A closer look at NEAR two years on from its mainnet launch
Today it’s been two years since the Near Protocol mainnet went live. The network launched on 22 April 2020 and became community-operated in September 2020. It also passed a vote to enable token transfers and launched its NEAR token in October 2020. NEAR combines a horizontal scaling approach with a unique consensus mechanism that splits the network into parallel shards and also distributes computing tasks to increase processing capacity.
At writing, Near has a total value locked of more than $780 million, which has increased by 550% since January 1, 2022 when it had around $120 million. Interestingly, almost $300 million of that sits in lending protocols. The native NEAR token has a market cap of $10.5 billion and currently ranks 17th in the top 100. It has increased by 226% in the last 12 months from $4.60 to $15.60. More notable is its 40% increase in the previous 30-days amidst a stagnant time for…