Try Quests to earn NEARNEAR Foundation Transparency Report: Q3, 2022
What is the Question?🚨
Each quarter, the NEAR Foundation publishes data to help the NEAR community understand the health of the ecosystem as part of their NEAR Foundation Transparency Report.
We want your help in making the NEAR ecosystem even more transparent. How can you improve on the existing Transparency Report?
Analyzed Topics:
- NEAR New Users by Quarter in 2022
- NEAR Active Wallets by Quarter in 2022
- Network Performance by Quarter in 2022
- Staking Actions on NEAR by Quarter in 2022
- DEX Trading Activity on NEAR by Quarter in 2022
- NEAR Holders
- NEAR Contracts Usage
- NEAR Bridge Activity
Introduction🚩
> ## What Is Near Protocol and How Does It Work?
Near Protocol is a layer 1 blockchain network. It provides a platform on which developers can build decentralized applications (dapps). The most successful layer 1 blockchain is Ethereum, so protocols like Near are seen as challengers.
The key yardsticks for layer 1 networks are transaction costs, speed and the ability to maintain those features as transaction volumes grow. These factors are the focus for layer 1s like Near to improve upon Ethereum, which has encountered issues with costs and speed over the last few years.
Near Protocol is faster and cheaper than Ethereum. More importantly, it promises to be faster than some of the other largest challengers. When fully implemented, Near is expected to be able to process up to around 100,000 transactions per second (TPS). Ethereum’s largest rival, Solana, averages less than 3,000 transactions per second, according to its own blockchain explorer. Ethereum averages double-digit transactions per second. Bitcoin does less than 10.
Outside the crypto sphere, an important comparison is Visa’s (V) capacity. The global payments giant processes around 7,000-8,000 TPS, based on its claim of 232.5 billion transactions over a 12-month period. Near Protocol could eclipse that, though it has not yet realized its theoretical potential as of July 2022.
“Near has built technology to enable transactions that are fast (~1 second), quick to finality (~1-2 seconds), cheap (less than a penny), and secure,” crypto research firm Messari noted in March 2022.
More Info
Method⚡
In this dashboard, i analyzed NEAR ecosystem activity in 2022 and divided this timeframe by 4 quarters of the year. I got help from Flipsidecrypto’s ==near.core== database to extract the data and analyze them.
For this purpose i used multiple tables of near’s database like:
==“near.core.fact_transactions”== for wallets & transactions & TPM & TPS and some more,
==“near.core.fact_receipts”== , ==“near.core.fact_actions_events”== , ==“near.core.fact_transfers”== to extract bridge activity and contracts deployment,
==“near.core.ez_dex_swaps”== for DEX swapping activity and ==“near.core.dim_staking_actions”== for staking activity on NEAR.
I tried to improve on the existing transparency report as much as possible and hope you enjoy it!
Charts are divided by 4 quarters in 2022:
> Q1: January, February, March > > Q2: April, May, June > > Q3: July, August, September > > Q4: October, November, December
Findings👀
- In this part, I separated the data quarterly in 2022 and show the new wallets that joined into NEAR ecosystem in this year.
- As it seems from the numbers, NEAR has gained the most new wallets on the fourth quarter of 2022. The monthly chart is showing that New wallets on NEAR made a huge spike on September, the last month of third quarter, and recorded an all-time high in 2022 with over 1M new wallets that joined into NEAR. Then this number slowly decreased month by month but as i said, Q4 months has recorded new wallets the most.
- In the pie chart we can see that January 2023 by far after almost 2 weeks has recorded more new wallets than Q2. It seems to be a good year for NEAR because it is getting more popular and known by so many more people.
Findings👀
> Method: I considered the wallets with over 50 transactions as active wallets.
- Quarter 3 and 4 has recorded close amount of active wallets. As i said in the last section, NEAR has gained its most new wallets after late quarter 3 in 2022 and as we see here, it seems that it had its highest number of active wallets in that period too.
- In overall, all 2022 quarters has recorded close stats on active wallets but the third quarter did a bit better among them with nearly 51K active wallets that 39.9K of them belong to September 2022.
Findings👀
- NEAR has recorded its highest number of transactions in 2022 on the second quarter of 2022 with over 62M transactions that has been recorded by 331K users. Also this quarter has recorded the highest number of successful transactions too.
- May 2022 was the hottest month on NEAR in terms of total transactions made.
- Number of transactions after Q2 dropped massively and Q3 and Q4 recorded pretty much the same stats over time.
