Near Protocol (NEAR), the native token on the proof-of-stake (PoS) blockchain, rose sharply in the past 12 hours after the platform’s decentralized exchange, Trisolaris, raised $4.5 million in its latest funding round.
NEAR surged as much as 13% to $17.86, and was trading close to a record high of $20.2. The token also jumped 27% in the past week, as increased interest in Ethereum’s (ETH) switch to a PoS model spilled over into other projects. Top altcoins Cardano (ADA) and Solana (SOL) have also benefited greatly from this trend.
The Near Protocol is a community-built blockchain that has been described as a more efficient version of ETH, with faster transaction speeds and better operability with other networks. The project was also recently selected by Orange DAO as its preferred layer-1 blockchain, which will see NEAR invest $15 million into Orange.
Trisolaris sees VC interest
Trisolaris, which is the largest decentralized exchange on the Near protocol, said it raised $4.5 million in a funding round led by Electric Capital, with participation from Jump Crypto, Dragonfly Capital, Leminscap and Ethereal Ventures.
The exchange said it will apply the new capital towards increasing total liquidity on the platform, as well as hiring more people and establishing cross-chain swaps with NEAR.
The news benefits NEAR, given that the token is used widely in depositing on Trisolaris. Wrapped Near (WNEAR), which is an encrypted, tradeable form of the token used to trade on Trisolaris, appeared to be performing slightly better than NEAR following the news.
Trisolaris currently has $239.8 million in total value locked. The exchange intends to expand liquidity to above $500 million.
NEAR trades around record highs
NEAR had hit its last all-time high shortly after raising $150 million in a funding round led by Three-Arrows Capital, with participation from several major crypto funds including Dragonfly, a16z and Alameda.
The token has greatly benefited from increasing interest in its main competitor, ETH, and is currently just a few dollars short of a record high hit in January. Improving sentiment in the crypto market has also attracted vast amounts of capital into altcoins, with recent gains in NEAR likely reflecting as much.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?