Morning
So Near Protocol is making headlines again, with its native token 'Near' pumping by 25.3% yesterday reaching as high as $19.31. This marks more than 200% rise in just under one month. As of now Near is trading at $16.73, as per data from CoinMarketCap.
The bullish action have made Near 18th largest by marketcap and spiked Near close to previous all time high of $20.20 back in January this year.
Launched in May 2020, Near Protocol is one of the several smart contract based layer 1 protocols, utilizing proof of stake(POS) mechanism and sharding technique to ensure high scalability and lower transaction fees. The protocol claims to be the most dapp friendly. As of now the protocol can handle 100,000 transactions per second with transaction processing happening in less than a second.
There are several factors contributing to the recent pump. Biggest impetus was the news of Near Protocol landing $300 million from a new funding round. The funding which includes investors like FTX Ventures, Dragonfly Capital, and others will be used to further expand the Near ecosystem. Back in January, after pocketing $150 million from a funding round Near token skyrocketed to all time high.
Moreover, the founder of Digital Coin Group, Barry Silbert, announced that Near is their top third holding after Bitcoin and Ethereum. Moreover rumors are also swirling about Near Protocol launching their own stable coin and will offer APRs as high as 20% to kickstart the defi activity on the chain.
