NEAR publishes its performance report for Q3-2023

NEAR has published its performance report for the third quarter of 2023. It reports that there has been an increase in daily active addresses from 60,000 to 260,000. This is a jump of 350% on a quarter-to-quarter basis. The growth has been credited to the launch of KAIKAINOW.

It has further accelerated with the support of daily transactions, which peaked in the recently concluded quarter of the current year. Numbers for the same are at 770,000. Users reportedly were able to leverage the reduction in transaction fees. The average was a fall of approximately 25%.

NEAR may repeat its successful 2023 run, or it may even surpass its previous high point and usher in an early start to 2024. It is well known that the close of a fiscal quarter or calendar year sets the stage for the following period. However, it is not always possible to rely on results matching experts’ predictions.

Moving forward, NEAR has said that NEAR restaking will gain the support of Octopus 2.0.

The circulating market cap of NEAR has fallen in Q3-2022 to $1.08 billion. This is against the stats of $1.3 billion that was reported in the previous quarter. Per the performance report, it is safe to state that the best-circulating market cap was in the same quarter in 2022 when the number was $2.8 billion. 

Revenue is back in the $100k+ margin, with the figure amounting to $107.5k. The setback was in the previous quarter, but now there are signs of recovery with hopes of progressing the growth.

With $51.8 million, DeFi TVL is at its lowest. This is a substantial decrease when compared to the same section’s $448.9 million in Q3-2022. Plans for the section’s recovery are not yet public, with all figures accurate as of September 30, 2023.

The market price of NEAR attained $1.1, losing momentum from Q3-2022. A single unit was worth $3.60. NEAR was last observed trading at $1.26, a 3.71% increase over the previous 24 hours. This represents an increase of 17.66% over the past week. NEAR forecast estimates that the token could end in 2023 at $3.50, with the lowest possibility being $1.44. The assumption is set against the backdrop of BTC and ETH once again starting to gain strength after surviving the crypto winter. BTC was last at $34,302.52, and ETH was at $1,786.11.

The total supply of the token is up to 1.2 billion. This is after retaining the figure of 1.1 billion for four consecutive quarters. Circulating supply is at 1 billion, again after retaining 0.9 billion for 3 consecutive years.

As for BTC and ETH, tokens are known to dominate the crypto market and the sentiments of crypto holders. A rise in their trading value reflects the market starting to gain bullish sentiment from the community.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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