Weekly Report - Redux

    Each week, the NEAR Foundation publishes data to help the NEAR community understand the ecosystem's health as part of their Transparency Report. We want your help in making the NEAR ecosystem even more transparent. How can you improve on the existing NEAR Transparency report? Explain which metrics should be taken into consideration and why. Then, analyze those metrics over the last several weeks and draw your own conclusions on the health of the NEAR ecosystem.

    Transactions:

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    Transfers:

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    Actions:

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    Blocks:

    Transaction Analysis:

    The NEAR ecosystem has been showing steady activity over the past week, with an average of 369k transactions and 45.5 active users, indicating that each user is making roughly 8 transactions. The amount of new users joining the network daily is roughly 3/4 the total amount of active users daily. The volume of transactions has been consistent, ranging from 325k to over 400k daily. Similarly, the number of active users has been within the range of 40k to 50k daily. However, over the course of the week from December 14th to the 21st, there has been a decline in the number of new users joining the network. Starting at around 50k at the beginning of the week and going down to roughly 30k by the end of the week. While the number of transactions has remained consistent and relatively linear, the number of new users has slowed down over the course of the week. The average TPS on NEAR is around 5, with highs of nearly 600 TPS and lows of 1 TPS.

    What is NEAR?

    NEAR Protocol is a decentralized application (dApp) platform and Ethereum competitor that focuses on developer and user-friendliness. Its native NEAR tokens are used to pay for transaction fees and storage on the Near crypto platform. NEAR is a Proof-of-Stake blockchain that uses sharding technology to achieve scalability. For more information click here

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    Introduction:

    In this dashboard I am going to be looking at the performance of the NEAR ecosystem over the week between December 14th and December 21st as seen in the NEAR transparency report. In trying to make this dashboard even more transparent that the original we are going to looking at transactions, transfers, blocks, actions, and staking all in depth in order to see how they performed over this week and what that means for the health of this ecosystem. I am going to be diving into each of these metrics in detail and discussing anything interesting from this week to note how the blockchain has been performing. I will make sure to explore metrics explored in the original dashboard as to enhance the overall transparency instead of recapping.

    Methodology:

    1. Collect data from the NEAR transparency report for the week between December 14th and December 21st.
    2. Analyze and review metrics related to transactions, transfers, blocks, actions, and staking in order to determine the performance of the NEAR ecosystem during this time period.
    3. Compare the findings from the original dashboard to this analysis in order to enhance overall transparency.
    4. Discuss any interesting findings or observations regarding the performance of the blockchain and what it may indicate about the health of the ecosystem.
    5. Dive into each of the metrics in-depth in order to provide a comprehensive understanding of the ecosystem's performance during this time frame.
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    Transaction Success Analysis:

    The NEAR ecosystem has seen a steady number of transactions over the course of this week, with roughly 350k successful transactions and 35 failed ones each day. These numbers tend to vary significantly, indicating that around 10% of transactions fail each day. In total, over the course of this week, there were 2.29M successful transactions and 228K failed ones, meaning around 9% of transactions failed during this week. The total fees paid in NEAR each week are anywhere from 600-700 NEAR, with an average fee per transaction of around .0015 NEAR. The average fees paid per day over the course of this week was 644 NEAR, accounting for a total of 4510 NEAR paid in fees. Token.sweat and aurora are the top two receivers of transactions, having 780K and 508K transactions received respectively. Oracle.sweat and relay.aurora have sent the most transactions, for a total of 373K and 276K respectively. The average transactions sent per user appears to be right-skewed, likely due to a few users who have sent a very large amount of transactions. The median is likely a better indicator of the amount of transactions the typical user has sent.

    Block Analysis:

    The data shows that the majority of blocks in the NEAR ecosystem have between 4 and 5 transactions. As we discussed earlier, the TPS on most days is around 5, which makes it logical that the average block time tends to be around one second. However, over the course of the week, the average block time increased each day until there was a sharp decrease between the 19th and the 20th. Since each block is usually the same time and the TPS tends to stay roughly the same, we would expect to see roughly the same number of blocks produced each day, which is exactly what we see at about 71K blocks each day.

