Methodology

In this analysis we explore key metrics such as:

• Transaction Frequency
• Transaction Success rate
• Transaction breakdown by method call.
• Fee accumulated over time
• Transaction Performance
• Number of active wallets.
• Bridge transfers
• Top holders of USDC, USDT and USN.
  • Balance of top holders over time.

Note: Some of the charts and queries have been sourced from existing dashboards, all the links are given at the bottom of this analysis.

Transaction breakdown by method call.

• FunctionCall is the most common method call in all the transactions, May 10 saw 1.2M FunctionCall method transactions, the number has since then fallen down to 0.5M transactions.
• Looking at the number of users, AddKey and FunctionCall seems to be the most popular method transactions with the most number of wallets using these methods.
• In terms of fee FunctionCall is the one that collects most of the fee.
• In terms of number of transactions Function Call has had the highest of 1.6M transactions.

SQL Credits

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Transaction Fee $USD overtime

• Transaction Fee was at peak during May 2022 ~40K USD in fees, it has since then fallen down a alot to around 5K USD in fee, since the number of transactions has gone down.
• Till date 14M $USD fee has been collected in the past 90 days.
• 99% of the fee has come from FunctionCall method.

Transaction Performance

• NEAR has worse performance than other L1s like Ethereum, Flow or Algorand.
• The current Max Transactions per minute are 818, where are the running average is around 40 transactions per minute.
• Median is around 30 transactions per minute which is not that high.

Number of wallets new vs active

• In terms of number of new wallets, we saw a spike around Mar 20, where we saw 225K wallets active on a single day, however after that day the number of active wallets have been around 1K per day.
• The cumulative number of new wallets has been falling flat since Mar 2022.
• If we look at the number of Active Wallets in terms of number of days of activity, then we only have about 5K wallets that have been active since the past 100 days, and 600 wallets active for the past 200 days.

Bridge transfers

• Bridge transfers are another important metric to see how much volume is flowing into NEAR vs how much is flowing out.
• Net Net there are similar amount of Volume flowing into NEAR vs Volume flowing out of NEAR ecosystem.
  • USDT is the most common token transferred from NEAR → Ethereum with a cumulative of 224M $USD transferred followed by USDC for a total of 132M $USD.
  • NEAR is the most common token transferred from Aurora → NEAR with a cumulative of 830M $USD transferred followed by USDC for a total of 235M $USD.
  • NEAR is the most common token transferred from NEAR → Aurora with a cumulative of 673M $USD transferred followed by USDC for a total of 165M $USD.
  • USDT is the most common token transferred from Ethereum → NEAR with a cumulative of 142M $USD transferred followed by USDC for a total of 79M $USD.
• Seems like USDT is the preferred token of choice for transfer to-from ETH and USDC is the token of choice to and from Aurora.

Top holders of USDC, USDT and USN.

• cicidao.near is the top holder of USDT and USDC, they have received 415K USDT and 508K USDC totalling around 925K $USD.
• yuxsccc.near is the second top holder with around 170K USDC and 130K USDT, totalling 300K $USD.

Transfers of USDC, USDT and USN.

• If we look at the transfers for USDT, USDC and USN, then yuxsccc gas received the highest a cumulative total of 13M $USD of token.
• simpleguy comes in second with ~4M $USD in transfers.

Transaction Frequency

• Transaction frequency is seeing a decreasing trend, highest being 2.5M transactions in May 2022, it is down to 0.5M transactions per day.

• In the past 60 days we have seen 54M transactions out of which 81% have succeeded and 19% have failed.

  Transaction Success Rate

• The highest number of failing transactions were ~38% transactions failing on May 10, 2022., it is currently hovering around 20%

• The highest rate of failures are seen on Sunday around 2AM UTC, followed by Monday 0-3AM UTC.

• The highest rate of successful transactions were seen on Wednesday at 1800 UTC.

• Function Call is the method that has seen the Most number of failed transactions.

Conclusion

• NEAR ecosystem seems ok healthwise, the failure rate seems concerning, the transaction throughput is not that high either.
• The only thing is that NEAR ecosystem has low fees, which is not quite different from other L2 or other ecosystems like Solana or Algorand.
• The number of active wallets are dwindling as well, seems like the bear market is having an effect on less and less people using NEAR blockchain.

Deep Dive - Ref Finance Current TVL per Token

What is Ref.Finance[1]

Ref Finance is a community-led, multi-purpose DeFi platform built on NEAR Protocol. Ref takes full advantage of NEAR’s low fees, one-to-two second finality, and WebAssembly-based runtime (hello, Rust smart contracts!).

In addition to the advantages of being built on top of NEAR, Ref Finance provides: Multiple pools in one contract Atomic transactions Customizable pool fee

Ref.Finance Features[2]

↔️ Trade

Trade tokens with our automated market maker (AMM) exchange

💰 Pool

Provide liquidity and earn revenue from swap fee

🌾 Farm

Stake LP tokens into farms and earn rewards in return

🌈 Stake

Stake REF tokens to earn more REF tokens, by earning fees generated by the protocol

Current TVL per Token

• To get the the current TVL data we look at [Credit]
• From the API we translate the data into charts.
• USDT has the highest TVL with 96.6M $USD, followed by USN with 92.05M $USD TVL.

  • It is quite surprising that USN has such a high TVL given that UST suffered such a fate, seems like people still have faith in Algo Stable coins.

  • The difference is that NEAR uses a fixed supply rather than being unlimited. It accomplishes this goal by avoiding an oversupply that can feed into a death spiral, as seen with UST and LUNA. Also, Terra used a mint and burn mechanism, whereas NEAR uses a treasury to maintain the dollar peg. [3]

    NEAR uses a fixed supply rather than being unlimited. It accomplishes this goal by avoiding an oversupply that can feed into a death spiral, as seen with UST and LUNA. Also, Terra used a mint and burn mechanism, whereas NEAR uses a treasury to maintain the dollar peg.