NEAR Protocol

NEAR Protocol


24H Price


About NEAR Protocol

The NEAR Protocol price is $5.55, a change of 2.67% over the past 24 hours as of 5:11 a.m. The recent price action in NEAR Protocol left the tokens market capitalization at $6.07B. So far this year, NEAR Protocol has a change of 52.09%. NEAR Protocol is classified as a Smart Contract Platform under CoinDesks Digital Asset Classification Standard (DACS).

NEAR is the native coin for the Near Protocol, a smart contract blockchain that wants to take on Ethereum.

Launched in 2020, Near is cheaper and faster than Ethereum, and claims to be able to scale – grow without hindering its performance or making things more expensive – thanks to a consensus protocol called Doomslug and a sharding called Nightshade.

NEAR price

NEAR set its all-time high of $20.42 in January 2022, after the token skyrocketed in 2021. The price of the coin sank shortly thereafter to around half that, but as of May 2022 remains far higher than the range of $1-$2 it traded at toward the end of 2020.

At launch, Near created a billion coins and then allocated them to contributors and early investors, such as those who contributed to the $21.6 million March 2020 token sale, as well as community grants and programs.

NEAR’s issuance schedule is inflationary, meaning that the number of NEAR tokens in circulation rises over time. Its supply increases for two reasons:

  • When vesting periods from early token sales expire, more tokens are introduced into public circulation.
  • Proof-of-stake rewards. Near is a proof-of-stake blockchain, meaning that transactions are verified by validators who stake NEAR coins.

NEAR’s supply is not capped, but generally increases over time; new coins are issued at a rate of about 5% a year. Ninety percent of those new tokens goes to validators, and 10% goes to the protocol’s treasury. Data from Messari predicts that the supply of NEAR coins could reach over 1.3 billion by early 2027.

That inflation, however, depends on the popularity of the network – the protocol increases its supply at about 5% a rate less transaction fees. Near burns 70% of transaction fees, and NEAR could become a deflationary token if the number of daily transactions surpasses about 1.5 billion.

How does NEAR work?

Near is a proof-of-stake blockchain that relies on a consensus protocol called Nightshade. Nightshade allows Near to operate at about 100,000 transactions per second, and process a block a second. Transaction fees are virtually negligible.

Near has hung its hat on a technology called sharding, where transactions contained within a block are split into smaller pieces. Individual nodes focus on validating these smaller blocks simultaneously rather than the whole blockchain at once. The idea is that through sharding, blockchains can become more efficient at processing transactions.

The NEAR token is used to incentivize validators, and it’s also the coin used to process transactions and power smart contracts. Near is building support for the Ethereum Virtual Machine (EVM), which allows developers to deploy their Ethereum-based decentralized finance protocols on Near without having to change much of the code.

Near Governance

Near was founded in 2018 and launched its main network in October 2020. The project now operates via a decentralized autonomous organization, meaning holders of NEAR coins can vote on the future of the platform.

In January 2022, Near raised $150 million from venture capital firms such as Andreessen Horowitz, Dragonfly Capital and Jump Capital. In April 2022, Near raised $350 in a funding round that was led by Tiger Global. FTX Ventures and Dragonfly Capital.

Read less...
Sponsor LogoBuy crypto on a secure, trusted platform.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don’t invest unless you’re prepared to lose all the money you invest.

Latest About NEAR Protocol

View All
CoinDesk 20 leaders (CoinDesk Indices)
CoinDesk 20 Performance Update: NEAR and APT Lead as Index Rises 0.2%

Fourteen of 20 assets in the gauge posted gains.

CoinDesk 20 leaders (CoinDesk Indices)
CoinDesk 20 leaders (CoinDesk Indices)
CoinDesk 20 Performance Update: RNDR and NEAR Lead Gains as Index Inches Higher

The CoinDesk 20 is currently trading at 1975.16, marking a slight 0.7% increase since yesterday's close.

CoinDesk 20 leaders (CoinDesk Indices)
(Mathieu Stern/Unsplash, modified by CoinDesk)
Ethereum ICO-Era Stalwart Golem Sent $100M Ether to Exchanges in the Past Month

The protocol was one of the first ICOs on Ethereum, raising $8.6 million worth of ether in 29 minutes and setting the precedent for thousands of other ICOs in the years since.

(Mathieu Stern/Unsplash, modified by CoinDesk)
Edvard Munch's "The Scream" (Art Institute of Chicago)
Crypto Crash Pushes Fear & Greed Index to Lowest Since Bitcoin Traded at $17K in Early 2023

The widely-followed sentiment metric hit extreme greed levels earlier in March near the local top of the crypto market, but now is pushing its limits in the opposite direction...

Edvard Munch's "The Scream" (Art Institute of Chicago)

Mustafa Al-Bassam, cofounder of Celestia, shares his most vivid stories of his early days of hacking, the next steps for Celestia, and what he's cautious about Read more...

CoinDesk Indices

View All
Top Indices including NEAR Protocol
Index nameTickerWeight24H

Bitcoin Calculator

Last Updated on 07/15/24 5:11 AM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.