Try Quests to earn NEARInsight of the Week
What is the Question?🚨
The NEAR Foundation is running an "Insight of the Week" series. Keeping your analysis short and focused on excellent-quality visualization - provide the most fascinating or illuminating fact or insight that you can about the NEAR ecosystem, or any of the projects building on NEAR, over the past 7 to 14 days.
When you tweet about the insight, don't just describe it - do your best to explain "why" what you chose is unusual, valuable, or noteworthy.
Analyzed Topics:
- NEAR Network Overview by Top 3 Contracts
- Swap Activity
- Staking Activity
- Contract Deployment
Introduction🚩
> ## What Is Near Protocol and How Does It Work?
Near Protocol is a layer 1 blockchain network. It provides a platform on which developers can build decentralized applications (dapps). The most successful layer 1 blockchain is Ethereum, so protocols like Near are seen as challengers.
The key yardsticks for layer 1 networks are transaction costs, speed and the ability to maintain those features as transaction volumes grow. These factors are the focus for layer 1s like Near to improve upon Ethereum, which has encountered issues with costs and speed over the last few years.
Near Protocol is faster and cheaper than Ethereum. More importantly, it promises to be faster than some of the other largest challengers. When fully implemented, Near is expected to be able to process up to around 100,000 transactions per second (TPS). Ethereum’s largest rival, Solana, averages less than 3,000 transactions per second, according to its own blockchain explorer. Ethereum averages double-digit transactions per second. Bitcoin does less than 10.
Outside the crypto sphere, an important comparison is Visa’s (V) capacity. The global payments giant processes around 7,000-8,000 TPS, based on its claim of 232.5 billion transactions over a 12-month period. Near Protocol could eclipse that, though it has not yet realized its theoretical potential as of July 2022.
“Near has built technology to enable transactions that are fast (~1 second), quick to finality (~1-2 seconds), cheap (less than a penny), and secure,” crypto research firm Messari noted in March 2022.
More Info
Method⚡
In this dashboard, i analyzed NEAR blockchain to provide some insights for the past 2 weeks and for this matter, i explored swapping, staking, Network overview by top 3 contracts and contracts deployment on NEAR. I mainly used Near.core database provided by Flipsidecrypto and extracted the data using multiple tables from that database.
I used ez_dex_swaps table for swap activity,
dim_staking_actions for staking activity and
fact_transactions & fact_receipts tables for overview and contract deployment on NEAR.
I analyzed the data in past 14 days on NEAR ecosystem and filtered the time with ==current_date - 14==
Also i tried to keep my analysis short and provide the most focused and excellent quality charts to make it more user friendly.
Findings👀
- In this section, i tried to show NEAR chain activity in past 2 weeks by top 3 most popular contracts on NEAR.
- It is obvious that token.sweat contract which belongs to SWEAT token has recorded the most activity by NEAR users in past 2 weeks.
- This contract recorded 1M more transactions than the second contract which is NearCrowd and it seems this contract totally outperformed other ones on NEAR in past 2 weeks.
- Between these 3 top contracts, NearCrowd and Aurora recorded pretty much the same spent fees by users and sweat token contract recorded much more fees than these 2.
Findings👀
- Nothing special happened to NEAR Swap section in past 2 weeks and most of the swap activity has been recorded on wrap.near platform.
- Actually, the number of swaps has decreased slightly since 14 days ago .
- wrap.near and ref finance recorded the most swaps on NEAR protocol in past 2 weeks with almost 25K swaps together. Also the most swapped token in this period was wNEAR with over 25K swaps.
- ==“7c5206b1b75b8787420b09d8697e08180cdf896c5fcf15f6afbf5f33fcc3cf72”== wallet address was the most active swapper on NEAR and this address recorded over 8K swaps by itself in this timeframe.
Findings👀
- Staking activity on NEAR has experienced an slight increase in late January and most of this activity were stakes. In overall, a total of 5.6K stakes has been recorded on NEAR while number of unstakes were less than 2.6K.
- astro-stakers.poolv1.near was the most popular staking pool among near stakers which has recorded over 800 number of staking actions over time in past 2 weeks.
- Also, abilayanan.near was the most active staker on NEAR who has recorded 41 number of stakes since 14 days ago.
Findings👀
- The number of active contracts on NEAR recorded a massive increase on Jan 30th and 31th with over 2.1K active contracts and the number was over 1000 contracts more than its previous days.
- Also the highest number of contracts deployed on Jan 25th with 8 new contracts.
- In overall, in past 2 weeks there has been over 5.5K active contracts that were using by NEAR users and a total of 38 contracts deployed on NEAR in this timeframe.
- Also, as i talked about it earlier, token.sweat contract was the most popular one among NEAR users with over 2M transactions followed by NearCrowd with over 1M in second place and Aurora with 726K transactions in third place.
Conclusion💡
- The only strange thing that happened on NEAR in past 2 weeks was the daily number of active contracts on Jan 30th and 31th when they recorded a huge spike compared to their previous days and they recorded over 4.7K contracts together in this timeframe.
- Token.sweat contract which belongs to SWEAT token on NEAR was the most popular contract in past 14 days in terms of number of transactions, users and spent fees.
- wrap.near was the most swap popular for NEAR community in past 2 weeks and the most swapped token was wNEAR followed by USDT and USDC, the most popular stablecoins in the market.
- Users mostly were stakers and the most popular staking pool in terms of stakes count was astro-stakers.poolv1.near with over 800 staking actions in total.