NEAR Foundation publishes Transparency Report for Q2-2023

NEAR Foundation has published its quarterly report titled NEAR Foundation Transparency Report: Q2 2023. This is the second installment this year and highlights its developments and advancements in Blockchain Operating System, Web2.5 strategy, and Web3 partnerships. These are only a few points as the report actually goes on to cover a lot more – that too in detail.

Starting with its Treasury numbers, the same reportedly holds $0.9 billion. This is a straight drop of $0.2 billion. A lot of it constitutes fiat reserves, native tokens, and loans & investments. Specifically speaking, this is how the numbers look according to the Transparency Report:

• Fiat Reserves: $349 million
• NEAR Tokens: 315 million at $1.38
• Loans & Investments: $90 million

A contribution here is also of the native token, resulting in the fall of the Treasury’s holdings. The unit was previously traded at the closing value of $1.99. That changed to $1.38. NEAR is currently exchanging hands at $1.32, a small fall, but it is damaged nonetheless. There is an obvious uncertainty about how the holdings will look in the next quarter.

It will again take into consideration the element of the native token. While there is a chance the next quarter could again see a fall, chances are that the year-end will be beneficial since the NEAR crypto price prediction estimates the token to register a value of $3.50. This is an optimistic value, and the lowest that it can go is $1.44.

The vision of the NEAR Foundation is to build an open web and foster adoption. It is planning to accomplish this by sticking to its three core strategies, namely:-

• BOS – Blockchain Operating System is gaining traction, and it is currently being delivered by NEAR.
• Decentralized Ecosystem – The concept of decentralized has come a long way, not solely associated with the fundamentals of crypto. They enable the Foundation to facilitate a censorship-resistant, fairer, and safer world.
• Web3 Transition – The goal is to make the open web mainstream and lead the coming generations through innovation.

The transition, particularly, is being achieved in partnership with Web3 players. NEAR Foundation had set a goal back in January this year. So far, it has outperformed in both quarters by a huge margin.

Out of 74 actual partnerships for Q1 and Q2 combined, the largest number is seen for Loyalty & Rewards, with 19 partnerships. This is followed by Infrastructure with 18 partnerships. Surprisingly, the most inferior number is in Sustainability, with just 6 partnerships.

Regions leading to partner with the Foundation for transition to Web3 are North America, EMEA, and Asia, with 29, 14, and 29 partnerships, respectively.

However, moving forward, the community is looking to stay affiliated with the Foundation through Telegram, Discord, and Twitter. An alternate source of learning-cum-connection is its official channel on YouTube.