What is NEAR?

NEAR Protocol, also referred to as NEAR, is a decentralized development platform built on top of the NEAR Protocol, which is a public, sharded, developer-friendly, proof-of-stake blockchain. The protocol was launched in July of 2018. NEAR Inc. is based in San Francisco, California.

NEAR mainly focuses on making it easy for developers to develop DApps and maintaining them even when they scale to millions of users. According to the NEAR Inc., “it is secure enough to manage high value assets like money or identity and performant enough to make them useful for everyday people, putting the power of the Open Web in their hands.”

According to its website, the protocol is so developer-friendly that even a non-blockchain developer can build a DApp easily thanks to a suite of example apps. The platform also offers a well-supported OSS Stack that allows developers to write blockchain smart contracts using any language that compiles to WebAssembly (WASM), starting with AssemblyScript and Rust. see crypto economy

INTRODUCTION

What Is Solana (SOL)?

According to coinmarketcap, Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.

To learn more about this project, check out our deep dive of Solana.

The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

WHAT ARE WE DOING?

We are trying to provide a thoughtful analysis of how NEAR is weathering the market turbulence that occurred as a result of FTX’ insolvency.

The following market metrics will be looked at and compared with that of Solana:

• Unstaking - how many people are pulling up stake
• NFT sales vs. buys and if it’s materially changed (are people dumping their NFTs for capital)
• Stable % of trade activity — are users fleeing or buying the dip?

HOW WE ARE DOING IT

• Flipside tables will be used for analysis
• The solana.core.fact_stake_pool_actions, solana.fact_swaps, near.core.dim_staking_actions, near.core.fact_prices, near.core.ez_dex_swaps, solana.core.fact_transactions, near.core.fact_transactions, near.core.fact_receipts, solana.core.fact_nft_sales and solana.core.fact_swaps tables will be used for analysis
• This dashboard will be divide into major segments, each having several minor sections

• The first being looking at everything happenning on NEAR currentlly, ranging from transactions, staking, unstaking, NFT sales, inflows and outflows(transfers) from NEAR, Netflows to CEX, and swaps
• Then a comparisons of the stated metrics will be done

A timeframe of 30 days from now will be used for relational purposes and will be distributed thus:

<2022-11-07 is termed ‘Before FTX’ indicating behaviour of sample before the issues

>=2022-11-07 is termed ‘After FTX‘ indicating behaviour in the given timeframe for this analysis

Also, the timeframe between 11/7 and 11/14 will be used in some comparisons for more detailed insights

WHAT IS CURRENTLY GOING ON WITH NEAR?

COMMENTS✍️

From price charts, it can be seen that the price of NEAR has been bearish since the 5th Nov from $3.44 for 1NEAR to $2.02 by Nov 14

From price charts, it can be seen that the price of SOLANA has been bearish since the 5th Nov from $35.35 for 1SOL to $13.82 by Nov 14

A spike in price of both NEAR and SOLANA is noticed on Nov 5th before the drop started

COMMENTS✍️

From daily stakers, staking activities(staking and unstaking combined) has been seen to have increased considerably after FTX than before FTX

From stakers vs transactions, stakers are seen to be staking more than unstaking

From stake vs unstake by volume, 57.8% of the total volume is dedicated to staking and 42.2% is dedicated to unstaking

STAKING AND UNSTAKING ACTIVITY ON NEAR

OVERALL TRANSACTION STATS ON NEAR

COMMENTS✍️

From the daily transactions chart==, it is evident that daily transactions on NEAR is still showing similar behaviour as it had before FTX. Although a decline is seen at Nov 11th, but this is still within the daily range in the past month

From daily active users, it is evident that user activity has declined after FTX, although this started from Nov 5th, but its effects were more evident from the 8th of Nov

Transaction fees generated was pumped for the first three(3) days after FTX and then declined to the normal daily range of values since then

The transaction fees generated have a relationship with the daily active user, that is an increase in either causes an increase in the other and vice versa. Active users does not follow this trend.

INFLOWS AND OUTFLOWS(TRANSFERS ON NEAR)

COMMENTS✍️

From type of addresses transferred to in the past month, about 46.6% of all transfers were sent to to CEX and the others were done between wallets

Top places(CEX) for transfers are: Binance, Okex, Unnamed exchange, Huobi and Gate.io by the amount transferred

From correlation chart, it can be seen that there is a relationship between the inflow and outflow from NEAR

**BRIDGING FROM NEAR TO ETHEREUM(**querry credits to ==abbasian34-8158== GP winner NEAR meta analysis)

COMMENTS✍️

• Bridging New User activities increased after FTX issues
• Stable coins USDT and USDC are the two top bridged tokens from NEAR to ETH
• 71% of bridging activity from NEAR to ETH was done before FTX and 29% was done after(this is by amount bridged)

NEAR VS SOLANA

STAKING AND UNSTAKING ACTIVITIES ON NEAR VS SOLANA

UNSTAKING

STAKING

COMMENTS✍️

There is no much difference between the total transaction and active users before and after FTX issues on both NEAR and SOLANA chains

==From daily average unstaking by USD amount==, NEAR and SOLANA unstaking volume has increased. But the values are small when compared to the amount of staking done after FTX(staked amount USD increased in volume in both NEAR and SOLANA with the amount on NEAR being higher)

==From daily staking and unstaking charts==, it is seen that a lot of unstaking activity started after FTX issues while a majority of the staking was from before FTX issues with just a daily spike on Nov 11th

==From stakers comparisons==, there were more stakers and unstakers on NEAR than SOLANA. And there were more stakers than unstakers on both chains

Stakers and unstakers activities(transactions) were higher on NEAR than SOLANA. And more staking activities were dominant

SWAPPING ACTIVITIES ON NEAR AND SOLANA

WRITTEN BY: IDDANY

COMMENTS✍️

• Daily NFT sales on NEAR shows a decline while that of Solana shows an increase in amount after the FTX issue
• NFT buyer and sellers on NEAR dropped in value after FTX
• NFT buyer and sellers on SOLANA has been showing a downtrend in value before FTX but showed dominant drops after FTX
• There is a relationship between NFT buyers, sellers and sales amount on NEAR
• There is a relationship between NFT buyers and sellers on SOLANA, but sales amount does not follow this trend, mostly from Nov 2nd

**From Inflow and Outflow charts,**NOV 9 had the most Inflows and Nov 10 had the most outflows

From netflow, there is inflow is slightly higher than outflow

NFT SALE STATS ON NEAR AND SOLANA

COMMENTS✍️

Swap activity(amount, trader and transactions) on NEAR saw a sudden pump on Nov 8th after FTX

Swap activities on SOLANA when compared to NEAR is relatively higher in all aspects

NEAR transactions and swappers were not that significant in difference before and after FTX issues. The case is different when it came to SOLANA

There is a correlation between all metrics used in assessing swap activities

CONCLUSION

1. The price of both NEAR and SOLANA dropped a lot over the timeframe and it still does not show any sign of going back up
2. In terms of transfers out and into NEAR chain, although a lot of the token was transferred out to centralized exchanges, a reasonable amounts still made its way back into the system. It can be said that such users that transfers in after the FTX issues(cost of price drops) are planning on making profits by buying during the dip
3. In terms of active users and number of transactions after FTX issues, both NEAR and SOLANA seems to be doing fine since no much difference was noted
4. Even though unstaking activities increased on both chains, staking activities is seen to have considerably increased when compared to the previous times before FTX issues