NEAR Protocol Sees Surge in User Activity Despite Q4 Turbulence

• In its assessment of NEAR Protocol’s [NEAR] performance in Q4 2022, cryptocurrency research firm Messari found that the network experienced a surge in user activity in the last three months of the tumultuous trading year.
• Between October and December 2022, daily active accounts on NEAR clinched an all-time high and daily transactions count on the network grew by 50% on a YoY basis.
• NEAR network recorded a spike in transactions despite having low transaction fees in Q4 2022, averaging at less than one cent.

Cryptocurrency research firm Messari recently released a report titled “State of NEAR Q4 2022” which detailed the performance of the NEAR Protocol in the fourth quarter of 2022. Despite the market decline in 2022, the report found that NEAR saw an uptick in user activity. This increase in user activity led to an all-time high in daily active accounts and a 50% increase in daily transactions when compared to the same period the year prior.

The report attributed the surge in user activity to the launch of Sweatcoin [SWEAT] as Sweat Economy in July. Within the 90-day period under consideration, transactions processed on NEAR totaled 41.71 million, a 2.4% growth from the 40.73 million transactions processed on the network in Q3. Notably, NEAR had low transaction fees in Q4 2022, averaging at less than one cent.

In addition, the total value locked (TVL) on the network experienced a 10% decrease quarter-over-quarter. However, Messari noted that this decrease was likely due to the overall bear market in the crypto market during the quarter.

Overall, the report found that despite the turbulent market conditions in Q4 2022, NEAR Protocol experienced a surge in user activity and an increase in transactions. This could indicate that the NEAR token might be due for a price reversal as the network continues to experience growth in user activity.