NEAR - 16. Secrets of the NETH-erworld

The day that many citizens of the City of Near had been waiting for finally arrived late last year. As of December 19, 2022, NEAR is compatible with MetaMask, marking the first time a non-EVM chain has offered compatibility with the popular ETH wallet. This was made possible by a smart contract called NETH. Now that the contact and ensuing compatibility has been live for nearly three months, it's time to dive deeper into the data. Create a dashboard monitoring NETH's adoption and usage, paying special attention to any notable trends, outliers, or other events.

What Is NEAR Protocol (NEAR)?

NEAR Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform and that eliminates some of the limitations that have been bogging competing blockchains, such as low transaction speeds, low throughput and poor interoperability. This provides the ideal environment for DApps and creates a developer and user-friendly platform. For instance, NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism called “Doomslug.”

NEAR Protocol is being built by the NEAR Collective, its community that is updating the initial code and releasing updates to the ecosystem. Its declared goal is to build a platform that is “secure enough to manage high value assets like money or identity and performant enough to make them useful for everyday people.”

Flux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and Mintbase, an NFT minting platform are examples of projects being built on NEAR Protocol.

Methodology

In this dashboard we are going to look at NETH's adoption and usage , we are going to analyze NETH users activity base on below metrics and questions:

Daily NETH new accounts + Cumulative NETH accounts
Transactions submitted by NETH accounts : Who is more active ?
Swap activity by NETH accounts : Who is doing more swap ? How many acitve NETH swappers are there ?
Most swapped assets by NETH accounts
Transfer activity by NETH accounts

What is NETH ?

NETH is a smart contract that enables your Ethereum account to sign transactions and remotely control your paired NEAR account, allowing you to directly interact with NEAR dApps using your Ethereum wallet, such as MetaMask.

Deployed on the NEAR side, NETH allows your paired NEAR account to accept transaction details (payload) and the signature from your paired Ethereum account. The contract:

verifies the signature from the Ethereum account, recovers the Ethereum public address and, executes the transaction if it matches the address from the initial NETH setup. This means that NEAR is now accessible through the most widely used non-custodial wallet in crypto, removing the entry barrier for EVM users to enter the NEAR Native ecosystem. Also, NETH accounts can handle NEAR transactions with multiple receivers and multiple actions per receiver, making a NETH Account capable of using the most advanced NEAR dApps.
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Transactions by NETH accounts

Swap activity by NETH accounts

According to above charts we can see :

We can see swap activity is not favorite action to NETH accounts which we can see total 15 swaps submitted by them so far and there is average weekly 3 unique swappers
wNEAR is most favorite asset to swap it out for NETH accounts and 10 unique NETH accounts swapped wNEAR so far

Transfer activity by NETH accounts

Summary and Conclusion

According to all charts we saw in this dashboard we come these conclusion :

NETH is new contract and it will take some time to near users start using it btw we can see transfering assets is most favorite action for current NETH accounts
wNEAR is most favorite asset to swap it out for NETH accounts and 10 unique NETH accounts swapped wNEAR so far
"fenz.near" is most active NETH account so far and he/she were so active at first week after NETH started to work
These days (while im writing this dashboard) seems new users starting to test NETH contract which we can see since 19th of February 2023 NETH gaining new users