Try Quests to earn NEARNEAR - 11. Insight of the Week
Questions
The NEAR Foundation is running an "Insight of the Week" series. Keeping your analysis short and focused on excellent-quality visualization - provide the most fascinating or illuminating fact or insight that you can about the NEAR ecosystem, or any of the projects building on NEAR, over the past 7 to 14 days.
When you tweet about the insight, don't just describe it - do your best to explain "why" what you chose is unusual, valuable, or noteworthy.
If you're stumped, don't worry - we'll be running this type of bounty again in the future, so feel free to use this as a "test case" to begin thinking creatively and searching out clever insights.
About NEAR Protocol
What is NEAR?
NEAR Protocol is a smart contract capable, public Proof-of-Stake (PoS) blockchain that was conceptualized as a community-run cloud computing platform. Built by the NEAR Collective, NEAR was designed to host decentralized applications (dApps), and strives to compete with Ethereum and other leading smart contract-enabled blockchains like EOS and Polkadot. NEAR’s native token is also called NEAR, and is used to pay for transaction fees and storage. NEAR tokens can also be staked by token holders who participate in achieving network consensus as transaction validators.
NEAR Protocol is focused on creating a developer and user friendly platform. To accommodate this mission, NEAR has incorporated features like human-readable account names as opposed to only cryptographic wallet addresses, and the ability for new users to interact with dApps and smart contracts without requiring a wallet at all.
Projects building on NEAR include Mintbase, a non-fungible token (NFT) minting platform, and Flux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and more.
NEAR Protocol Technology
As dApps have grown in popularity, the crypto community has faced a growing scalability problem. Scalability in this context refers to a blockchain’s ability to handle a large number of transactions with reasonable speed and cost. Ethereum has particularly faced scalability challenges due to the high demand for its usage, and while some people advocate for scaling solutions to be built on top of Ethereum (Layer-2 solutions), other projects like NEAR have decided to build entirely new blockchains with different architecture.
NEAR Protocol’s proposed solution to this scalability problem is the implementation of sharding. Before diving into what this means, it’s useful to identify the three main functions of blockchain nodes: they process transactions, communicate validated transactions and completed blocks to other nodes, and store the state and history of the entire network. As network congestion increases, these tasks become more and more demanding for the nodes.
Sharding lessens the computational load by splitting or partitioning the network into shards (or fragments). With this tactic, every node is not required to run all of the network’s code — just the code that’s relevant to its shard — so shards can conduct computation in parallel with one another, thereby scaling the network’s capacity as the number of nodes in the network increases.
To achieve consensus among the nodes in the network, NEAR uses a PoS system. With PoS, nodes who wish to become transaction validators must stake their NEAR tokens to be considered for participation. Token holders who do not want to operate a node can delegate their stake to validators of their choice. NEAR uses an auction system to choose validators every epoch (approximately every 12 hours), and validators who have larger stakes have more influence in the consensus process.
Some validators are responsible for validating “chunks” — an aggregation of transactions from a shard — while others are tasked with producing blocks, which contain chunks from all the shards. Other nodes, called “fishermen,” observe the network and detect and report malicious behavior. If a validator behaves badly, their stake will be slashed. [Source]
Methodology
In this dashboard, we will look at the number of users, transactions, the volumes exchanged, swaps and NFTs in the past two weeks.
For this analysis, we will use the data and features of Flipside Crypto.
In the following, we will examine the charts and graphs and examine their results.
Overall Activity, Development, Fee & Gas, Staking, Swap, Performance, NFT Sales are examined.
Overall Activities
Observation II
The number of transactions in the last two weeks for Stake is 5464 (68.5%) and for Ustake is 2514 (31.5%). The number of users in the last two weeks for Stake is equal to 3599 (68.1%) and for Ustake is equal to 1683 (31.9%). The volume in the last two weeks for Stake is 9.2 million (60.9%) and for Ustake is 5.9 million (39.1%).
The chart of the number of daily transactions shows that in the first week, the number of transactions for Stake is decreasing and in the second week, it has an upward trend.
The lowest number of transactions occurs on January 28 (293) and the highest number on February 2 (505).
Observation III
Top 3 Users With the Most Volume of Stakes in Past Two weeks
| User | Total Volume | |
|---|---|---|
| :1st_place_medal: | d5cc0633e6bccfe417130c8c1bf9710f7ef024a2f95a396eee8dd4f61e477cdc | 1028908 |
| :2nd_place_medal: | byzantinemarine.near | 689152 |
| :3rd_place_medal: | ad7bd726e666b3de0d3f6a73526c7f96c0d7505984fa1249a2e86dc7c6553b4a | 632711 |
Observation IV
The number of daily swaps in the last two weeks is between 1,800 and 3,500. The lowest number is on February 4 (1843) and the highest number is on January 26 (3418). The daily swap volume is the highest on February 1 (2.77 million) and February 2 (2.160 million), and according to the daily chart, the volume is higher in the second week. The average value of the swap has a downward trend in the first week and reaches the lowest value (204) on January 28, and then has an upward trend and reaches the highest value (613) on February 1.
Observation I
The number of transactions on January 24 is the highest amount (423.35K) in the last two weeks.
Then it reaches its lowest value (362.933k) on January 28th and continues an upward trend until February 2nd.
The number of users on February 2 is the highest (83,475k) in the last two weeks.
Then it reaches its lowest value (60.69k) on January 31.
In the first week, the trend of active users is downward and in the second week, it is upward.
The average transaction fee has a downward trend in the first week and reaches its lowest value of 0.00145 on January 29, and its highest value occurs in the second week on February 1, which is equal to 0.00173.
The number of daily active contracts has a decreasing trend and has the highest value (29,625) on January 24 and the lowest value (24,707) on February 2.
The number of users who made a transaction for the first time (new users), the number of these users in the last two weeks is 139.5k and the number of new contracts is 248k.
The daily chart of the number of new users shows that it is completely fluctuating and has no particular trend and is between 8 and 11 thousand.
The number of new contracts has a downward trend and the highest amount occurs on January 24 (20.21k).
The number of users has a similar pattern to the number of transactions, and the lowest number of active users occurs on January 28 (256) and the highest number occurs on February 2 (421).
The staked volume has a downward trend in the first week and only breaks the trend on January 27 and reaches 1.56 million.
In the second week to February 1, there is an upward trend and its value reaches the maximum (1.815 million).
The difference chart of Staked and Unstaked amounts is on a daily basis. In the second week, the values are usually positive and on February 1, it is the maximum (1.539 million).
Observation VI
The number of NFT sales can be seen in the daily chart, which shows that it had the highest number of sales on February 5 and had a good growth in the second week on February 3 and 5. The volume of NFT sales varies between 11 and 83.
Category of the number of buyers according to the volume of NFT sales
| Category | Number of Buyers | |
|---|---|---|
| 1 | Less than 1 | 184 |
| 2 | Between 5 and 10 | 29 |
| 3 | Between 10 and 100 | 17 |
| 4 | Between 1 and 5 | 60 |
Conclusions
Number of TXs reaches its lowest value on January 28th and continues an upward trend until February 2nd. In the first week, the trend of active users is downward and in the second week, it is upward. The number of daily active contracts has a decreasing trend. The number of new users shows that it is completely fluctuating and has no particular trend and is between 8 and 11 thousand. In the first week, the number of transactions for Stake is decreasing and in the second week, it has an upward trend. The volume of stake is higher in the second week. NEAR had 91% successful transaction rate in past two weeks. Highest number of NFT sales on February 5 and had a good growth in the second week on February 3 and 5.
About
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