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As the Layer-1 Blockchain Competition Heats Up, Near Hits All-Time High

The price of NEAR, Near Protocol’s native token, has soared to a new high of $17.28 on Tuesday. Since then, the token has taken a small detour. Despite this, the token has gained 15.3 percent in the last 24 hours, and is currently trading at $16.84, according to CoinGecko.

NEAR is a smart contract blockchain that use a proof-of-stake (PoS) consensus method with sharding technology to improve network scalability and reduce transaction fees.

The asset’s current price movement comes after a flurry of activity in recent weeks surrounding the project.

On Monday, Synapse Protocol, a DeFi crypto exchange and cross-chain bridge, was announced as being available on Aurora. Which is, a virtual machine that allows Ethereum developers to easily build on Near Protocol.

The protocol’s creators also announced the incorporation of UST. That’s, Terra’s dollar-pegged stablecoin, as well as multiple incentive programs aimed at increasing the stablecoin’s liquidity, last month.

DeFi businesses like DePocketFinance, CraftingFinance, and EndlessFM were among the other integrations. Then, and partnerships that helped the protocol’s token price rise by 95.2 percent in the last two weeks. That’s, and as much as 110 percent in the last month.

NEAR is the 23rd-largest cryptocurrency on the market, with a market valuation of just over $10 billion.

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