Question:

The what: USDT usage on NEAR. “Why” and “how”? That’s what we’d like you to show us.

Your mission is to provide a crisp, compelling narrative about USDT usage on NEAR. Define at least three metrics and analyze them over the past 7, 14, and 30 days. Using your analysis, make a case for what may be causing the developments you’ve identified. Additionally, theorize how market conditions or external research may be impacting USDT adoption, usage, and exchange in the NEAR ecosystem.

NEAR is a blockchain platform that aims to make decentralized applications (dApps) more accessible and usable for everyone. It is designed to be scalable, secure, and easy to use, making it an ideal platform for developers and businesses looking to build decentralized applications.

One of the most popular use cases for NEAR blockchain is the utilization of USDT (Tether), a stablecoin that is pegged to the US dollar. USDT provides a stable value that can be used for transactions and trading on cryptocurrency exchanges. By utilizing USDT on the NEAR blockchain, users can benefit from fast, low-cost transactions, as well as the security and transparency of a decentralized network.

Overall, NEAR blockchain and the utilization of USDT offer exciting possibilities for the future of decentralized applications and cryptocurrency adoption. With its focus on scalability and usability, NEAR is poised to become a leading blockchain platform in the years to come.

The data provided by Flipside has been used to handle this analysis.

• In this investigation, first of all, the trade analysis related to the USDT token on the NEAR blockchain has been investigated:

  • Metrics-> 1- General trade indicators (total trade count, volume and unique traders). 2- Buy/Sell investigation on the USDT token. 3- Popular swap pairs by USDT token

• After the first part, the transfer of the USDT between NEAR blockchain and centralized exchanges (CEXs) has been underestimated.

  • Metrics-> 1- Share of each transfer path (Sent to CEXs or receive from CEXs). 2- Net USDT flow between network and CEXs 3- Daily count of USDT senders and receivers. 4- Breakdown by CEXs for each transfer path

• The third part considers the users' behavior of the USDT on the NEAR blockchain:

  • Metrics-> 1- Distribution of users by wallets age. 2- Popular sectors among USDT users. 3- Projects/programs used by USDT users. 4- Actions done by USDT on the NEAR blockchain

NOTE:

The reader can log into the Flipside website and set the time period of investigation to find out the application of the USDT over various time frames. (By default, the last 30 days are considered as a time period.