Post author: Post published:August 14, 2024 Post category:Ethereum News Key Insights Financial Overview Market Capitalization Following an explosive six months, the crypto market experienced a downturn in Q2 2024. During the six-month period, NEAR’s price appreciated significantly, increasing sevenfold from $1.1 billion to $7.6 billion. However, in Q2 2024, NEAR’s circulating market cap decreased to $5.8 billion, marking a 23.6% decline QoQ. The fully diluted market cap also decreased to $6.3 billion, a 26.5% decline. Despite this downturn, NEAR’s market cap ranking improved from 21st In Q2 2024, NEAR’s revenue, which measures network transaction fees but excludes storage staking Usage NEAR saw continued increased levels of activity in Q2 2024. The average daily active addresses climbed to 1.9 million, a 51.0% increase QoQ; the average daily new addresses were 330,000, a 40% increase QoQ; and the average daily transactions reached 7.7 million, reflecting a 77.8% rise QoQ. The primary driver of NEAR activity has been NEAR places an emphasis on supporting developers, with 30% of transaction fees distributed to the creators of the smart contract DeFi NEAR’s Total Value Locked (TVL) ended Q2 2024 at $286 million, reflecting a 15% decrease from the previous quarter, while DeFi TVL (NEAR) was $54 million, showing a 17% increase QoQ. Despite the quarterly decline, DeFi TVL (USD) is still up approximately 5x YoY. Within the NEAR Network’s TVL, NEAR contributed $267 million, and Aurora contributed $19 million. NEAR ranked approximately 27th In Q2 2024, all leading DeFi protocols on the NEAR Network saw decreases in their TVL. Burrow In Q2 2024, liquid staking TVL decreased 20% QoQ to $255 million. Despite the decrease in liquid staking TVL, the liquid staking rate, defined as the amount of NEAR staked relative to the circulating supply, was up 5% QoQ to 8%. The Linear Protocol In Q2 2024, NEAR had an average daily DEX volume of $9 million, reflecting a 3% increase from the previous quarter and a 2x increase over the previous six months. Ref Finance In Q2 2024, NEAR’s stablecoin market cap saw another increase, reaching a total of $567 million, up 164% QoQ and 717% over six months. The increase was led by USDC, with a market cap of $330 million, reflecting a 303% increase QoQ, and USDT, with a market cap of $187 million, showing a 117% increase QoQ. USN, the winding-down stablecoin In Q2 2024, NEAR NFT sales volume (USD) experienced a significant spike, increasing 800% QoQ to an average daily NFT sales volume of $34,000. Concurrently, the average daily NFT sales rose 430% QoQ, reaching an average of 2,000 daily sales. No part of this report may be (a) copied, photocopied, duplicated in any form by any means or (b) redistributed without the prior written consent of Messari®. Tags: Ethereum News Please Share This Share this content Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Read more articles Previous PostState of Phala Network Q2 2024 Next PostDePIN Summit 2024 You Might Also Like Solana ($SOL): 3 ‘Critical Events’ That Could ‘Bring Significant Activity and Value’ July 28, 2022 Bitcoin and Ethereum May Have Found Their Market Bottoms January 14, 2023 CFTC Chair: Both Bitcoin and Ethereum Are Commodities for Regulatory Purposes May 20, 2022