Transactions

Methodology

• Count the number of distinct tx_hash in the near.core.fact_transactions Filter by successful vs failed transactions using the TX_STATUS column.

Findings

• As with most metrics we have seen in this dashboard, the daily number of transactions also has been trending down.
• When looking at successful vs failed transactions, we can see that the success ratio is still high. This indicates that the NEAR blockchain is technically still running fine.

Rainbow Bridge: Ethereum to NEAR

Methodology

• Number of Bridge transactions
  • Select transactions from the ethereum.core.fact_event_logs table that use the contract address of Rainbow bridge: 0x23ddd3e3692d1861ed57ede224608875809e127f
  • Use the table ethereum.core.ez_token_transfers to find the amount that was sent in these transactions.
  • Use the table ethereum.core.fact_transactions to identify which transactions were moving funds from Ethereum to NEAR using account_id
  • Count the number of transactions that going from Ethereum to NEAR
• Daily USD volume
• Use the same methodology, but now calculate the total USD value of the transactions going from Ethereum to NEAR.
• Daily TVL by token
  • First, we calculate the daily balances of all tokens that are held by the Rainbow Bridge contracts addresses: 0x6bfad42cfc4efc96f529d786d643ff4a8b89fa52 and 0x23ddd3e3692d1861ed57ede224608875809e127f with the table ethereum.core.ez_balance_deltas.
  • Then the ethereum.core.fact_hourly_token_prices table was used to calculate the daily average USD price of each token held.
  • Finally, the balances are multiplied by the USD price to get the total daily balances value in USD per token

Findings

• It is clear that the Rainbow Bridge TVL has been going down. The TVL of AURORA has stayed constant. Most notably is that the TVL of USDT has been the main driver of the decrease in TVL over the last 90 days.

• The daily number of bridge transactions has stayed relatively stable over the last 90 days. This is good sign given the downtrend of the other metrics.

• There is no real pattern to be seen in the daily USD volume.

Users

Methodology

• New Accounts:
  • Select the first time an account made a transaction using min(block_timestamp) and tx_signer in the near.core.fact_transactions table.
  • Count the number of users that made their first transactions for each day using count(*)
• Active Accounts:
  • Count the number of distinct users per day using count(distinct(tx_signer)) and the near.core.fact_transactions table.

Findings:

• Both the number of new accounts and the number of active accounts seem to be in a downtrend over the last 90 days.
• From September to October, the number of new accounts declined fast but has since stabilized.
• The number of active accounts seems to be in a more consistent downtrend.

Contracts

Methodology

• New Contracts:
  • select the transactions from near.core.fact_receipts where new contracts are made. We identify these transactions using ACTION_NAME = 'FunctionCall' and METHOD_NAME = 'new'
  • use the near.core.fact_transactions the get the name of the contract which is contained in the TX_RECEIVER column and count the number of distinct contract names
• Active Contracts:
  • select all the deployed contracts using the near.core.fact_actions_events table and action_name ilike '%DEPLOYCONTRACT%'
  • count how many times one of the deployed contracts are called in the near.core.fact_transactions table.
• Most Interacted Contracts
  • use the same method as with active contracts but instead of counting how many distinct contracts were called each day, we count the number of times each contract is called within the given period.

Findings:

• Since the beginning of October, we have seen quite a sharp decrease in new contracts.

• The number of active contracts has also been trending down, but has done so at a more steady pace.

• For most used smart contracts, we see that the token_sweat contract has seen the most usage over the last 90 days. This a smart contract of the sweatcoin procotol, which rewards users for walking.

  This protocol launched in September 2022 and has gained popularity since launch.

Gas & Fees

Methodology

• Gas Used
  • Use the near.core.metrics_daily_gas table which directly provides data for daily gas used.
• Gas Fee in NEAR
  • Use sum(transaction_fee/1e24) from the near.core.fact_transactions to take the sum of all transaction fees over a given day

Findings

• The daily amount of gas and fees generated indicate the usage of the network. We can see that in September and October both the amount of gas used and gas fees quickly decreased.

  Since then, both seem to have stabilized. However, there is no sign of a new uptrend.

