Introduction

    • In This Analysis, You will Read about Near blockchain Health. We want to know how healthy near blockchain is, and We want to make the NEAR ecosystem even more transparent.

    • So I went through Near Blockchain and analyzed these parameters:

    • Near Price

    • Transactions

    • New Users

    • Swaps from and to Near token

    • Stake and Unstake Activities

    • Gas Fee

    Analyzed by Hess - Reading Time Almost 12 Min.

    What is Near?

    • 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
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    Success Vs. Fail Transactions

    • In the last 100 days, About 87.7% of transactions were successful, and 12.3% failed. Between the middle of September and late October, The daily share of Successful transactions was around 90%, but after October, The daily share of Failed transactions increased from 5-10% to 15-20%. Again, After the middle of November, The daily share of successful transactions increased, and failed transactions decreased.
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    Compare Transactions on Near with other chains

    • Among these popular chains, Algorand and Ethereum had the highest number of transactions in the last 100 days. Near is in a good position. The total number of transactions on Near was higher than on Gnosis, Avalanche, and Optimism. Also, It was similar to Arbitrum. However, The total daily number of transactions on Near decreased from 900K to 350K in December. while the total number of transactions on some chains like Flow and Arbitrum increased.
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    New Users Vs. Active Users on Near

    • In the last 100 days, Near chain had 2.1M new users that is fantastic. Also, In the last 100 Users, Near had 160K unique Active users. The highest number of new users joined Near in September. After that time, The total daily number of new users decreased. Also, It seems the activity of Active users decreased too.
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    Swaps From and To Near token

    One of the health factors is swapping to a token. In this section, I examined the total swaps from and to the Near token.

    • In the last 100 days, More users swapped to Near near than swappers from Near. However, The total daily number of swappers decreased. The total number of unique swappers from Near is 28K, and the swappers to Near is 41K.
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    Stake Vs. Unstake

    • Based on the previous metrics, I can say that Staking is the superpower of Near. The total number of stakes was much higher than unstake activities. The daily share of stake transactions is 70-80%, and Unstake transactions are lower than 30%. However, based on stake and unstake volume, The volume was similar. Some days unstake volume was higher than the stake, and some days stake volume was higher than the unstake. Overall, Users staked 80M Near and unstaked 46M Near. Almost the stake volume is 2x higher than the unstake volume.

    • The average number of days that users hold their stakes is above 100 days!

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    THANK YOU FOR READING!

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    Transparency of Near

    • The NEAR Foundation has always held transparency as one of its core beliefs. Being open to the community, investors, builders and creators is one of the core tenets of being a Web3 project. But it’s become apparent the Foundation needs to do more. 

      The Foundation hears the frustration from the community, and it wants to be more pro-active in when and how it communicates. 

    Near Report:

    Near Price Vs. ETH Price

    One of the most critical parameters for a chain is its native token behavior. I compared the Near price with one of the most popular tokens in the Cryptocurrency world, ETH.

    • We are in the bear market. All token prices decreased in the last 100 days. Until October 25, The slope of the near price decreased slower than the ETH price, but after that, it didn’t increase while the ETH price increased. After a short time, both token prices decreased, and the Near price decreased Faster.
    • Compare the current price of tokens with the last 100 days. The Near price dropped much higher than the ETH price in percentage.
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    Transactions on Near

    > # Transactions and Users Overview


    I calculated the total number of Transactions per hour/minute and Second in the last 100 days. Also, I compared the total number of transactions per hour/minute and second in the last 6 months with the first 6 months of the year.

    • Since September 2022, The total daily number of transactions per hour/minute and second decreased. The total number of transactions dropped around 50% in December compared to September. In three months, The total daily number of transactions per hour/minute and second decreased by 50%.
    • The average number of transactions per minute in the first 6 months of the year was 379 TX, and it was 255 TX in the last 6 months. So, As you can see, The total number of transactions decreased over time.

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    • Since January 2022, The highest number of transactions per minute was in January, with 447 transactions per minute. The lowest number of Transactions per minute happened in July and August, 189 tx. I can not see any growth because, in the last 4 months, The total number of transactions per minute was lower than the transactions at the begging of the year.
    • Unlike total transactions per minute, The total number of users per minute increased in the last 4 months. The highest number of users per minute was After September. After August increased by +800%. The total number of users per minute is 38-43 unique wallets.


    Transactions per Minute

    :1st_place_medal: Algorand: 754 transactions

    :2nd_place_medal: Ethereum: 724 Transactions

    :3rd_place_medal: Flow: 545 transactions

    • Near, with an average of 307 transactions per minute, is in fifth place among these chains.

    Fees in USD

    We have already, Examined the total transactions on these chains. Now it’s time to examine the total fees per chain.

    • All crypto users know Ethereum has the highest transaction fees compared to other chains. In the last 100 days, Users spent nearly 290M US dollars for fees on the Ethereum chain. Ethereum has a huge difference from other chains. We can not compare Ethereum with other chains.
    • After Ethereum, I can see Layer2 chains. Optimism and Arbitrum. These chains are next, with 2.4M and 13.6M US dollars.
    • Flow and Osmosis had the lowest fees in comparison to other chains. We already know that Flow had nearly 94M transactions in the last 100 days.
    • After Flow and Osmosis, Near, Algorand and Cosmos had the lowest fees with 104K, 84K, and 24K US dollars.
    • Overall, Ethereum, with around 290M transactions, had the highest volume of fees, and Near, with 228K US dollars, is in fourth place.

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    • Ethereum had the highest daily average fees in USD, like the other two parameters. Ethereum users are paid almost 2-7 US dollars for transactions.
    • Optimism and Arbitrum had the highest average fee after Ethereum.
    • The average daily fees in USD on Near were lower than other popular chains like Optimism, Arbitrum, and Cosmos.
    • Flow, Algorand, and Osmosis had the lowest average. Numbers were too low.
    • Average Fees on Near became half in the last 100 days.

    Since The January of 2022, The highest number of new users was in September, and the highest number of active users was in October. Only 14 days past from December, But still, the total new users on December is more than most of the months. Also, in The last month, November, About 810K new users joined Near, which is higher than at the beginning of the year.

    Note: Months are not in order.

    Based on the daily share of Swap transactions to and from Near, The total share of swaps from Near is a little higher than that of the swaps to Near. The good part is that over time didn’t change too much. Overall, 51.8% of tranasctions was swap from Near and 48.2% of transactions was swap to near.

    Metrics Definition:

    • Near Price: The price movement of the chain native token shows the overall condition of the chain. However, We should consider the market situation and compare it with other tokens.
    • Successful Vs. Failed Transactions: More successful and fewer failed transactions show the chain's power.
    • The number of transactions per hour/minute/second: This parameter shows how fast the chain is.
    • Gas Fees: Lower average gas fee is more popular for users.
    • New and Active Users: This parameter indicates the chain's growth, and the growth shows the chain is moving in the right direction.
    • Swap from and to Near: More holders for the chain native token help the chain's health.
    • Stake and Unstake: For a chain that works based on proof of stake, Staking is one of the most critical parameters.

    Like the total number of swaps, The swap volume from and to Near was similar to each other and didn’t change too much in the last 100 days. Users swapped 89M US dollars to Near and Swapped 92M US dollars from Near. The highest swap volume was in September and over time decreased on both sides.

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

    :bird: Twitter: @hessaminanloo

    :t-rex: Discord: hess#0890

    :calendar: Analyze Date: 2022/DEC/14

    Conclusion

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