NEAR Protocol Announces New Updates; Enough to Shift Its Course?

Altcoins Bitcoin Cryptocurrency Ethereum News Price Analysis

NEAR Protocols introduced the initial Protocol Working Group conference to debate the recent improvement proposals for the platform. The group will bolster NEAR’s future and ensure heightened developments.

Besides the new development-focused group, NEAR witnessed a lucrative performance in the previous week. The latest weekly update shows NEAR conducted 2.25M transactions with 751,293 average transfers. Also, the network has seen a massive increase in account types, gaining 316,894 – +17%.

Meantime, NEAR Daily tweeted about the protocol’s leading gains within the previous week. REF maintains its dominance, registering a 15.5% uptick during the week. NEAR token followed with an 11.1% increase.

The AURORA coin concludes the top-3 list with its 10.3% surge. Meanwhile, NEAR was enjoying a lucrative week. Earlier LunarCrush data showed NEAR token’s Alt Rank plummeted during the previous week.

NEAR Price

What about the NEAR price? The developments leave the alt at around $4.41, following a slight 0.8% drop over the last 24 hours. Nevertheless, it still boasts 7.76% gains over the past seven days (Coinmarketcap data).

Nonetheless, there was a substantial decline in NEAR’s decentralized finance (DeFi) TVL within the previous month. DeFiLlama data shows NEAR’s total value locked lost 10% five days into August. While writing this article, the protocol’s TVL stood at $285.09 million.

Ref Finance still dominated with its $228.8M and 80.28% monopoly within the NEAR’s total value locked. Also, the platform continues to display a declining setup for the reduced trading volume. NEAR has its trading climbing towards the $800 million highs early in April.

Nevertheless, bearish tendencies continued to limit its growth. Also, it has failed to break beyond the $500M level in over two weeks.

The Crypto Market

The cryptocurrency space remains deteriorated, recording brief declines within the past 24 hours. For instance, Bitcoin plunged by 0.24% over the last day, trading at $19,828. Bears dominate the marketplace as BTC fails to reclaim the $20K mark.

Meanwhile, the 2nd-largest alt, Ethereum, led the top ten in gains. ETH gained 4.33% to trade at $1,665.96 during this publication. The Ether jump comes amid increased enthusiasts ahead of the anticipated migration to the Merge.

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