Burrow

Methodology

• New users
  • Select transactions that use Burrow smart contract from the table near.core.fact_actions_events_function_call where receiver_id = 'contract.main.burrow.near'
  • From these transactions, select the first time each user interacted with the smart contract.
  • Count the number of users that made their first transactions on a given day
• Number of interactions with smart contract
  • We select transactions of the main burrow smart contract using the near.core.fact_receipts table in combination with receiver_id = 'contract.main.burrow.near'
• TVL per sector
  • For each day, calculate the total that was deposited, withdrawn, collateral increases and decreases, borrowed and liquidated.
  • From this, we can calculate the total TVL, Borrow, Liquidity and Collateral for each day in the period.

Findings

• There was a strong decrease in TVL for all sectors on Burrow
• However, there is only a slight decrease in new users and interactions with the main smart contract.

NFTs

Methodology

• select NFT transactions using the table near.core.fact_transactions in combination with type = 'resolve_purchase' . From the JSON logs can get information like the buyers_id, seller_id, token_id, sell_price etc.
• Using this information, we can calculate all the information for the graphs below.

Findings

• Unlike other metrics in this dashboard, there does not seem to be a downtrend in the majority of NFT metrics.

  The only metric with a slight downtrend seems to be the daily average NFT price in USD.

• Other metrics, like NFT-related transactions, seem to even be in a slight uptrend.

• Overall, it looks like the NFT sector on NEAR is holding up better than the other metrics in this dashboard.

Staking

Methodology

• Staking transactions are collected using the near.core.fact_transaction table where method_name = 'deposit_and_stake'
• Unstaking transactions are collected using the same table but now method_name in ('unstake_all','unstake','withdraw_token')
• Once these transactions are collected we can count the number of unique users and the total amounts for each day.

Findings

• Both the number of stakers and the number of transactions show positive signs, as significantly more users stake rather than unstake.
• As for the amounts, there is no real pattern to be seen. Some days see a big amount of NEAR being staked while other days a large amount of NEAR is unstaked.

What is NEAR?

The NEAR blockchain is a decentralized platform that enables developers to build and deploy scalable and secure applications. It is designed to be user-friendly, making it easy for anyone to develop and use decentralized applications, or dapps.

NEAR is built on top of the Nightshade blockchain, which uses a unique proof-of-stake consensus algorithm to ensure that transactions are processed quickly and securely. This algorithm allows users to stake their tokens to help validate transactions on the network, and in return they earn rewards for their contribution to the network.

One of the key features of the NEAR blockchain is its sharding technology, which allows the network to scale horizontally and process many transactions in parallel. This makes it possible for dapps on the NEAR network to handle a large number of users without sacrificing performance.

Overall, the NEAR blockchain offers a powerful and user-friendly platform for building and deploying dapps, with a focus on scalability and security. This makes it an attractive option for developers who want to create decentralized applications that can be used by a wide range of users.

NEAR Transparency Report

As part of the Foundation’s commitment to transparency, it will publish data each week to help the NEAR community understand the health of the ecosystem.

Currently, the report provides information about the following:

• New and active accounts
• New and active smart contracts
• Gas used and Gas fees in NEAR
• Daily Transactions

Each section includes a graph showing the trend of each metric and provides some written insight as well.

Here you can find a link to the report for December 2th.

Improving the NEAR Transparency Report

As stated above, the current Transparency Report only provides rather basic information about the current health of the NEAR ecosystem. In this dashboard, we’ll extend the current Report using several additional metrics.

• Price of NEAR: While not always an indicator for the entire ecosystem, the price of the native token is still an important metric.
• Most interacted smart contracts: Provides insight into which smart contracts are used most in a given period.
• The number of failed vs successful transactions: Gives insight into the technical workings of the blockchain itself. If the number of failed transactions is high, there might be some technical issues.
• Rainbow Bridge==: Since Rainbow Bridge is the only way to onboard users from Ethereum to NEAR, it is very important to look at metrics regarding the Bridge.
  • The number of incoming bridge transactions: This metric indicates the interest in bridging from Ethereum to NEAR.
  • Daily bridge volume: How much are users bridging?
  • Total TVL over time: Indicates how much
• Burrow==: Burrow is the largest borrowing and lending platform on NEAR, and is therefore also important to include in the report.
  • New users: the number of new users indicates how many users are interested in the platform.
  • Burrow: number of interactions with smart contract: This indicates the usage of the Burrow protocol.
  • Burrow: TVL per sector: This metric provides information on whether or not certain sectors perform better than others. For instance, if borrowing performs better than lending in terms of TVL.
• ==NFTs== As with all major layers-1 blockchains, NEAR also has an NFT ecosystem. In this section, we provide some metrics that indicate the health of the NFT space on NEAR.
  • Daily volume in NEAR and USD: Indicates the total value of NFT’s exchanged in NEAR and USD value
  • Daily number of NFT related transactions: Indicates the general interest into NFT’s on NEAR.
  • Daily average NFT floor-price in NEAR and USD: Indicates how the prices of NFT’s are performing.
  • Number of buyers and sellers: Indicates if there may be more buyers than sellers of NFT’s or vise versa.
• ==Staking==: NEAR is build on the proof-of-stake consensus algorithm, which allows users to stake their NEAR. Staking metrics can provide information about the health of the ecosystem.

