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The NEAR token, which is used to power the eponymous blockchain network, has increased by over 23% in the last 24 hours.
The positive activity has increased the market value of the 16th largest cryptocurrency to slightly over $19, according to CoinMarketCap. This is barely 6.5 percent below NEAR's January all-time high of $20.42.
Near Protocol was launched in May 2020 to resolve the crypto space's numerous scaling obstacles.
It achieves high speeds and cheap costs through features, including a proof-of-stake (PoS) consensus process, a scaling method known as “sharding,” and a unique block-producing architecture that reaches finality faster than some rivals.
Finality is a technical word used in the cryptocurrency field to describe the point at which a transaction cannot be modified or canceled.
Today’s increase follows a new $350 million investment from FTX Ventures, Dragonfly Capital, and others. The additional funds will be used to grow the ecosystem. Additionally, Near raised $150 million in January. Following that, Barry Silbert, the creator of Digital Coin Group, said that the Near token was the Group’s third-largest crypto holding, behind Bitcoin and Ethereum.
Finally, reports have circulated that Near would introduce a native stablecoin soon. Speculation began following a recent newsletter by cryptocurrency swing trader Zoran Cole. He explained how USN, the stablecoin’s name, would “provide a highly appealing 20% annual percentage rate” and spark a spike in DeFi activity.
Apart from Cole’s assertions and specific facts extracted from Ref Finance’s testnet, there is scant evidence. The Near-based DeFi platform’s decentralized exchange has a stablecoin named USN (DEX). Near Protocol has yet to respond to Decrypt on the authenticity of these rumors.
Regardless, the crypto Twitterati have rallied behind the promise of a fresh (and potentially profitable) opportunity, undoubtedly influencing Near’s price.