NEAR Protocol Sees User Activity Surge Despite Bear Market

• In Q4 of 2022, the NEAR Protocol experienced a surge in user activity despite the bear market.
• Messari’s report found that the launch of Sweatcoin [SWEAT] as Sweat Economy in July was a major contributor to the increased activity.
• During the 90-day period, the daily transactions count on the network grew by 50% on a YoY basis, with transactions processed totaling 41.71 million.

The cryptocurrency market saw a decline in 2022, but this did not stop the NEAR Protocol from experiencing significant user activity. According to research firm Messari’s report titled „State of NEAR Q4 2022,“ the network saw a surge in the number of daily active accounts, a 2.4% growth in transactions processed, and a 10% decrease in total value locked (TVL).

The report attributed the increase in active accounts to the launch of Sweatcoin [SWEAT] as Sweat Economy in July. This new economy saw 16 million unique wallets, 4 million daily active users, and 200 million SWEAT staked, resulting in increased engagement with the NEAR network. During the 90-day period, transactions processed totaled 41.71 million, a 50% year-over-year growth. Despite the low transaction fees, averaging at less than one cent, the transactions still saw a spike.

Messari also noted that NEAR’s network activity showed significant growth in the fourth quarter of 2022, despite the bear market and unprecedented turmoil. This growth was further compounded by the continued momentum of Sweatcoin’s adoption. As such, the surge in activity could be an indication of a price reversal for the NEAR token.

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