NEAR investors may be leery of celebrating this milestone because…

  • 250 million transactions have been processed on the NEAR protocol
  • However, NEAR’s price continued to fall

Two years after the launch of the mainnet, the decentralized open source blockchain platform NEAR Protocol [NEAR] reached a milestone of 250 million transactions on the platform.

Read the NEAR protocol [NEAR] Price prediction 2023-24

The NEAR protocol is designed for applications that require high scalability and low transaction fees, such as decentralized applications (dApps) and decentralized finance applications (DeFi). Furthermore, it is home to 750 active projects and 125 decentralized autonomous organizations (DAO).

The NEAR ecosystem saw significant growth as the number of accounts, monthly active wallets, transactions, active developers and projects increased over the past year.

Source: The NEAR protocol

NEAR protocol on the chain

In the latest version of it Weekly On-Chain data report, over the past week saw a jump in the daily average number of new wallets created on the NEAR blockchain. New accounts on NEAR reached a weekly high of 25,001 on December 12, with an average of 24,000 wallets created daily.

This represented a 42% jump from the 14,000 wallets created daily last week. NEAR noted that this rally brought the total number of wallets on the blockchain to two million.

Source: The NEAR protocol

In terms of daily active accounts on the network, NEAR reported that in the last week, the number of wallets transacting on the chain reached a peak of 92,440 on December 12th. However, this number went back to around 51,000 per day.

Source: The NEAR protocol

Furthermore, NEAR saw a jump in the number of new contracts and active contracts on its network between 12 and 16 December. According to the report, the number of new contracts on NEAR reached a daily high of 57 on December 13, from the 17 new contracts created on December 11.

As for active wallets, NEAR reported,

“This metric also moved up this week, with 640 measured on December 11 and a peak of 797 active contracts created on December 13.”

Source: The NEAR protocol

NEAR zero

While the NEAR blockchain saw some ecosystem growth in the past week, its native coin NEAR saw no increase in value. Per data from CoinMarketCap, NEAR was trading at $1.40 at press time. In addition, NEAR’s price fell by 17% in the last week.

With a consistent decline in On-Balance Volume (OBV) over the past week, sellers were in control of the NEAR market at press time.

At the time of writing, the 20 exponential moving average (EMA) was positioned below the 50 EMA (yellow) line. Confidence in this position was NEAR’s Directional Movement Index (DMI). NEAR’s sellers’ strength (red) of 36.48 rested above the buyers’ (green) of 14.22.

The Average Directional Index (ADX) showed that buyers may find it difficult to negate sellers’ strength in the short term.

Source: TradingView

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