NEAR and $USDT. The NEAR used to generate the USN will be transferred to the Reserved Fund, which is automatically balanced to maintain the ratio always greater than 100%. USN will have an annual return of 10% paid from the Decentral bank.

AMM DEX

When we have stablecoins and want to buy tokens, we will go to DEXs or CEXs to buy them. And the same goes for selling. Therefore, DEX is an indispensable area of a Defi ecosystem. DEX is the source of liquidity for all trading activities on the ecosystem
Currently, AMM DEX on Near has main projects that are Ref Finance and Jumbo Finance with a total TVL of $237 million. On Aurora, there are more Dex like Trisolaris, WannaSwap, Rose, AuroraSwap, and Amaterasu Finance,… But TVL is only about $286 million at the moment

Ref Finance is one of the most important projects in the NEAR Protocol’s DeFi ecosystem. The major purpose is to combine DEX, lending protocol, and synthetic assets into a unified DeFi platform
Jumbo Finance is intended to be the most user-friendly exchange possible, with the goal of removing the frequent challenges that consumers face when navigating Decentralized Exchanges.
Trisolaris is a community-owned first decentralized exchange on AURORA with a fast settlement, low fees, and democratic governance.
WannSwap is one of the first AMM DEXs built on the Aurora EVM of the NEAR blockchain, with the goal of becoming Aurora’s liquidity hub.

It seems that the DEX stack on Near is not as active as it was at the beginning of 2022.

Lending & Borrowing

This is the most important piece of an ecosystem. Once users have their tokens, they won’t just want to hold them. Instead, they will find ways to generate additional income from their existing assets and that is why Lending&Borrowing was born.
Currently, on Near, there are only two lending projects that are Burrow and Oin Finance with a current TVL amount of $120 million.

Burrow: As the first lending project on Near, Burrow not only allows mortgage of common assets such as SOL, NEAR, ETH but also assets from liquidity Staking such as stNEAR, stETH,…

Lending & borrowing on Aurora grows stronger, with projects like Aurigami and Bastion with more than $1 billion in April (accounting for 76% of the total TVL of the Aurora system).

Aurigami: Aurigami is a decentralized non-custodial liquidity protocol that supports users to engage in borrowing activities or make profits with crypto assets they own.
Bastion: Bastion is a decentralized lending and borrowing protocol developed based on an algorithm that adjusts interest rates based on supply and demand. The protocol is built on top of Compound and built on top of Aurora.

Aurigami and Bastion both have very attractive early incentive programs. Because of that, both projects have attracted a huge source of liquidity right from the start.

Oracle

The Oracle array, in particular, has made little headway in the NEAR Protocol.

Despite the fact that Band Protocol and Chainlink have long promised to collaborate with NEAR Protocol, no testnet or mainnet product has been published.

Flux Protocol is a NEAR oracle that serves the Flux prediction market, although it’s unclear whether Flux Protocol will also function as an Oracle for other projects such as Band Protocol and Chainlink.

IDO Platform

Below are the current ROI and ATH ROI of IDO projects on Near. we can see that the ROI of projects on Smartpad and Bocachica as well as Nearpad has a pretty impressive ATH ROI, while IDO on Skyward Finance delivers a relatively modest ROI.

For more information: CLICK HERE

NFT Marketplace

This is the category on NEAR with the most projects, with two prominent names being Paras and Mintbase.

MintBase: an application that allows anyone to create, trade, and exchange NFTs with low fees and fast transaction speeds. This protocol also allows token minters to customize royalty fees and other token parameters, allowing them to set up shops and buy and sell NFTs.
Paras: NFT Marketplace project that focuses on card collecting mainly. The project runs on NEAR, a scalable blockchain that can provide very cheap and fast transactions to users.
Arterra: an NFT platform, marketplace, and API solution for fan engagement

GameFi

By the end of 2021, Near’s Gaming segment also has many outstanding projects such as Metamon, Has Rush, Op game,…

Metamon: Play-to-Earn game on BSC belongs to the DeFi group; GameFi is developed by the virtual reality universe project – The USM Metaverse. The game allows users to both play the game and make a profit. At the same time, players will also be able to mint or trade NFTs in the form of Metamoon Eggs.
Hash Rush: is an online sci-fi/fantasy Real-time strategy (RTS) game set in the Hermeian galaxy; Hash Rush allows the player to build, fight, and trade his way.
OP Games: a Web3 project built on Near, is creating games that combine NFT and DAO to empower users to take control of the games they love. Although there are still no well-known projects in the market, the Gaming segment is still focused on development by Near. The number of projects launched continuously.

Near ecosystem growth forecast

Near’s main areas are nearly finished. The debut of Aurigami, Burrow, and Bastion signals a significant expansion of the Near ecosystem and serves as the foundation for the development of other applications such as Yield farming, Aggregator, Derivatives, and so on.
Infrastructure initiatives are succeeding admirably. The Rainbow Bridge is also finished. The Octopus network, a Web3 infrastructure initiative for dapp development, has also seen a lot of activity. The environment in the Near is nearly complete.
As a result, we can expect future advances in the Near protocol to stimulate huge cash flows into the ecosystem.

There will be more Lending and Dex projects on Near instead of Aurora. Because the number of Dex and lending projects is small, there are still many opportunities for future projects to compete in this field.
Projects under yield farming, Derivatives will be born. With more apps and attractive APY levels to keep users stay.
Continue to have programs to attract developers and builders to the ecosystem.
Listed on Coinbase exchange
More gaming projects are launched and will follow upcoming trends like Move-to-earn.

Verdict

In comparison to other ecosystems like Avalanche, Fantom, and Solana, the Near ecosystem’s dApp development is quite modest. Even if the essential components are present, they are nonetheless insignificant in comparison to other ecosystems. But this is just the time to pay attention to Near. Because the Near environment is on the verge of receiving a massive influx of cash. There will be numerous opportunities for “skin in the game.” We can’t afford to miss out.

Find more information about NEAR

Website: https://near.org/

Whitepaper: https://near.org/papers/the-official-near-white-paper/

Twitter: https://twitter.com/NEARProtocol

Telegram: https://t.me/cryptonear

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Ken.N

Coincu Ventures

Blockchain, Knowledge