NEAR, the native token on the eponymous blockchain, rallied on Friday amid speculation that the protocol will introduce its own stablecoin. The token also benefited from a string of venture capital investments in the blockchain.
NEAR was up about 24% in the past 24 hours, trading at $18.92- just a few dollars short of its lifetime high of $20.2. The token also rallied 46% over the past week as it raised $350 million in a funding round led by digital investor Tiger Global.
The blockchain’s biggest DeFi protocol, Trisolaris, also recently raised $4.5 million.
Venture capital firm Digital Currency Group revealed that the NEAR recently became its third-largest crypto holding.
Near-based stablecoin in April?
Zoran Kole, founder of popular Telegram group Crypto Insiders said Near will launch the new stablecoin, USN, on April 20. The proposed token will be an algorithmic stablecoin, and will compete with Terra’s UST.
Trending Stories
The token will also offer a 20% APR, which would make it the highest DeFi yield in the market. For reference, Terra’s Anchor Protocol offers a 19.6% yield, currently the highest in the market. Near Protocol has not confirmed the news.
Kole said he expects increased interest in the token to likely double its market capital over the next few months. He also said Near’s focus on developer incentives is likely to attract more building on the blockchain.
The real Ethereum 2.0?
Near is a proof-of-stake (PoS) blockchain built specifically to compete with ETH. It supports several features which are yet to be implemented in ETH with the 2.0 upgrade, such as higher staking rewards and a smaller carbon footprint.
But the token has greatly benefited from ETH’s proposed move to a PoS model. Interest in PoS spilled over from ETH and into other tokens, such as NEAR, Cardano (ADA), and Solana (SOL).
Still, NEAR is far smaller than ETH in market capital, and also does not see as widespread adoption. But that could change as more capital flows into the blockchain.
- 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
- Just-In: PlanB Reveals Bitcoin S2F Prediction For 2024 Halving
- Heavy Outflows Force Investors to Seek Refuge In Multi-crypto Investment Products
- PlanB: When Will Bitcoin (BTC) Price Cross $500K?
- Case Study: P2E Gaming Projects Tackling The Barriers To Web3 Mass Adoption
- 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 ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?