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Adopting Bitcoin Inscriptions Sends Near Transactions Soaring
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Adopting Bitcoin Inscriptions Sends Near Transactions Soaring

  • Within four days, transactions on the Near Protocol jumped 12x.
  • 100% of the inscriptions have been minted.

Transactions on the NEAR Protocol [NEAR] blockchain surged to unexpected levels between the 1st and 2nd of December, according to Near Blocks. 

As of the 29th of November, the total transaction count on NEAR was 1.84 million. But at press time, the same metric was 13.93 million, indicating a 12x increase within a few days.

The reason for the sudden spike in transactions was not without cause. Based on the investigation by Bitcoinworld, NEAR has become the latest Layer-one (L1) blockchain to have inscriptions on board.

On the 28th of November, the NEAT inscriptions first appeared on the NEAR blockchain. During the launch, the Neat Inscription team described it as a new standard for launching public tokens on the network.

The development team also admitted that it found the Bitcoin Ordinals’ experiment valuable. It also added that it was one of the reasons it followed the same step using the Ordinals protocol.

Read Also: Daily Transactions On The Near Blockchain Soared Above 13.935 Million

Other L1s like Litecoin [LTC] and Dogecoin [DOGE] have also trodden a similar path.

Like Bitcoin’s BRC-20, NEAT also created its own NRC-20, the fungible side of its inscriptions. As of this writing, 100% of the total NRC-20 assets have been minted and burned.

According to Bitcoinworld’s assessment of NEAT, there are now 24,139 holders of the NRC-20 tokens.

Because of this increase in activity, NEAR gained $173,000 in fees. So, the protocol was able to make a 67.90% jump in revenue, Token Terminal revealed.

Besides the rise in revenue, NEAR’s Social Volume has also been affected. The Social Volume, tracked by the on-chain analytic platform Santiment, is the total number of searches or messages connected to a project.

NEAR revenue

 

In the early hours of the 3rd of December, the Social Volume jumped to 12.14 before decreasing. This means there has been an increasing discussion related to NEAR.

However, the sentiment around the project seemed indecisive between the bullish and bearish side.

Read Also: NEAR Protocol Up More Than 3% In 24 hours

In terms of its Total Value Locked (TVL), DefiLlama showed that the metric had increased. At press time, NEAR’s TVL was $51.58 million.

The TVL measures the total value of assets locked in a protocol. 

When the TVL decreases, it means that market participants are refraining from depositing their assets into a protocol. So, NEAR’s TVL increase implies that the protocol seemed trustworthy enough to have liquidity deposited in return for yield.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.