Transactions:

The following topics are shown in this section:

• Transactions: Number of transactions made on a blockchain.
• Success Rate: The ratio of successful to unsuccessful transactions in a blockchain. That is the number of successful transactions divided by the total number of transactions multiplied by 100.
• Transactions Per Second (TPS): Using this metric, we can determine how quickly a blockchain network processes transactions. Count the number of transactions per second.

What is NEAR protocol?:

Near Protocol is a decentralized application platform that enables developers to build, deploy and scale applications for Web3. It provides an open-source infrastructure that allows developers to create secure and efficient applications with the latest technologies such as sharding, staking, on-chain governance and cross-chain interoperability. Near Protocol's core technology stack consists of Rust programming language for smart contracts, NEAR blockchain network powered by Proof of Stake consensus mechanism as well as developer tools like wallets & SDKs. With its advanced features and ease of use it has become one of the most popular platforms among web3 developers looking to develop their own projects quickly without sacrificing security or scalability.

Fee:

The following topics are shown in this section:

• Fee: A transaction fee is a small fee that is charged when a transaction is made. This fee is used to reward miners or validators who help confirm the transaction and secure the network. The total fee is the total USD spent during a certain period. The transaction fee is the average USD spent to make a transaction.

Wallets:

The following topics are shown in this section:

• Active Wallets: Number of those wallets that made at least a transaction during a certain period.

• New Wallets: Number of those wallets made their first transactions.

Block:

The following topics are shown in this section:

• Transactions Per Block (TPB): Using this metric, we can determine how quickly a block generate. Count the number of transactions per block.

• Block time: Block time is the average time it takes for a new block of transactions to be added to a blockchain. So we measure the time (in a sec) between two consecutive blocks.

Staking:

NEAR staking is a process by which holders of the NEAR tokens can lock up their tokens in order to become validators on the NEAR Protocol. Staking gives holders the opportunity to earn rewards for their contributions to the network by running a validator node. Rewards are distributed in the form of inflation rewards, transaction fees, and block rewards. The amount of rewards you can receive depends on the amount of NEAR tokens you have staked.

Unstaking $NEAR tokens from the NEAR Protocol can take up to 72 hours after initiating the unstaking process. During this time, your tokens will be locked and you will not be able to access them. After 72 hours, your unstaked $NEAR will show up in your lockup account of the NEAR wallet and can then be used or transferred as usual

The following topics are shown in this section:

• Staked $NEAR: Total NEAR that are staked per day.
• Active Staking validators: The number of validators that are used for staking per day.
• Staking Transactions: The number of staking and unstaking transactions per day.
• Unique Staking Users: The number of unique stakers and unstakers per day.
• Staking Volume: The volume of staking and unstaking transactions per day.
• Staking Transactions Size: The size of staking and unstaking transactions per day.

Supply:

The following topic is shown in this section:

• Total supply: Total supply of a token refers to the total number of coins or tokens that currently exist and are either in circulation or locked somehow. it can be determined by adding the circulating supply to the number of coins that have been mined but not yet distributed in the market.

Swapping:

The following topics are shown in this section:

• Swapping Transactions: The number of swapping transactions per day.
• Unique Swappers: The number of unique swappers per day.
• Swapping Volume: The volume of swapping transactions per day.
• Swapping Transactions Size: The size of swapping transactions per day.

NFTs:

NEAR is an open-source blockchain that is well-suited to hosting and trading Non-Fungible Tokens (NFTs). NFTs are digital tokens that represent digital assets, such as artwork, collectibles, or even real-world items like tickets or concert passes. The NEAR protocol enables developers to create, transfer, and trade NFTs in a secure and trustless fashion. It also offers scalability, low transaction fees, and fast transaction times. NEAR has become a popular platform for the creation, trading, and collection of digital assets and NFTs, with many high-profile projects launching on the NEAR blockchain.

The following topics are shown in this section:

• NFT Transactions: The number of NFTs sold per day.
• Unique NFT Buyers: The number of unique buyers per day.
• Unique NFT Sellers: The number of unique sellers per day.
• NFT Volume: The volume of NFTs sold per day.
• NFT Price: The price of NFTs sold per day.

According to data from Flipside Crypto, the average number of transactions per day is 434K, the transaction success rate per day was 90%, and the daily average number of transactions per second was 5.

The NEAR Protocol saw a minor increase in the number of transactions, transaction success rate and number of transactions per second between January 22 and 29 2023. This is indicative that the protocol is becoming more popular among users with an increasing demand for its services.

• The number of transactions was 393K on Jan 22nd which increased to 403K on Jan 29th, 2023 (2.54% increase).
• The transactions success rate was 89.65% on Jan 22nd which increased to 91.74% on Jan 29th, 2023 (2.33% increase).
• The average number of transactions per second was 4.55 on Jan 22nd which increased to 4.66 on Jan 29th, 2023 (2.41% increase).