Findings👀
> Method: In this part i want to talk about NEAR speed and showed daily NEAR transactions per minute(TPM) and transactions per second(TPS) Divided by 2022 quarters. For TPM i used ROUND(COUNT(tx_hash)/1440)and for TPS ROUND(COUNT(tx_hash)/86400)to calculate these metrics.
- As the above charts says, 2022 quarters recorded pretty much the same speed on transactions but the second quarter did a bit better among them especially on early May. These quarters has recorded an average of approximately 35K transactions per minute and 600 transactions per second in total.
- NEAR’s highest transactions per minute and second belong to August 20th and 21th.
Findings👀
- In general speaking, NEAR users liked to stake their assets more than unstake in 2022 and meanwhile, the most number of staking actions and users has been recorded on Q1 and Q2 in 2022. This case is changed in staking volume chart which Q4 recorded the highest amount of staked assets with over 80M staked and 44.6M unstaked in last 3 months of 2022.
- Q1 is leading in terms of staking actions and users and Q4 is leading on staking volume term. All of them accounted over 30% of their pie charts. Also Q2 is in the second place on all charts with an average of 25% of division charts.
Findings👀
- Similar to previous sections, second quarter of 2022 was the best period of NEAR ecosystem in DEX activity too.
- Almost 50% of the whole DEXs volume share belong to Q2 which is much more than other quarters in 2022.
- April for swaps and May for Swap volume were the hottest months around DEX activity.
Findings👀
- In the left and right pie chart i showed the most sold and bought tokens around NEAR DEX Activity in 2022.
- We can clearly see that NEAR’s native token outperformed other tokens in both charts and recorded the most buys and sells in 2022. NEAR’s bought amount was 200M more than its sold amount.
- Comes with the second and third place we see the most popular stablecoins on crypto, USDT and USDC in the second and third place with 503M & 279M bought volume and 488M & 269M sold volume respectively.
Findings👀
> Method: > > user_balance <= 10 then 'Shrimp' > user_balance <= 100 then 'Crab' > user_balance <= 1000 then 'Octubus' > user_balance <= 10000 then 'Fish' > user_balance <= 100000 then 'Dolphin' > user_balance <= 1000000 then 'Shark' > user_balance > 1000000 then 'Whale'
- The shrimp category, users that have less than 10 $NEAR are accounting 87.5% of holders share with over 308K holders in total.
- Only 25 people take place in whale category with over 1M $NEAR.
Conclusion💡
- Quarter 4 has gained the most new wallets for NEAR in 2022.
- Quarter 3 has recorded the highest number of active wallets on NEAR in 2022.
- NEAR performed the best on 2022’s second quarter in terms of speed.
- Q4 has recorded the highest amount of staking volume and number of validators while Q1 had the highest number of staking actions.
- Q2 is leading other quarters in terms of DEX Swap activity and active contracts.
- NEAR has a total of 352K holders in total and 308K of them are holding less than 10 $NEAR.
- USDT and USDC were the most interacted tokens on DEXs after NEAR’s native token.
- NEAR had 178K holders in 2022.
- Aurora and NearCrowd were the most interacted contracts on NEAR in 2022.
- Also Aurora accounted the most TVL on Rainbow Bridge.
- The second quarters of the year i mean Q3 and Q4 didnt perform very well except few parts and i think this purpose was mainly because of the bearish market and multiple incidents that happened on crypto and disappointed people like Terra crash or FTX’s collapse.
Findings👀
- The most interact with NEAR contracts happened on 2022’s second quarter and if we be more specific April was the hottest month for active contracts. But the highest number of contracts deployed on first quarter of 2022 as the bar chart above says.
- Recently deploying contract on NEAR started to fade slightly and Q4 didnt perform as good as other Qs in this matter.
- Left chart is showing that Aurora was the most interacted contract on NEAR protocol with over 68.8M transactions that made on this contract following by app.nearcrowd.near in the second place with 42.4M, almost 26M transactions lower than Aurora.
Findings👀
- Again in this section, we see that second quarter of 2022 was the hottest quarter for bridge activity too and 1651 bridges has been recorded on April from Ethereum to NEAR via rainbow bridge. That month had the highest number of bridges.
- Also May had the highest bridge volume with almost 230M bridge volume in USD.
- Coming up with the right bar chart that shows the Rainbow bridge TVL in 2022 by Quarters and from what we see here, Aurora completely ourperformed others and accounted most of Rainbow bridge TVL on every 2022’s quarters
