Alex Pavlov, CEO and founder of DeFi derivatives protocol Spin, shared some metrics that indicate NEAR Protocol is on the verge of a new bullish move.
On-chain activity, retail adoption, audience growth, ecosystem advancement: NEAR FOMO’s Catalysts
Over on Twitter, Pavlov announced the strongest drivers of the upcoming NEAR Protocol FOMO (“fear of missing out”).
A thread on the @NEARProtocol adoption: the FOMO is NEAR 🧵
1/ Intro: We at @spin_fi constantly keep an eye on the #NEAR metrics. I am sure I’m not the only one, so let me simplify the job for some #DeFi researchers and summarize the trends I currently see. pic.twitter.com/mpwMfO5rK7
— Alex Pavlov (@_alexpavlov) April 15, 2022
The first point that Pavlov draws attention to is the trade volume. In terms of net trading volume, NEAR Protocol has already outstripped Avalanche (AVAX) and is pretty close to surpassing Terra (LUNA) and Solana (SOL), the two most prominent protocols of 2021.
On the other hand, its fully diluted market capitalization remains low compared to its closest competitors, which can also be interpreted as a sign of undervaluation. The diluted market value takes the current price of an asset and multiplies it by the maximum supply that can be in circulation at any given time. This metric can help determine whether an asset is overvalued or undervalued.
Aside from these, analytics firm Messari has tracked audience growth for major platforms other than Ethereum, with Near posting a 55% increase in 2022. This is higher than Solana (SOL), Terra (LUNA) and Avalanche (AVAX).
This progress is accompanied by a rapid increase in stablecoin, DeFi and dApps activity in the NEAR ecosystem.
$1.37 billion locked, 27 active protocols: What’s going on with the NEAR Protocol?
Finally, Pavlov noticed a huge increase in transactional metrics of retail usage. In 2022, NEAR Protocol went through two major fundraising campaigns.
By mid-April 2022, NEAR had acquired 27 decentralized applications (dApps) of all types, according to Dappradar statistics.
NEAR Crowd, Paras 2.0 and Ref Finance are the three most popular dApps in terms of number of users.
In total, $1.37 billion has been locked by users of all NEAR-based protocols.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.