What is the Question?🚨

Each week, the NEAR Foundation publishes data to help the NEAR community understand the ecosystem's health as part of their Transparency Report.

We want your help in making the NEAR ecosystem even more transparent. How can you improve on the existing NEAR Transparency report?

Explain which metrics should be taken into consideration and why. Then, analyze those metrics over the last several weeks and draw your own conclusions on the health of the NEAR ecosystem.

Grand prize-winning dashboards will go above and beyond the existing report, allowing readers to get the best possible snapshot of NEAR, its users, and its ecosystem.

Analyzed Topics:

1. NEAR New Wallets
2. NEAR Active Wallets
3. Network Performance
4. NEAR Holders
5. NEAR Active and New Contracts
6. Gas Used and Spent Fees on Transactions
7. Bridge Activity From Ethereum to NEAR

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 provided some metrics and analysis with the help of Flipsidecrypto ==near.core== database to make the NEAR’s transparency report more transparent and allowing readers to get the best possible snapshot of NEAR, and also get to know NEAR better than before.

I analyzed NEAR ecosystem and the NEAR users activity since the beginning of 2023 and divided these stats into 3 weeks from January 1st to January 18th 2023. (Past 3 weeks)

I tried to improve on the existing transparency report as much as possible and hope you enjoy it!

I updated my last dashboard about this topic and went deep in 2023 first few weeks.

Findings👀

• According to the statistics above, NEAR has gained almost double the first week’s new wallets on 2023’s second week with 466K new wallets. The third week has not been completed yet but by far it recorded over 120K new wallets until Wednesday.
• As of the bar chart above, we can see a serious movement from NEAR on daily new wallets after Jan 9th when it reached to over 120K new wallets on Jan 10th, 3x more than its previous day! It has increased day by day after that and recorded its all-time high on Jan 13th with almost 150K new users that joined into this ecosystem and after that experienced a huge fall at the end of the second week.
• We can see that over 56% of the new users that joined into NEAR in 2023 belong to the second week of 2023 as i analyzed its movement on second week on the bar chart above.

1. NEAR New Wallets

2. NEAR Active Wallets

Findings👀

> Method: I considered the wallets with over 50 transactions as active wallets.

• Past 3 weeks, i mean the first 3 weeks of 2023 has recorded pretty much the same active wallets on NEAR but we should also consider it that Third week is not over yet.
• The bar and pie charts are confirming my thoughts and as we see, all days has recorded pretty close stats in terms of active wallets on NEAR. But in total, Second week of 2023 recorded more active wallets than others and we should wait for third week to finish to see that it can reach the second week or not.

3. Network Performance

Findings👀

• Jan 12th and 13th were the hottest days on NEAR in terms of number of daily transactions and users. These 2 days recorded over 1.2M transactions by almost 300K users together.
• In overall, second week of 2023 has recorded more activity than other weeks and more over it had more successful and failed transactions than others.
• It seems after Jan 9th early days of second week, the activity on NEAR started to increase and peaked on Jan 12th with over 635K transactions.

Findings👀

• From what we observe in previous sections, in this section NEAR has preformed better on second week too. On January 12th NEAR has reached to 8 transactions per second and 500 transactions per minute, the highest stats in last 3 week since the beginning of the new year.
• The left chart is also confirming my thoughts and we can see that second week has performed much better than other weeks of 2023.

4. NEAR Holders

Findings👀

> Method: > > user_balance <= 10 then 'Shrimp' user_balance <= 100 then 'Crab' user_balance <= 1000 then 'Octubus' user_balance <= 10000 then 'Fish' user_balance <= 100000 then 'Dolphin' user_balance <= 1000000 then 'Shark' user_balance > 1000000 then 'Whale'

• NEAR has recorded 357K holders by far since the project launch and also it recorded over 8K in past 3 weeks in 2023 that most of them were belong to second week of 2023.

• The shrimp category, users that have less than 10 $NEAR are accounting 91.5% of holders share with over 12.4K holders in total.

• Only 2 people take place in whale category with over 1M $NEAR in 2023 so far.

5. NEAR Active and New Contracts

Findings👀

• Left chart is showing the top 10 most interacted contract in terms fo number of transactions on NEAR in 2023 after 18 days.
• We can clearly see that token.sweat contract has performed better than other top contracts like Aurora or NearCrown and took the first place with 2.5M transactions.

Findings👀

• Daily active contracts chart on NEAR seems bullish since the start of 2023 ,users are coming back from their vacations or off-times and interacting more with the contracts as the time passes.
• Jan 16th was a hot day for deploying contracts on NEAR, 5 contracts were deployed on that day and it was the highest one in 2023 so far.
• A total of 3290 contracts were active in 2023 in past 3 weeks while 31 contracts deployed in this period so far.

6. Gas Used and Spent Fees on Transactions

Findings👀

• Although daily total charts didnt move seriously, but daily average charts experienced a huge drop after Jan 9th while number of transactions started to increase in that day.
• Second week has been recorded the most gas used and spent fees by NEAR users on its network because the most activity from users belong to these period too.
• Users used a total of 12$ gas and spent 1176$ on fees in total while making a transactions in past 3 weeks after start of 2023.

7. Bridge Activity From Ethereum to NEAR

Findings👀

• Second week of 2023 has preformed better than other weeks but the third week has not been completed yet.
• The most bridge activity from ethereum to NEAR happened on Jan 14th with a total of 43 bridges by 20 bridgers.
• 87 Bridgers has recorded a total of 201 bridges with over 5.2M USD volume from Ethereum to NEAR since the start of 2023.
• Average amount per user and transactions peaked on Jan 7th with over 835K average amount per user and over 556K average amount per tx. This chart didnt record any serious movement on other days of January 2023.

Conclusion💡

• Second week of 2023 has performed better than other weeks among first 3 weeks of 2023 but we should also consider it that third week has not been finished yet and only passed 4 days of it so far.
• Although i found out that Aurora and NearCrowd were the most popular contracts on NEAR in 2022 in my last dashboard, but in this analysis i found out that Token.Sweat has outperformed them in 2023 and took the first place from Aurora with over 2.5M transactions so far since the beginning of 2023.
• A total of 31 contracts has been deployed on NEAR in 2023 so far and this network recorded almost 3.3K active contracts in past 3 weeks.
• The shrimp category of $NEAR holders are accounting over 91% of all $NEAR holders with a balance of less than 10 $NEAR in their wallets.
• The second week of 2023 has gained new wallets almost double the first week of 2023 with over 460K.

Author: Sbhn_NP

Discord : Sbhn_NP#8717

Twitter : Sbhn_np

Instagram : Sbhn_NP

Special thanks to hess and masi and cypher and pinehearst for some inspiration and modification.

> Image Source

Thanks for your time!