$NEAR is the naive token of the eponymous blockchain, which gained traction this week amid speculation that the protocol will launch its stablecoin. $NEAR was also acquired from an array of venture capital investments on the blockchain.
$NEAR increased by around 24% over the last 24 hours and was trading at $18.92which is just a few dollars shy of its previous highest of $20.2. $NEAR also climbed 46% in the last week, as it raised $350 million through an investment round that digital investment firm Tiger Global led.
$NEAR’s most popular Protocol for DeFi, Trisolaris, has also raised $4.5 million.
The token’s rise on Friday was due to speculation about a stablecoin that is not yet in existence that will be competing in the same way as Terra’s UST.
Zoran Kole Said (founder of the renowned Telegram Group Crypto Insiders)
$NEAR will announce the launch of its USN, a new stablecoin USN the 20th of April. The token proposed will be an algorithmic stablecoin that will behave similarly to Terra’s UST.
The token also offers an APR of 20, which would be the most lucrative DeFi yield available. Terra’s Anchor Protocol has a 19.6 percent yield, which is currently the highest on the market. $NEAR Protocol has not confirmed the information.
Kole stated that he expects to see an increase in demand for the token that could double its market capitalization in the coming months. In addition, $NEAR’s focus on incentive programs for developers will likely encourage more development on blockchain.
Does $NEAR Ethereum 2.0?
$NEAR is a proof of stake (PoS) blockchain designed to rival ETH. It has various features that are not yet implemented in ETH in 2.0. 2.0 upgrade, including more staking rewards and a tinier carbon footprint.
However, the token has benefitted from Ethereum’s move to a PoS model. The interest in PoS has spread beyond ETH and onto other tokens, like $NEAR, Cardano (ADA), and Solana (SOL).
However, $NEAR is far smaller than ETH in market capitalization and isn’t expected to see an equally widespread acceptance. However, that could change as more money flows into the blockchain.
Source: Google News Trend