Near [NEAR] Protocol was struggling to gain traction, while other cryptos were enjoying the spotlight. New data indicates that the tides are turning towards Near.
Nearing its highest level
Near protocol has reached its record-breaking TVL (total locked value) in just a few short days. The protocol attracted a lot of people to use its network.
The protocol could end up stealing significant market shares from networks like Cardano, even though it may prove beneficial over the long term.
AMBCrypto analyzed Artemis data and found that NEAR outperformed Cardano on TVL despite its relatively small DEX volumes (Decentralized Exchange).
Near outperformed Cardano in terms of its activity. As of the date of this writing, there were 6.5 Million daily transactions on the network.
Cardano on the other had 48,000 daily transactions. Daily activity also followed a similar pattern.
Over the last couple of days, Near’s daily active address count jumped to 7,000,000. The number of Cardano daily active addresses was a mere 33,800.
Cardano has been able to maintain its dominance in TVL for quite some time despite the fact that it was relatively quiet on the network. Cardano may struggle to regain its position as Near catches up with the protocol.
This disparity has led to a protocol that generates massive fees when compared with Cardano.
Artemis reported that Near was collecting $27,000 in daily fees when this report was written. Cardano generated $8,300 per day in fees.
Prices surge
Near has also outperformed Cardano when it comes to the price of its token.
Here’s a list of realistic and not-so-realistic images. NEAR’s market cap in BTC’s terms
NEAR’s price has increased by 11 % in the last seven days, while ADA’s price has risen by 4%.
Cardano has a much higher development activity than Near. Santiment data showed that development on Cardano was higher than Near.
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Source: ambcrypto.com