  • Daily number of NEAR staked and unstaked: Indicates the ratio between NEAR that is being staked vs unstaked.

  • Daily number of stakers and unstakers: Indicates the ratio between the number of stakers and unstakers.

  • Daily number of staking and unstaking transactions: Indicates the ratio between the number of staking and unstaking transactions.

  • Average number of NEAR staked and unstaked per user: Indicates if stakers are staking more than unstakers are unstaking.

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Rainbow Bridge

The Rainbow Bridge is a tool that allows users to transfer assets between the NEAR blockchain and the Ethereum blockchain. This allows users to take advantage of the unique features and capabilities of both platforms, and opens up new possibilities for decentralized applications and smart contracts. The Rainbow Bridge is built on the Interledger Protocol, which enables secure and trustless asset transfer between different blockchain networks. By using the Rainbow Bridge, developers can easily integrate their applications with both the NEAR and Ethereum ecosystems, and users can seamlessly move assets between the two platforms. Overall, the Rainbow Bridge is an important tool for bridging the gap between the NEAR and Ethereum communities and enabling the interoperability of decentralized applications.

Burrow

Burrow is a decentralized, non-custodial pool-based interest rates platform that enables users to supply assets to earn interest, and to borrow against them to unlock liquidity. Burrow is similar in nature to Aave, Compound, and other pool-based protocols.

Burrow runs natively on the NEAR blockchain, a layer 1, proof-of-stake, sharded blockchain with a WebAssembly runtime. The Burrow protocol's smart contracts are written in Rust.

Burrow aims to unlock liquidity for interest-bearing assets, particularly layer 1 staking derivatives such as stNEAR and stETH. Users of Burrow will be able to deposit stNEAR as collateral, then borrow more NEAR to create a leveraged staking position, or borrow a stablecoin to create a self-repaying position.

Conclusion

In this dashboard, we looked at metrics that could enhance the Transparency Report for NEAR. While a number of useful metrics were already included in the report such as new and active users, a significant amount of metrics were added to the report in this dashboard. This dashboard now also provides insight into the price of NEAR, successful vs failed transactions, the Rainbow Bridge, Burrow protocol, the NFT space and staking.

We summarize the analysis of these metrics using four trends: uptrending, sideways, downtrending or no trend

Downtrend:

• Price of NEAR
• New and Active users
• New and Active contracts
• Gas fee collected in NEAR
• Number of transactions
• Rainbow Bridge transactions and TVL
• Burrow new users, interactions with contracts and all TVL sectors.
• Average NFT price in USD

Sideways:

• Daily amount of gas used
• NFT volume in NEAR and USD
• Average NFT price in NEAR

(slight) Uptrend:

• Number of NFT-related transactions on NEAR

No trend:

• Daily USD volume of Rainbow Bridge from Ethereum to NEAR
• Daily average of NEAR staked per staker
• Daily number of NEAR staked vs unstaked

Overall, the NFT sector seems to be the only sector that is resilient to the current downtrend within the NEAR ecosystem.

Notes

• This dashboard has a standard period of the last 90 days for all graphs. This period can be changed to at the top of the dashboard.
• Each graph (where it makes sense) also includes a 7-day moving average to better indicate the trend of the metric across the period.
• A number of queries are forked from this amazing dashboard by Nat. Major credits to them.

Price of the NEAR token

Methodology:

• Calculate the average daily price using the near.core.fact_prices table and selecting the token 'Wrapped NEAR fungible token'

Findings

• The NEAR token has been in a downtrend over the last 90 days, dropping from over $4 to around $1.6
• If the native token of a blockchain is in a downtrend, this is usually a good indicator that other metrics about the blockchain are also trending down.