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    Secrets of the NETH-erworld

    Near became compatible with MetaMask on December 19, 2022, through a smart contract called NETH. I created a dashboard to monitor the usage and adoption of NETH and its users after almost three months since the integration went live.

    Introduction

    The big day that everyone in the City of Near was waiting for finally arrived last year. As of December 19, 2022, NEAR can now be used with MetaMask, a huge deal because it's the first time a non-EVM chain has been compatible with the popular ETH wallet. This was made possible through a cool smart contract called NETH. If you want to know more about NETH, hit up our website or give us a shout.

    Anyway, it's been almost three months since the integration went live, so I want to check out the stats and monitor NETH's adoption and usage. In this Dashboard, I analyzed the usage of the NETH contract and users who use that contract.

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    What is NETH on Near?

    NETH is a contract launched on the Ethereum network and designed to interact with the Near blockchain through a browser extension such as MetaMask. NETH is not the native token of the Near Protocol but rather an ERC-20 token that bridges the Ethereum and Near networks.

    Users can acquire NETH on the Ethereum network and then use it to interact with decentralized applications (dApps) built on the Near Protocol. This allows users to take advantage of the features and capabilities of the Near blockchain while still being able to hold and use their assets on the Ethereum network.

    Method

    The Method was simple. I retrieved users who initiated transactions on the Near Protocol network after December 19, 2022, and sent transactions to the 'nethmap.near' account. Next, I counted the number of transactions and users. Additionally, I examined the activities of these wallets on the Near chain.

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    What is Near Chain?

    Near is a decentralized blockchain protocol that provides a platform for developing and deploying decentralized applications. It uses a unique consensus mechanism called Proof-of-Stake, which allows for faster transaction processing times and lower fees than traditional proof-of-work blockchains. The Near Protocol is designed to be highly scalable. It can handle thousands of transactions per second, making it a viable platform for high-throughput dApps such as gaming, social networks, and marketplaces. The protocol provides a range of tools and resources for developers to create and deploy dApps on the Near blockchain, including a high-level programming language called AssemblyScript, smart contract templates, and developer tools like Near Wallet and Near Explorer.