Try Quests to earn NEARNEAR Meta-Analysis
Take a look at the winning submission to our NEAR Tournament, as well as the three runner-up submissions (links can be found below). Craft your own remix to these dashboards, analyzing and summarizing the most important points in a single easy-to-view dashboard, with your own original commentary.
What is NEAR Protocol? From
NEAR Protocol is a smart contract-capable blockchain, much like Ethereum and Polkadot, that serves open-source code for DApps development.
NEAR Protocol was built as a base for dApp developers and offered community-run cloud storage to secure the private data of users and dApp developers. It also uses sharding technology and Proof-of-Stake (PoS) to achieve high scalability.
The NEAR token is a utility token serving as a unit of exchange, transaction, and storage fees on the NEAR ecosystem.
High scalability from
Scalability is one of the most significant issues on the Ethereum and Bitcoin blockchains, as seen by their relatively limited TPS (Transaction Per Second) levels, leading to the pricey gas fees. Near Protocol, as a solution, has created the “Nightshade” blockchain architecture.
Nightshade is a piece of sharding technology that divides nodes into groups, thereby lessening the workload for each node as they are processing more minor pieces of the transaction. Using this technology, NEAR Protocol can boost its scalability with higher TPS and reduced gas fees.
Methodology
As I mentioned in the introduction, in this dashboard, we will evaluate:
1. Bridging into NEAR 2. Transactions on Near 3. Smart contracts on Near
In the first part, Bridging into Near, we will try to find Ethereum to Near bridge total and daily transactions, most popular tokens, and actions after bridging to Near.
After that, in the second part, transactions on the Near blockchain, we will try to find the daily and total transactions, the number of users, transaction fees, and the number of new users on Near.
And last but not least in the third part, smart contracts on Near blockchain, we will try to focus on the most popular smart contracts in the case of the number of transactions and the total amount of paid fees.
To learn about bridging from Ethereum to Near information, we will use the most famous bridge, which opens the gates for assets to flow freely between NEAR and Ethereum blockchains, the Rainbow Bridge.
But before focusing on details, let’s find out what the Rainbow Bridge is.
The Rainbow Bridge connects Near Protocol, Ethereum, and Aurora—an EVM-compatible scalability solution on Near—allowing users to move funds between the networks via smart contracts.
Using the following results, we can find the total number of transactions, unique users, USD volume amount, and the average amount per transaction of bridging tokens from Ethereum to Near. Also, from the charts, we can find the number of daily transactions vs. unique wallets, USD volume per token, and the total number of transactions and USD volume per token.
Using the above charts, we see that the maximum number of bridge transactions and unique users were on October 25, 2021, with 173 transactions and 130 unique users in a single day. And the maximum USD volume of bridging transactions was on May 7, 2022. Also, USDT was the most popular token in both cases of transaction numbers and the USD volume, followed by USDC.
Using the following charts, we can find the most popular activity after bridging to Near protocol in case of the daily and the total number of transactions. If we don't consider the activities with no label, Defi was the most popular in both cases, with more than 45% of all transactions.
Using the below charts, we can find the daily and the total number of transactions, users, and amount of paid fees on Near protocol. Also, we can see the maximum number of transactions and unique users and almost the maximum amount of paid fees in a single day.
From the above charts, we can see that the maximum number of transactions was about 2M on August 20 and the maximum number of unique users and paid fees was 235K Users and 75.3 USD.
Also, we can see that the total number of transactions was 178M and the total number of unique users was 3.19 M.
From the above charts, we can see that the Aurora was the most popular smart contract in both cases with more than 30% of all transactions and 78.5% of burnt gas amount on Near blockchain.