    Transfer Analysis:

    The data shows that the transfer volume in the NEAR ecosystem tends to be around 6.4M each day this week, although there have been spikes up to roughly 10M and drops down to about 2M. The largest single transfer in NEAR this week was 6M NEAR, which almost accounts for an entire day's worth of transfer. The average transfer size is 181 NEAR while the median is .05 NEAR. This highlights that the average is very right-skewed as a result of a few large transfers. Thus, the median may give us a better understanding of typical transfer size. Over 45M NEAR in transfers has been made this week. The top 2 addresses by NEAR sent this week sent a total of 12.69M in NEAR. It appears that the top 2 addresses by NEAR sent may have sent all their volume to the top address by NEAR received as this address took in a total of 12.82M NEAR.

    Action Analysis:

    The majority of transactions each day are function call events, as they make up 90% of all events this week, for a total of roughly 2.5M transactions. The second largest is transfers, which account for 9% of the total transactions this week. The remaining actions only make up a percent or two of all transactions. It appears that function call events tend to take more fees than other events. Although they make up roughly 90% of all transactions this week, they make up 99.1% of all transaction fees paid this week, for a total of 5675 NEAR worth of transactions. On each day, function call events take up anywhere from 700 to 850 NEAR in fees. Although function call is the most dominant action taken by unique users, it takes up the least percentage in this category at 88.7% of all actions made by active users this week. There were 234,074 active users over the course of this week, at roughly 45K each day.

    Staking:

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    Staking Analysis:

    The data shows that the average NEAR staked is much larger than the median NEAR staked, which means it is likely right-skewed by a few large stakers. Thus, the median may be a better indicator of the typical amount staked by users. The number of staking events was on an upward trend for the first half of the week, peaking at 784 stakes before going back down again. Although the number of staking events changed a lot over the week, the amount unstaked stayed somewhat similar. Early in the week, about 17% of stake events were unstaked before trending down to 11% and then back up to around 20%. In terms of volume staked by action, we can see that roughly 30% of the volume on most days was unstaked, except for December 16th where nearly 80% was unstaked, making up for 1.622M in NEAR unstaked. Daily stakers follow the same trend as daily stake events with an upward trend till halfway through the week followed by a downward trend again. Around 15% of users are unstaking each day.

    Conclusion:

    1. It appears that there are continually new active users each day as there are 45K active users roughly each day and 35K new users roughly each day meaning the new users are making up about 77% of active users each day.
    2. The amount of daily new users has been on a downward trend over the week while the amount of daily transactions and active users has stayed consistent at around 400k and 45k respectively.
    3. The average TPS each day is a little over 5.
    4. Around 9% of transactions this week failed, although on a daily basis it tends to vary.
    5. About .0015 NEAR is paid for each transaction while roughly 600 NEAR is paid each day in transaction fees.
    6. The top two transactions receivers received roughly 1.3M transactions while the top 2 senders sent roughly 650K transactions.
    7. The typical users sent 2 transactions this week.
    8. The average daily blocks time is about 1 second while there are roughly 71K blocks produced each day, meaning over 15,000 seconds of the day are unaccounted for which could possibly be time in between blocks.
    9. The average transfer volume each day was roughly 6M
    10. Two individuals sent 6.69M and 6M in transfers this week while one individual received 12.82M this week which means he was likely sent the volume of the other two users.
    11. The most common action taken by a large margin is function call which made up 89% of transactions this week, 99.1% of transaction fees this week (fees are likely higher for function calls as opposed to other actions), and 88.7% of unique users actions.
    12. About 15% of stake events and unique staker actions were unstake actions.
    13. 30% of the volume on most days of the week was unstaked, except for on December 16th were 80% was unstaked accounting for 1.622M in NEAR.