In 2022, the bears took control of the market, resulting in a mass exodus of liquidity. As a result, most blockchain companies, including NEAR Protocol, have had more time to focus on development.
In the coming months, the NEAR Protocol has reiterated its strong and aggressive focus on growth. Its most recent strategy call, dubbed “Go Forward,” revealed the areas in which Near Protocol intends to focus its efforts. Here are some key takeaways that will help you understand the protocol’s current direction.
NEAR revealed that its long-term adoption target is one billion users. It plans to achieve this goal through a top-down approach, with a monthly target of 10 million new users.
This implies that the network is already averaging new monthly users in this range. Such lofty goals will necessitate the network focusing aggressively on development.
In terms of development, the network will need to ramp up its efforts to help those goals become a reality. Over the last six months, it has maintained healthy development activity.
Despite healthy levels of development activity, the network’s volume has dropped significantly. In order to meet NEAR’s growth targets, development activity is expected to remain high.
The network intends to sustain its expansion through decentralization. It intends to delegate more control to individual nodes, particularly those run by DAOs in charge of development.
Can the NEAR Protocol’s strategies, however, help to revive strong demand for the NEAR token? A review of sentiment metrics reveals that market sentiment has improved in the last seven days. During this time period, weighted sentiment increased.
At the same time, the Binance funding rate increased, indicating that demand for NEAR in the derivatives market improved. This is especially significant for NEAR’s price action, especially at its current level.
At the time of writing, NEAR was trading at $1.285, remaining within the lower monthly range. This month’s bearish price action has pushed it into oversold territory, making it the ideal time for a sentiment shift.
It is unclear whether the market will continue to fall as the year 2023 approaches. NEAR’s current situation is still favorable for a rebound and a healthy discount.
