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The day that many citizens of the City of Near had been waiting for finally arrived late last year. As of December 19, 2022, NEAR is compatible with MetaMask, marking the first time a non-EVM chain has offered compatibility with the popular ETH wallet. it's time to dive deeper into the data and monitoring NETH's adoption and usage, paying special attention to any notable trends, outliers, or other events

📜 Introduction

What is Near?

NEAR protocol is an advanced Level 1 blockchain capable of running smart contracts, and is more scalable for the future of decentralized application development. NEAR Foundation is responsible for the NEAR Protocol blockchain and the ecosystem surrounding it.

What is NETH?

NETH is a smart contract that enables your Ethereum account to sign transactions and remotely control your paired NEAR account, allowing you to directly interact with NEAR dApps using your Ethereum wallet, such as MetaMask

🤔 Questions?!

NETH Wallet creation ?
- Daily & cumulative NETH wallet creation since Dec 15th 2022
- Total NETH Wallets on NEAR
- Avrage & Median age of NETH wallets
NETH wallets activity ?
- Weekly NETH Wallets Transaction
- Cumulative Transactions
- Avrage & Median NETH Wallets Transaction
- Weekly Avrage NETH active wallets
Swap Metrics Over time?
- Daily Number of Swaps/Swappers
- Cumulative NETH Swaps and Swapper
- Most Swapped in & out tokens
Compare Overall Metrics after & Before NETH Contract ?
- Number of Active Users
- Number of Transactions
- Daily Cumulative New user Over time

🔎 Methodology

In this article I'm going to use these tables to delve deeper into the ecosystem and find out questions :

fact_transactions : To find the name of NETH accounts

ez_dex_swaps : Filter swap metrics of NETH wallets

fact_actions_events_function_call : To find the Ethereum address of NETH accounts, I used TX_HASH of their transactions on the following table

Moreover in some cases the timestamp breakdown by after and before NETH contract

Please notice that in this dashboard I filtered all transactions from December 2022 and also count transactions with ‘Succeeded‘ label

NETH Wallet creation

Insight

According to the daily chart we can realize that most entrance to the NETH contract happened on first days of project released which we can see some spike on last week of December ; About 45% of accounts were created in the first week of the launch of NETH

Moreover there are 68 NETH accounts were created in 3 months with avrage Age of 47.9 days and median 62 days which indicate that the majority of these wallets were created around the time when NETH was first released in December 2022

Also it's worth to notice that some increasing of daily new NETH account on February compare to past month (Almost 13 account) which can show more popularity in future

if we look closer the average age of these wallets being lower than the median age could indicate that there are a few older wallets that are skewing the data, but the majority of the wallets are relatively new

In general there has been a small increase in the number of new accounts being created recently on February. when more data becomes available, it will be interesting to see if this trend continues and if it has any impact on the overall Near ecosystem

NETH wallets activity

Insight

According to the Weekly transactions chart we can reach that most of transactions were happened on second week of Decemeber which drop down after this timzone and we can't see any recovery at the chart

Moreover in case of transactions distribution as we see almost 13.5% of all TX are related to Swap and Add liquidity which observed 158 transactions from all transactions

Also its worth to notice that more than 85% tranasctions (745 tx) are related to unknown activity

If we look closer we can see 732 transactions are related to amyliang1.near NETH account which had highest activity between another addreses and observed more than 50% of all transacions

Also metrics prove that most of NETH Wallets were active for 1.2 weeks which avrage 21.3 transactions on the other hand the median tx is 8 which indicate that there is a small group of NETH accounts are highly active and the majority of NETH wallets are relatively new and have executed only a few transactions.

In total; we have 68 NETH accounts which most of transactions are related to UnKnown-Activity; also we prove that most addresses just active for lower than 2 weeks and just small group of accounts were highly active over time

Swap Metrics Over time

Insight

Based on the information most swap transactions were happened on Decemeber and after this month the swap metrics dropped to zero which can indicate that most of swappers just executed transactions on first days

Moreover we had 12 swappers in total which made up 17.6% of all NETH accounts also these swappers had 64 swap transactions in total as mentioned earlier observed 7.5% of all transactions count

Also in case of swap token we can see wNEAR had most volume in both path; also in case of stable coins user interacted with USDC more than other

Overall Stats Before & After NETH Impact

Insight

Based on the information we can't see any see any signficant growth after NEAR cantracts realse in any case ; we can see some spikes on January but it's not influent and the metrics prove the stability of the ecosystem

Moreover in case of new user , the amount of total new Addresses in 3 month before NETH Accounts were 2.23M but after event it's just 795K which indicate that there was no significant change in new user count afterr the announcement date

As mentioned erlier we can't see any signficant impact on the near ecosystem after NETH realse and all metrics such as tranactions and users are stable over time

Conclusion

According to the Metrics :

we can understand that NETH adoption was experince some spikes on first days of release but it's still low

Moreover we can realize that most of NETH Account interacted with protocol lower than 2 weeks and just small part of that had high activity which more than 85% of transactions was UnKnown events, followed by swapping and adding liquidity

Also in case of swap token we can see wNEAR had most volume in both path; also in case of stable coins user interacted with USDC more than other, it's worth to notice that the wallets that have interacted with NETH are regular users and not whales, with less than 10 wallets having over 1 NEAR

Finally As mentioned erlier we can't see any signficant impact on the near ecosystem after NETH realse and all metrics such as tranactions and users are stable over time

Hope you Enjoyed 🖤

✍️Contact Info!

Discord : zhizhi1348#7806
Twitter : @zhiyarrr1

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📜 Introduction

What is Near?

What is NETH?

🤔 Questions?!

🔎 Methodology

NETH Wallet creation

Insight

NETH wallets activity

Insight

Swap Metrics Over time

Insight

Overall Stats Before & After NETH Impact

Insight

Conclusion

✍️Contact Info!