What’s making the NEAR Protocol enter the FOMO phase? –

Several analysts and experts in the crypto field are keeping an eye on the trajectory of the NEAR protocol as if something exciting to come 

NEAR Protocol has consistently shown outstanding performance while raising significant growth in its value. Slightly more than a year ago, from being at around $0.52 to reaching its all-time high of $20.42 in January this year while currently trading at around $15.8. The network, as well as its digital assets, has been among some all-time well-performing assets. Recent predictions regarding the NEAR protocol are worth noting.

CEO and founder of DeFi derivatives protocol, Spin, Alex Pavlov shared some metrics and data signalling that NEAR Protocol is on its way to making another uptrend move. Spin CEO, who is also a partner at assets management firm, Algalon Capital, has shared his take on Twitter, indicating some most powerful drivers of NEAR Protocol (NEAR)’s upcoming ‘fear of missing out (FOMO) situation. 

As far as net trading volume is concerned, the NEAR Protocol has outperformed several well-performing networks already, including Avalanche (AVAX), and is soon to surpass the other two most overhyped protocols of previous years Terra (LUNA) and Solana (SOL). On the other hand, at the same time fully diluted market cap of NEAR Protocol remained low compared to its closest competitors, which can also be interpreted as an indication of undervaluation.  

Meanwhile, analytical firm Messari was tracking the growth of audience at major Non-ethereum platforms and found out that there was a 55% increase during this year. This growth is recorded more than any other, including Terra (LUNA), Solana (SOL) and Avalanche (AVAX). 

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These earlier mentioned progress has added to the rocketing increase in stablecoin, dApps and DeFi activities on the NEAR ecosystem. Pavlov noticed a last but significant huge increase in retail usage transactional metrics. In 2022, NEAR Protocol has been going through two effective fundraising campaigns. 

As per the statistics of Dappradat, by mid-April of this year, the protocol has onboarded about 27 decentralized applications of almost all types, mostly dominated by game segments and marketplaces. NEAR Crowd, Ref Finance and Paras 2.0 are among the three most popular decentralized applications in terms of numbers of users. About $1.37 billion worth is locked in protocols based on NEAR protocol. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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