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Select one of the key Districts from the NEAR tournament, and compare it to a similar district in another “city” (that is, another Layer 1 blockchain).
Observations
On Daily Average Transactions on the first chart, The Top Value for Ethereum on 10 August 2022 is 4.791886 and for Near Protocol on 13 September of 2022 is 0.009712997.
On Daily Transactions the top value on 20th August for Ethereum is 1.096088M and for Near protocol is 1.996491M.
ON Daily Destinations the Top value on tis chart for Ethereum is 267.916k on 15 September of 2022 and Near is 139.695k for 13th September.
On Daily Active Users chart, the Top value s for Ethereum on 4 august is 715.362k and for 14 september of 2022 for Near is 183.155k.
Observations
On Daily New Users chart, the Top value on 4th August for Ethereum is 256.952K and on 14th September of 2022 on Near Protocol is 151.413k.
On Distribution New Users chart, the Near value is 19.2% and Ethereum Value is 80.8%.
On Total Average Transaction chart, The Ethereum Value is 99.8% and Near is 0.198%.
On Total Destination chart, the near value is 32.3% and Ethereum Value is 67.7%.
On Total Transaction Chart, The near value is 30.1% and Ethereum Value is 69.9%.
On Total Users chart, The Ethereum value is 90.3% and for Near is 9.68%.
Total Solana Volume is 10.14k and Total Average price is 5.31 and Total Sales Count is 1900 and Total Buyer Count is 541.
Observations
On Average price With Collections, The Top Value for The Suites on statistics circle.
On Daily Unique Buyers,the top values on chart is on 24th September of 2022 for Blockassets is 79, for The Suites on 29 August is 10, For HockeyHeroes on 8th August is 6, for Collectors on 14th August is 4, For Laid BackLions for 31 August is 3 and For StepnToken on 7th October is 3.
On Daily Sol Volume Base on Collection, the top value is on 10th October of 2022 the suites is 549.34, on 24 September Blockasset is 1,616.225. on 31 August the LaidBack Loin is 21. the Collectors on 14th August is 69.75. On 30th September The stepnToken is 8.9 and on 15th August the Hockey Heroes
Observations
On Average and Median Days chart, the top Value on 19th August 2022 the Average Days Before is 23.53 and on 25 August the Median Day is 25.
On Period Brought the Most NFT Users chart, the Top value on 19th August is 8.3195 on new Users Interacting with NFT And For New Users Buying NFT ON 3th September on 2022 is 1.9017.
On Cumulative NFT Interactors & Buyers Chart, on 26th October of 202 the Cumulative NFT Buyer on the top is 628, Cumulative NFT Interactors is 3206, Cumulative New Users. 1day active is 706.861k and Cumulative New Users is 1.583764M.
On New Users Chart the Top value on 14th September 1 tx active is 151.413k, for 1 Day Active is 145.962k, on New users is 90.589k, on NFT Interactors is 48 and on NFT Buyers is 10.
Observations
On general view to buyer and seller chart the top value on 25 August for seller is 236 and for 1 Near Sales is 165. on 12 August 2022 The Value for Buyers is 171.
On Average and Median Sales Volume, the Top Value for average sales new on 2th October is 26.83725 and for Median Sales on 13th October of 2022 is 10.69
On Cumulative Sales Count and Volume near Chart, the Top data on 26th October of 2022 for Cumulative Sales Count is 14.377k and for Cumulative Volume Near is 137.7707k.
On NFT Sales Volume, the top value for this chart is 3,571.93 on 4th September of 2022.
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Observations
On Total number of Bridgers from Eth The Top Value on statistic circle is 25.9% for USDT.
On Daily bridge Volume from Ethereum to NEAR Chart on 30 Septemeber of 2022 the top values is 5.045507M for USDT. For USDC TOP Value is 2.001898M ON 6TH September.
on 2th August for Dai the values is 689.7432k and for 27th September for Ethereum values is 1.095261 and for OCT ON 22 August is 160.2361K AND ON 16th October for WBTC IS 385.978K.
