Go back

Michaël van de Poppe - 15 September 2022

NEAR and its recent developments!

NEAR

Near Protocol is a sharded, proof-of-stake and Layer-1 blockchain built to be performant, secure, and infinitely scalable.

Near is designed to make it easier to build decentralized applications and onboard users with a smooth experience, even if they have never used crypto, tokens, keys, wallets, or other blockchain artifacts.

Recent Developments

In recent weeks, we have seen many developments and news from Near.

The most important news is the launch of the Nightshade Sharding Phase 1 on the 8th of September. Nightshade is an innovative sharding mechanism founded by Near Protocol. Nightshade sharding allows Near Protocol to scale linearly with the number of shards, thereby having the ability to handle a high number of TPS.

Phase 1 will lower the barrier of entry to become a validator. There are 100 validators on Near now, and it is expected to onboard 200 to 400 more validators after the launch. Phases 2 and 3 are scheduled to launch in 2023. The Nightshade update is essential because, through its sharding upgrades, Near seeks to make a scalable, efficient network for those interacting in the ecosystem. Phase 1 could be bullish for NEAR because it will increase the number of nodes, which means increased security and decentralization for the protocol. Besides, it is another step to completion of the final goal of the Nightshade Sharding.

Near Foundation also has announced a strategic partnership with Caerus Ventures to launch a $100m venture capital fund to further the development of the ecosystem.

Lastly, Tether announced that USDT will go live on the Near network, which is positive for the DeFi part of the chain because USDT will give more options in the ecosystem, not just direct investments but mostly for more safety during times of volatility.

Analytics

TVL is regularly increasing in the long term. The launch of USDT may trigger higher TVL in the future.

New accounts on Near Protocol also show an increasing adoption.

Conclusion

A lot of developments have been happening on Near in recent weeks. All of them are positive and give clues about future opportunities. Nightshade Sharding Phase 1 is a key development that will increase the validator number and prepare the protocol for phases 2 and 3. The Phase 1 announcement is bullish for NEAR as they are progressing as expected while enhancing the blockchain. The USDT launch is also bullish news that will help ecosystem growth, because USDT is one of the most used coins in DeFi and it offers users more options.

Near is a fundamentally strong project. The adoption may increase after the recent USDT and Nightshade update, creating bullish price action for NEAR.

To read more of this kind of content, sign up for the free trial:

https://get.eightglobal.com/1-week-free-trade-letter/