In a remarkable turn of events, the NEAR Protocol has outshone Ethereum and its layer-2 counterparts in daily active addresses over the past month, signaling potential shifts in the crypto landscape. Artemis data from September 25 showcases this surprising trend, shedding light on the significance of daily active addresses in crypto.
According to Artemis, NEAR Protocol has consistently maintained over 400,000 daily active addresses throughout September, demonstrating its growing user base. In stark contrast, Ethereum, the trailblazing smart contract platform hosting most DeFi and NFT activities, has declined its daily active addresses.
Ethereum’s daily active addresses surged above the one-million mark in mid-September but have since plummeted to less than 400,000. A similar pattern is evident in Arbitrum, which dropped from around 200,000 in late June to 150,000 by September 25.
During this period, NEAR Protocol has experienced a remarkable surge in daily active addresses, surging from approximately 40,000 in late June to over 400,000, outperforming Ethereum in this critical metric. This surge has also led to a notable increase in daily transactions on the NEAR Protocol, surpassing those on Ethereum.
These statistics highlight the importance of daily active addresses as indicators of adoption, user engagement, and network health for public ledgers like NEAR Protocol and Ethereum. Moreover, the rise in daily active addresses could signify changing market sentiment, significantly impacting cryptocurrency prices.
However, despite the impressive network activity, NEAR, the native token of the NEAR Protocol, is trading near its 2023 lows at $1.107, marking a 61% drop from its 2023 highs. The daily chart’s candlestick arrangement suggests consolidation and stability above the primary resistance level at $1. Still, bears could gain the upper hand if prices remain below $1.23, a crucial resistance level established during the August 17 highs.
Interestingly, while network activity appears robust, price action tells a different story. Although the transaction count has risen, the number of unique addresses interacting with NEAR Protocol decentralized exchanges has remained relatively stable. Regarding decentralized exchange volume, NEAR Protocol lags behind Ethereum and its popular layer-2 platforms.
In conclusion, NEAR Protocol’s surge in daily active addresses compared to Ethereum and its layer-2 solutions reflects a notable shift in the crypto landscape. However, investors should exercise caution and consider the divergence between network activity, price action, and the lower DEX volume on NEAR Protocol. These factors hold valuable insights for those navigating the cryptocurrency market in these dynamic times.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.