I originally meant to write this article much sooner and I had a rough draft ready, but unfortunately work and other duties got in the way. As of writing NEAR has broken it's all-time-high and has reached prices of above $14.5. However I think the protocol still has a lot of potential growth ahead of it and will join the ranks of blockchains like Solana and Avalanche.
With Solana having network slowdowns and a lot of FUD being spread about it and AVAX fees getting fairly expensive, alternative high-throughput L1 protocols are set to explode. One of these blockchains that has been gaining a lot of traction lately is NEAR.
NEAR protocol is a sharded POS blockchain that can achieve up to 100,000 TPS with fees that are almost zero. In late 2022 the blockchain is supposed to go through an upgrade that will allow it to create infinite shards thus allowing essentially limitless transaction throughput. It is very user friendly and also mobile-first - something that I think will become more and more important in coming years. With a $800M fund to bring new projects to the blockchain, the ecosystem is definitely booming at the moment. There is so much bullish news coming out, that it would take me a long time to write it all in this post, so I'll let you check it out for yourself.
NEAR price potential
With the basic DeFi infrastructure building out on NEAR, I’m expecting a similar price move like we saw from Solana and more recently from AVAX. Currently sitting at a market cap of around 13 billion, I think we could easily see it reach the market cap of Avalanche – at least a 3x from the current price. As the bull market continues, I think NEAR could easily do at least a 10 – 20x, up to 150 – 300 dollars.
Promising projects building on NEAR
NEAR has some cool projects building on it, although a lot of them are in their early stages. Some of the projects I’m looking at are Aurora – and EVM compatible side-chain, DeBio – a decentralized and privacy-focused medical information system, Octopus Network – an appchain similar to Moonriver. and Jumbo DEX – a user-friendly DEX that looks like it will be similar to Trader Joe. With the current ongoing hackathon, we will see even more interesting projects pop up and bring adoption to the ecosystem. I will definitely be keeping an eye out.
I’ll write more about these projects in more detail in future articles as well as some gaming and metaverse coins in the NEAR ecosystem.
Let me know if you’re bullish on NEAR and why!
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