NEAR 2022 in Review

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    Near is a L1 blockchain aiming at providing the ideal environment for dAPPs by overcoming some of the limitations of competing systems—such as low throughput, low speeds, and poor cross-compatibility.

    In the end of 2021, NEAR Protocol was considered one of the most promising blockchain projects. In the 2021 review, the Near Foundation also presented a more promising picture for the year 2022:

    > A number of developers building on NEAR will launch their projects in 2022, bringing many more DeFi, NFT, Gaming, Metaverse, and other exciting and cutting projects to the NEAR ecosystem.

    To realize this vision the foundation even appointed a new CEO at the beginning of the year 2022.

    at the end of the year 2022, this dashboard attempts to provide a data-driven overview of the year to help the foundation and community in their retrospective evaluation of the protocol.

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    Performance



    $NEAR Price



    Popularity



    DeFi



    NFT


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    Popularity can be measured by the user’s onboarding and the user’s activities.

    In 2022, two dates are marked as a peak of onboarding new users on NEAR protocol; Mar 20th and Sep 14th.

    After mid-September the daily number of new users increased to a higher level, however, it has decreased gradually since then.

    The number of users onboarded on the NEAR protocol in December 21 has halved in December 22.

    The number of transactions has also decreased in 2022 about 37%.

    While the number of transactions and new users has decreased the number of new users has increased in 2022.

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    While the number of mints remains almost the same in December 2022 as in December 2021, the number of sales dropped significantly.

    The data shows that both the number of NFT sales and NFT purchasers have fallen since the beginning of the year.

    The graph next to this box shows that the NFT market was blossoming in Q1. However, since then there has been a downward trend.

    At the beginning of 2022 the NEAR price was around 15$. As the graph below shows it increased to $20 in January 2022. However, in April it started a long a downward trend.

    The data shows that the average price in December dropped about 85% after a year.

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    In this dashboard swaps represents defi activity of users.

    The data shows that while the number and diversity of pools have expanded, the number of swaps and swappers has declined.

    In 2021 the popularity of NFTs exploded and the adoption of NFTs rapidly grew. In the 2022 bear market, the NFT market in some chains continues showing signs of being alive.

    NEAR data shows that Number of NFTs minted has not been changed significantly. However, as a result of the $NEAR price drop the generated transaction fee has decreased significantly.

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    Method


    This dashboard aims at providing a detailed analysis of the NEAR protocol evolution in 2022. Thus, it focuses on comparing the protocol status from various aspects between December 2021 and December 2022.

    The following domains and metrics will be considered:

    • Price

    • Performance; TPS and Success Rate

    • Popularity: The number of transactions, active and new users

    • Defi: The number of swaps and swappers

    • NFT: The number of NFTs minted, NFT sales and NFT purchasers

    • Development: The number of new and active contracts


    Introduction



    Development


    The expansion of the blockchain can be measured by the growth/decline of the number of contract deployments on the chain.

    The number of new contracts deployed shows a significant fall in 2022.

    The number of unique contracts used on the NEAR protocol has also declined since the beginning of 2022 as the data shows.


    Summary of Review


    The table below summarizes changes in 2022.

    We can see that except the monthly number of new users and the monthly number of active pools all other metrics has fallen since December 2021.

    ConceptMetricChange %
    Native Token Value$NEAR Price-84,7% ⬊⬊⬊⬊
    PerformanceSuccess Rate-2,37% ⬊
    PerformanceTPS-34,7 ⬊⬊
    User AdoptionMonthly Number of New Users-54,5 ⬊⬊⬊
    User EngagementMonthly Number of Active Users28,2 ⬈⬈
    User EngagementMonthly Number of Transactions-34,7% ⬊⬊
    DeFiMonthly Number of Swaps-51,1% ⬊⬊⬊
    DeFiMonthly Number of Unique Swappers-58,8% ⬊⬊⬊
    DeFiMonthly Number of Active Pools114,8% ⬈⬈⬈⬈⬈
    NFTMonthly Number of NFTs Minted-2,5% ⬊
    NFTMonthly Number of NFT Sales-84,8% ⬊⬊⬊⬊
    NFTMonthly Number of NFT Purchasers-76,7% ⬊⬊⬊⬊
    DevelopmentMonthly Number of New Contracts Deployed-79,4% ⬊⬊⬊⬊
    DevelopmentMonthly Number of Contracts Used-79,8% ⬊⬊⬊⬊

    NEAR promised high speed and stable chain. To evaluate the performance of the network, Average success rate and TPS in December 2021 has compared to the average success rate in December 2022.

    Success Rate is defined as The proportion of succeeded transactions to the total number of transactions.

    TPS is defined as the number of transactions that has performed on the NEAR blockchain in a second on daily average.

    The data shows that success rate has slightly and TPS has moderately decreased since a year ago.

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