Daily Transactions On The Near Blockchain Soared Above 13.935 Million

• Near Blockchain Daily Transactions Spiked Over 13.935M on December 1
• According to Colin Wu, the spike coincided with the minting of the first inscription, NEAT.
• Near Chain also generated a record $173,000 in transaction fees on December 1.

Near protocol achieved a milestone after a remarkable spike in the number of transactions on its native blockchain. 

As seen on a chart on its website, the number of transactions on the Near blockchain soared above 13.935 million on December 1, 2023.

In a post on X (formerly Twitter), renowned crypto journalist Colin Wu noted that the recent spike in the number of transactions on the Near Chain coincided with the minting of the first inscription, NEAT, and support from Near’s official tweet. 

A historical record of 13.19m transactions in the last 24 hours and 350k NEAR tokens burned.

That's NEAT! 📸

Inscription is a new mechanism of creating digital assets on blockchain, originating from the Bitcoin network via Ordinals Protocol.

Learn more about the first… https://t.co/u1KyhLLFVP pic.twitter.com/BGK7ZEfF1C

— NEAR Protocol (@NEARProtocol) December 1, 2023

Apart from the rally in the number of transactions, Wu also noted that Near Chain generated a record $173,000 in transaction fees on the same day. 

NEAT is the first Inscription standard to launch on Near’s Layer-1 blockchain. Reportedly, NEAT’s design would enable it to record inscriptions through function calls. It is a solution that is independent of smart contracts and enhances the security and trustlessness of the inscriptions.

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

NEAR, the native cryptocurrency of the Near protocol, gained nearly 10% within 48 hours of the NEAT minting, according to data from TradingView. 

The blockchain’s native crypto rose from $1.855 on December 1 to $2.068 by the next day. That move enabled NEAR to break out of a 10-day price range and resume an upward movement it started on October 20.

According to reports, NEAT will leverage NEAR’s inherent features, with a single NEAR token able to process up to 2,000 inscriptions at the current gas prices. 

See Also: Bitcoin Network Fees Skyrocket Nearly 1,400% in November As Ordinals Inscriptions Dominate Top Blockchain

Following the minting exercise, the NEAR Protocol allows up to 100 million NE​​AT for each inscription, with an expansive total supply of 42 trillion, and the cost of a single inscription remains below $0.001 under standard gas conditions.