The chart above illustrates that NEAR TVL on Defi Llama in $USD and $NEAR.

It can be seen that NEAR TVL reached a peak of approximately $ 594 million , or 55 million NEAR. After that, this TVL had some fluctuation until both simultaneously dropped on October 26, 2022, with around $ 170 million , or 55 million NEAR.

NEAR Protocol is a decentralized application (dApp) platform and Ethereum competitor that focuses on developer and user-friendliness. Its native NEAR tokens are used to pay for transaction fees and storage on the Near crypto platform. NEAR is a Proof-of-Stake blockchain that uses sharding technology to achieve scalability.

NEAR Protocol is a smart contract capable, public Proof-of-Stake (PoS) blockchain that was conceptualized as a community-run cloud computing platform. Built by the NEAR Collective, NEAR was designed to host decentralized applications (dApps), and strives to compete with Ethereum and other leading smart contract-enabled blockchains like EOS and Polkadot. NEAR’s native token is also called NEAR, and is used to pay for transaction fees and storage. NEAR tokens can also be staked by token holders who participate in achieving network consensus as transaction validators.

NEAR Protocol is focused on creating a developer and user friendly platform. To accommodate this mission, NEAR has incorporated features like human-readable account names as opposed to only cryptographic wallet addresses, and the ability for new users to interact with dApps and smart contracts without requiring a wallet at all.

Projects building on NEAR include Mintbase, a non-fungible token (NFT) minting platform, and Flux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and more.

The NEAR token is primarily used to pay transaction fees and as collateral for storing data on the blockchain. NEAR also rewards several stakeholders in the blockchain with NEAR tokens. For their services, transaction validators receive a NEAR token reward every epoch that amounts to 4.5% of the total NEAR supply on an annualized basis.

Additionally, developers who create smart contracts receive a portion of the transaction fees that their contracts generate. The remainder of each transaction fee is burned, increasing the scarcity of the NEAR token. NEAR has also established a protocol treasury, which receives 0.5% of the total NEAR supply annually, for the purpose of reinvesting in the development of the ecosystem.

NEAR Protocol is capable of supporting tokens that are “wrapped” from other chains in addition to NFTs. Likewise, NEAR has constructed a bridge with Ethereum, allowing users to transfer ERC-20 tokens from Ethereum to NEAR.

Defi Llama

DefiLlama is the largest TVL aggregator for DeFi ( Decentralized Finance ). Our data is fully open-source and maintained by a team of passionate individuals and contributors from hundreds of protocols. Our focus is on accurate data and transparent methodology.

TVL

TVL represents the total value of cryptocurrency that is “locked”, or stored, in a DeFi application or smart contract. For most DeFi platforms, especially those related to lending or swaps, TVL is an important metric as it can directly affect the yields and usability of these applications for end users.