Near Protocol is a Public Proof-of-Stake (PoS) Blockchain

• Aims to bring decentralization finance (DeFi) to the masses with low transfer fees and fast transactions.
• With their sharding technology (Nightshade) they achieve speed and scalability.
• Uses PoS consensus to secure and validate transactions on the blockchain.
• In Proof-of-Stake, users show support to specific network validators by delegating NEAR tokens to them. This process is known as staking. The main idea is that, if a validator has a large amount of tokens delegated is because the community trusts them, and these validators can validate block transactions and add more blocks to the Blockchain.
• Validators earn NEAR Token rewards for producing new blocks in the form of a static inflation rate of about 4.5% each year.
• Stakers get rewarded in the form of that token, too. The token’s all-time highest price was $20.44 in January 2022.

Sources: Coindesk, Near blog, The Defiant, Nightshade

Summary

• I tried to make this report more simple and without too much analysis (text) to focus more in the results (charts).
• This time i improved my report giving a weeday comparison, so we can know the performance of Near based on the day.
• Thursday is the day with most activity in transactions and users.
  • Because of that the amount of Gas and Fees is the highest.
  • And there is less blocks, but with more Transaction each one.
• Friday also have a lot of users and less transactions but still is a busy day on Near.
  • It has the biggest $NEAR Volume in Stake Activity
• Sunday is the day with less activity
• A lot of Charts present the same tendency:
  • Thursday (Activity Peak) → Friday (- Activity) → Saturday (- Activity) → Sunday (Activity Valley) → Monday (+ Activity) → Tuesday (+Activity) → Wednesday (+Activity) → Thursday (Activity Peak)
  • Because of that Wednesday, Thursday and Friday are some of the most active days.
  • And Sunday, Monday the less active.

Made by Popex404, Twitter Link Here

Methodology

Images: Near Logo, Near Protocol

Using FlipsideCrypto Data of Near:

• Transactions and Users: With Near.core.fact_transactions, tx_hash to get the transactions and tx_signer to get the users.
• Gas Usage and Fees: With Near.core.fact_transactions, Gas_Used/Pow(10,12) To get the Gas and Transaction_fee/Pow(10,24) To get the $NEAR Fees.
• Stake Activity: With Near.core.dim_staking_actions, Action to group by Stake/Unstake, tx_signer to get the users, tx_hash to get the transactions and Stake_amount/pow(10,24) to get the $NEAR Volume
• Block Performance: With near.core.fact_blocks, Block_ID to get the Blocks and TX_Count to get the transactions per block
  • Block Time Performance from my past dashboard.
• Contracts: Using the SQL from the Example Dashboard.
• To get the Weekdays first we need to apply the Daily Agregation (Date_trunc) and then using Dayname (Date) to get the day.
  • But this give us values such as Mon, Tue, Fri so i’ll use a case to give a better format.
    • I’ll rename the carts as ‘a Monday’ or ‘b Tuesday’ to order the data.

My Previous Submission

Because mi improve Report (Past Submission) was a quarterly report of 2022, i’ll decide this time to stick for a more simple report, this time showing data from 2023, and trying to do less analysis to showcase better my charts.

So this time i’ll use the example submission, to make a report using some improvements from my past 2 submissions:

• My first submission:
  • My problem was to don’t include metrics already show by the transparency report and trying to add more complex metrics, a more detailed analysis can be found on my next report:
• My second submission:
  • Here i make a long report explaining all my reasons to make a full Quarterly report of Near in 2022, including a lot of new metrics from the top submissions from the first contest.

So how i’ll improve and make a better report this time?

I’ll decide to keep it simple and make more Area charts, but also i’ll try my best to add a new Weekday aggregation, to show the better days in Near for Users, or transactions, etc.

📊Transactions and Users - Near📊

🔎Transactions and Users - Near - Analysis🔍

• In January 10 the amount of New users jump from 43k Active users daily to 123k Active users daily.
  • In that moment the TPS of Near jump from a daily 2-4 TPS to 4.6-7.3 TPS.
  • TPU falls from a daily 6.8-8.1 TPU to 3.9-6 TPU
• Because the amount of weekdays isn’t equal for each day, the average is the best metric to show weekday performance.
  • Thursday is the day with most Average Transactions, with 490K.
    • Also with the highest Average TPS of 5.6
  • Sunday is the day with less Average Transactions, with 317k.
    • And the lowest TPS of 3.6
  • Friday is the day with the best Average Active users with 97k

📊New and Existing Users - Near📊

🔎New and Existing Users - Near - Analysis🔍

The amount of New and Existing Users correlate daily.

• Thursday have the best average of Existing Users with 76k
• Friday have the best average of New Users with 23k.

📊Stake Activity - Near📊

🔎Stake Activity - Near - Analysis🔍

• January 4 presents a spike in Stake Activity and $NEAR Volume (A total stake of 3.4M $NEAR)
• January 6 presents a spike in $NEAR Volume
  • 2.3M of $NEAR Staked
  • 5.8M of $NEAR Unstaked.
• In Saturday a lot of people Unstake with and average of 292 Unstake and 213 Unstake Users per Saturday
• Friday and Wednesday are the days with the best average $NEAR Volume (Because of the spikes)

📊Gas and Fees Activity - Near📊

🔎Gas and Fees Activity - Near - Analysis🔍

in Average at 2023 100 $NEAR is equivalent to 1 Million Gas, although this depends daily, for example:

• In January 12 8.1M Gas was used and only 789 $NEAR spent in Fees.
• Every day an average of 6-7M Gas is used, ==Thursday== spending the most gas (6.9M) and ==Sunday the only exception Spending 5.2M Gas.
  • Then Every day an average of 500-680 $NEAR is spent in Gas Fees, with Thursday spending the most in fees (676 $NEAR) and Sunday spending the less with 512 $NEAR
• Every Day A transaction spent:
  • 14-17 Gas with a fee of 0.0014 to 0.0017 $NEAR

📊Block Performance - Near📊

🔎Block Performance - Near - Analysis🔍

Every Day:

• 74k-75k Blocks are used, with ==Thursday== having the less average of Blocks and ==Sunday== the biggest average of Blocks.

Every Block (Transactions):

• Can have 0 Transactions (Minimum).
• And an average of 4.1-6.6 Transactions
• And the median of 3-5 Transactions
• Or a Maximum of 598-618 Transactions.

Every Block (Time)

• Takes a minimum of 0 Seconds between Blocks
• and an average of 1.14-1.16 Seconds, with a Median of 1 Second
• It can take to 4-8 Second at the maximum time between blocks.

Thursday== is the day with most Transactions per Block, and ==Sunday== with the less Transaction.