What Is NEAR Protocol?
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 layer 1 blockchain network. It provides a platform on which developers can build decentralized applications (dapps). The most successful layer 1 blockchain is Ethereum, so protocols like Near are seen as challengers.
The key yardsticks for layer 1 networks are transaction costs, speed and the ability to maintain those features as transaction volumes grow. These factors are the focus for layer 1s like Near to improve upon Ethereum, which has encountered issues with costs and speed over the last few years.
Near Protocol is faster and cheaper than Ethereum. More importantly, it promises to be faster than some of the other largest challengers. When fully implemented, Near is expected to be able to process up to around 100,000 transactions per second (TPS). Ethereum’s largest rival, Solana, averages less than 3,000 transactions per second, according to its own blockchain explorer. Ethereum averages double-digit transactions per second. Bitcoin does less than 10.
Solana vs NEAR: Which One Comes Out on Top?
Solana vs NEAR - which is the better blockchain network? There are various similarities between the two blockchain networks. Both projects aim to address the perceived shortcomings of Ethereum, the leading smart contract blockchain. However, a handful of key technical distinctions set the two projects apart.
Blockchain and Web3 are becoming intertwined with various parts of our lives. Despite Ethereum being the number one smart contract-enabled blockchain, several competing blockchains are striving to provide scalable, low-cost alternatives to meet the growing demands of Web3 users. However, network congestion, slow transaction speeds, and high fees present challenges for scaling the Ethereum blockchain. Both Solana and NEAR Protocol aim to address this issue by providing super-fast and low-cost blockchain networks that can scale. Furthermore, Solana and NEAR are experiencing significant institutional adoption, suggesting that both could compete with Ethereum in the long term. So, if you’re one of the many people wondering which is the better blockchain network between Solana vs NEAR, read on!
In this “Solana vs NEAR” article, we’re going to dive deep into two of the most prominent Ethereum competitors. We’ll provide an overview of each network and compare some of the key metrics regarding performance and usability. Also, we’ll explore how each blockchain network aims to solve the “blockchain trilemma” of scaling without compromising security and decentralization.
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Solana
Founded in 2017 by Solana Labs and maintained by Solana Foundation, Solana is a public blockchain network with smart contract functionality. It achieves incredibly high transaction throughput without the use of layer-2 scaling solutions. Until February 2022, Solana was the fastest public blockchain network in the world. However, the recently launched Bitgert Chain has since become the fastest blockchain.
Solana uses a hybrid proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanism. The native SOL token plays a crucial role in securing the network via PoS consensus. Furthermore, the PoH mechanism is the first “clock-before consensus” algorithm that allows the Solana network to achieve consensus without latency.
Solana was created to address the “blockchain trilemma” of scaling a public blockchain network without compromising security or decentralization. Accordingly, Solana is home to a thriving ecosystem of decentralized applications (dapps). Save our Solana vs Ethereum article to see how Solana compares to the leading smart contract blockchain. Also, if you want to learn how to build smart contracts (programs) on Solana, check out the Rust & Solana Programming 101 course at Moralis Academy. This course teaches you everything you need to know about using the Rust programming language and Solana to build dapps. In addition, this course requires no previous experience with smart contract programming. Start building dapps on Solana today with Moralis Academy!
NEAR Protocol
NEAR Protocol – a smart contract-enabled blockchain and data storage network founded by Alex Skidanov and Illia Polosukhin. It serves as a community-operated cloud infrastructure for hosting dapps that enables developers to build and deploy smart contracts quickly and securely with minimal costs. The native NEAR token plays an essential role in securing the network via the NEAR Protocol PoS consensus mechanism. Also, NEAR uses a process called “sharding” to address the issue of scaling public blockchain networks.