According to data from Flipside Crypto, the average number of active wallets per day is 71.9K and the average number of new wallets per day was 10.2K

The NEAR Protocol saw a minor increase in the number of active wallets and the number of new wallets between January 22 and 29 2023. This is indicative that the protocol is becoming more popular among users with an increasing demand for its services too.

• The number of active wallets was 63.1K on Jan 22nd which increased to 68K on Jan 29th, 2023 (7.76% increase).
• The number of new wallets was 9.97K on Jan 22nd which increased to 10.2K on Jan 29th, 2023 (2.30% increase).

According to data from Flipside Crypto, the total fee spent in USD per day was $1.57K and the average transactions fee in USD per day was $0.0036.

The NEAR Protocol saw a minor decrease in the total fee spent and transactions fee between January 22 and 29 2023.

• The total fee spent in USD was $1.44K on Jan 22nd which decreased to $1.42K on Jan 29th, 2023 (1.38% decrease).
• The average transactions fee in USD was $0.003657 on Jan 22nd which decreased to $0.003519 on Jan 29th, 2023 (3.77% decrease).

The number of transactions performed in the NEAR protocol has increased, while the total fee spent and the average fee per transaction have decreased. What could be the reason for this?

The number of transactions performed in the NEAR protocol has likely increased due to an increase in user adoption and usage. This could have been caused by a variety of factors such as easier access to the platform, an increase in marketing and awareness, or improved usability and features. The decrease in total fee spent and average fee per transaction could be due to improved scalability and efficiency within the protocol. As more transactions are processed, the protocol can better optimize its resources and increase the throughput of transactions, thus reducing the cost per transaction. Additionally, the protocol may have made changes to its consensus algorithms that allow it to process more transactions with less cost.

According to data from Flipside Crypto, the average number of transactions per Block was 5.92 and the average time per block was 1.15 Sec.

The NEAR Protocol saw a minor increase in the number of transactions per block and the time per block between January 22 and 29 2023.

• The number of transactions per block was 5.35 on Jan 22nd which increased to 5.81 on Jan 29th, 2023 (8.59% increase).

Staking activity doesn't special change during this week.

According to data from Flipside Crypto, the average number of swapping transactions per day was $2.65K, the average number of unique swappers per day was 281, the average volume of swapping transactions was $951K and the average swapping transactions size was $299.

The NEAR Protocol saw a minor decrease in the swapping activity between January 22 and 29 2023.

• The number of swapping transactions was 2.67K on Jan 22nd which decreased to 2.16K on Jan 29th, 2023 (19.1% decrease).
• The number of unique swappers was 315 on Jan 22nd which decreased to 265 on Jan 29th, 2023 (15.87% decrease).
• The volume of swapping transactions was $1M on Jan 22nd which decreased to 513K on Jan 29th, 2023 (48.7% decrease).
• The size of swapping transactions was $317 on Jan 22nd which decreased to $204 on Jan 29th, 2023 (35.64% decrease).

According to data from Flipside Crypto, the average number of NFT transactions per day was 92.25, the average number of unique buyers per day was 46.25, the average number of unique sellers per day was 60.25, the average volume of NFT transactions was $2.78K and the average NFT price was $30.38.

The NEAR Protocol saw a minor increase in the NFT activity between January 22 and 29 2023.

• The number of NFT transactions was 109 on Jan 22nd which decreased to 126 on Jan 29th, 2023 (15.59% increase).
• The number of unique NFT buyers was 55 on Jan 22nd which decreased to 50 on Jan 29th, 2023 (9.09% decrease).
• The number of unique NFT sellers was 57 on Jan 22nd which decreased to 81 on Jan 29th, 2023 (42.1% increase).
• The volume of NFT transactions was $1.88K on Jan 22nd which decreased to 3.82K on Jan 29th, 2023 (103.19% increase).
• The price of NFTs sold was $17.26 on Jan 22nd which decreased to $30.33 on Jan 29th, 2023 (75.72% increase).

Conclusion:

The NEAR Protocol has seen a surge in user adoption and usage, likely leading to an increase in the number of transactions performed on the platform. This could be attributed to various factors such as improved accessibility, increased marketing and awareness efforts, or enhanced usability features. Additionally, this growth may also be due to scalability improvements within the protocol that have resulted in a decrease of total fee spent per transaction and average fees per transaction. By optimizing its resources for more efficient throughputs of transactions with changes made to consensus algorithms, NEAR is able to process more transactions at lower costs - making it easier for users around the world access blockchain technology without having large financial barriers.

Methodology:

In this dashboard we will discuss the various components of the NEAR protocol including transactions, wallets, fees, blocks and staking as well as supply and swapping of tokens and NFTs to find outstanding insights during past week. For this purpose, I used ez_dex_swaps, fact_blocks, fact_pricesandfact_transactions` tables.