Near Protocol Sees 37% Surge in New Addresses as L1 Adoption Grows

Near Protocol, a layer-1 blockchain, has seen an impressive increase in recent months which has led to a 37% surge in new addresses. According to its quarterly report, the daily active addresses in the network grew by 42% to 1.2 million. Notably, the activity surge impacted the price of Near Protocol token, NEAR, as it increased by 4.5% to $7.447 over the last 24 hours. 

Near Protocol Performance in Q1 2024

Near Protocol recorded an impressive performance in recent months placing it among the biggest winners in the first quarter of 2024. The protocol witnessed its daily new addresses surge by 37% to 236,000.  Additionally, the network’s daily active addresses grew by 42% to 1.2 million. This figure represents a 377% increase over six months. Cumulatively, Near has surpassed 100 million total accounts. 

Other layers 1 blockchains that saw notable performances include Arbitrum, Polygon PoS, and Solana recording daily active addresses of 181,000, 818,000, and 889,000 respectively in Q1 2024.

Apart from the increase in new addresses, Near Protocol also saw growth in its total value locked (TVL) and stablecoin market capitalization. Metrics show that the blockchain has a TVL of  $335 million which represents a notable 163% increase over the last quarter and a 547% surge over the previous six months. With this surge, the network is ranked top 20 among all networks by TVL.

Although there was a gradual decline in NEAR’s stablecoin market cap over a few quarters, this quarterly report shows a significant increase, spiking 176% QoQ to a total of $214 million. Furthermore, NEAR’s circulating market cap increased by 94% to $7.2 billion.

Factors Behind the Growth

The significant increase and widespread adoption of Near Protocol can be attributed to several factors such as the ongoing contribution from platforms including KAIKAINOW, Sweat, Playember, and HOT Wallet. 

Last year, the NEAR network noted increased activities following the launch of KAIKAINOW, an innovative social platform by Cosmose AI that leverages blockchain and AI to deliver curated content to users’ lock screens while also rewarding them with KAI-CHING tokens on the NEAR blockchain. Additionally, the significant user base and success of HOT Wallet, Sweat, and Playember contributed to Near’s impressive surge.