Instead of long-string account numbers (such as a 42-character long wallet address), NEAR Protocol uses human-readable addresses (i.e., “yourname.near”). In addition, NEAR Protocol features an Ethereum bridge called “Rainbow Bridge” that allows users to seamlessly transfer tokens between the two blockchain networks. Plus, developers can take advantage of the Aurora layer-2 scaling solution. Aurora uses Ethereum Virtual Machine (EVM) to enable developers to launch Ethereum smart contracts on NEAR. As a result, users can enjoy the low fees and high transaction throughput of NEAR Protocol while using familiar Ethereum tooling.
The Solana Token (SOL) vs the NEAR Protocol Token (NEAR)
The SOL token and the NEAR token play an essential role in securing their respective networks via PoS consensus. Also, both tokens grant holders governance rights, allowing them to vote on proposals to make changes to each respective network. However, the NEAR token has an additional use case as it is also used to pay for data storage. In addition, smart contract developers on NEAR receive 30% of all transaction fees throughout the network as an additional incentive to build dapps on the NEAR blockchain.
Both tokens have experienced sustained periods within the top 100 cryptocurrencies. However, the SOL token has outperformed the NEAR token, becoming an almost permanent top ten crypto asset by market cap. According to CoinGecko, the SOL token ranks the highest out of the two cryptocurrencies, ranking ninth, with a market cap of $9.5 billion. On the other hand, the NEAR token ranks 29th, with a market cap of $2.4 billion.
Solana vs NEAR
Now that we’ve explored both blockchains, let’s make a comparison between Solana vs NEAR Protocol. The Solana mainnet launched in March 2020. Also, NEAR Protocol’s mainnet went live in April of the same year. After launching, the Solana blockchain made headlines by becoming the fastest blockchain in the world, with a throughput of around 65,000 transactions per second (TPS). However, several blockchains have matched this in recent months. Furthermore, NEAR Protocol claims to be able to process around 100,000 TPS, making it one of the fastest to date.
According to DeFi Llama, Solana harbors $2.88 billion in total value locked (TVL) at the time of writing. On the other hand, NEAR Protocol only has $322 million in TVL. Furthermore, Solana has approximately 1,470 nodes at the time of writing, whereas NEAR has only 720. Also, the average transaction fee on Solana is between $0.00001 and $0.00025. On NEAR, transaction fees are also quite low. However, the calculations for transaction fees are slightly different.
That said, we can calculate an approximate average for transaction fees by looking at the cost of interacting with dapps on NEAR. For example, when interacting with Ref.finance, the most popular dapp on NEAR, users pay around 0.001 NEAR per transaction. At the time of writing, this equates to approximately $0.0034.
Observations
On Activity after Bridging to NEAR from Ethereum Chart, Bridge to Near is 100, Swap on DEX is 77.16049, Deposit On Burrow is 19.18605, Mint NFT is 6.060606, the Value for Stake Near is 5.555556, Add Liquidity is 14.48276 and The Top Value for Burrow on Burrow is 8.333333 and the Top Value for Mint USN IS 4.069767.
Observations
ON Daily Hospitality chart, The Top value on 15 September of 2022Deposit and Repayments is 1.181539B and Borrow+Widthrawal is 1.202253B. For (Deposit+Repayments)-(Borrow+Withdrawals) ion 15th October is 124.7871M.
On Total Borrow Volume the top value for WETH is 43.9% and on Total withdraw Volume the top value is 48.3%.
For Total Repay Volume the Top Value is 41.9% for WETH.
On Total Deposit Volume, the Top value is 50.5% For WETH AND ON (Deposit+Repayments)-(Borrwo+Withdrawa) the Top value is 53.5% for WBTC.
Conclusions
Both Solana and NEAR Protocol are brilliant smart contract platforms that have built up highly active communities. Both of them bring in special features that help combat the biggest issue plaguing the decentralized world – speed. Both of the platforms are still growing and have a lot of promise.