In its latest evaluation, market intelligence agency Messari has offered a complete overview of the NEAR Protocol’s efficiency in This autumn 2024. Regardless of dealing with headwinds within the broader crypto market, NEAR has demonstrated notable resilience by means of elevated exercise and strategic developments.
Drop In Market Cap Rating However Resilience Via Elevated Exercise
Throughout This autumn, NEAR Protocol initially surged, reaching a token value excessive of roughly $8.19 in December earlier than retracing to round $4.91 by the quarter’s finish.
This decline mirrored a big drop in market cap, which fell to roughly $5.73 billion—marking a 2.09% lower quarter-over-quarter (QoQ).
Consequently, NEAR dropped ten spots in market cap rankings, now sitting at twenty first general, indicating a efficiency lag in comparison with different main property.
Regardless of the challenges in market pricing, NEAR’s income, derived from community transaction charges, noticed a considerable enhance. The income grew to about $2.11 million, representing a 26.81% QoQ rise. This progress will be attributed to heightened transaction volumes and decentralized trade (DEX) exercise.
The common transaction price through the quarter was roughly $0.0031, a 15.91% enhance from the earlier quarter, additional highlighting the community’s operational effectivity.
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The NEAR token performs a multifaceted function throughout the ecosystem, being important for staking, transaction charges, and storage charges. The protocol maintains a versatile provide mannequin, characterised by an annual inflation price of 5%.
Of the inflationary rewards, 90% are allotted to validators, whereas the remaining 10% helps the protocol’s treasury. As of the tip of This autumn, roughly 95.12% of NEAR’s complete provide was in circulation, with about 49.08% actively staked.
The annualized nominal yield from staking was reported at round 8.95%, with an actual yield of 4.55%, offering engaging incentives for holders to stake their tokens.
NEAR loved a surge in handle exercise and transaction quantity throughout This autumn. The common each day lively returning addresses rose by 15.82% QoQ, reaching 3.55 million, whereas the common each day new addresses surged by 29.05% to 361,046.
Nevertheless, the protocol confronted a decline in developer exercise, with weekly lively core builders lowering by 13.95% to 159 and ecosystem builders falling by 30.34% to 129.
NEAR Balances Market Setbacks With Promising Improvements
NEAR’s DeFi complete worth locked (TVL) concluded This autumn at roughly $240.16 million, reflecting a 4.48% decline from the earlier quarter. The Liquid Staking TVL additionally skilled a lower of round 10.32% QoQ, settling at about $250.81 million.
Notably, the LiNEAR Protocol’s TVL was roughly $132.41 million, down 8.77%, whereas Meta Pool’s TVL declined by 11.78% to round $111.70 million.
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On a optimistic observe, NEAR’s common each day DEX quantity reached roughly $8.45 million, marking a 25.40% enhance from the earlier quarter. Ref Finance emerged because the main DEX on the platform, accounting for a mean each day quantity of $8.35 million.
This autumn additionally noticed an uptick in NEAR’s stablecoin market cap, which grew to about $683.69 million—a rise of 1.88% QoQ and a staggering 880.71% year-over-year (YoY).
As of now, the NEAR’s value stands at $3.52, recording a considerable 10% surge prior to now two weeks. But, nonetheless 82% under its all-time report excessive.
Featured picture from DALL-E, chart from TradingView.com