NEAR Protocol Market Cap Falls 27% to $5.16 Billion in Q3
A report from Messari provides insights into the NEAR (NEAR) protocol's performance during Q3 2024 amid significant market volatility.
NEAR Protocol Q3 Performance
In Q3, NEAR's circulating market cap fell to approximately $5.16 billion, a quarter-over-quarter (QoQ) decrease of about 27.52%. The token price closed at around $5.29, reflecting a slight decline of 0.21% QoQ. NEAR maintained its position as the 17th largest cryptocurrency by market cap.
Over the past three weeks, NEAR gained 54% in market capitalization, rising to $7.99 billion due to a broader market rally led by Bitcoin (BTC) and recent political developments.
NEAR's revenue, which measures network transaction fees excluding storage staking, dropped to approximately $1.64 million, a decline of 30.13% QoQ. This marked the first quarter in a year where revenue ended lower than it began, attributed to a decline in transaction volume, down by approximately 10.48% QoQ and 34.23% year-over-year.
As of Q3's end, about 93.46% of NEAR’s total token supply was in circulation, with 52.36% staked. The annualized nominal yield from staking was approximately 8.60%, while the annualized real yield was 4.09%.
Despite transaction volume challenges, NEAR saw an increase in address activity. Average daily active returning addresses rose by 7.27% QoQ, and average daily new addresses increased by 11.06%.
TVL Rises, Liquid Staking Sees Increase
The report noted a decline in developer engagement, with weekly active core developers decreasing by 41.28% from 177 to 104. The number of weekly active ecosystem developers also fell by 19.70%, from 286 to 230.
In DeFi, NEAR’s Total Value Locked (TVL) increased modestly, ending Q3 at approximately $251.44 million, a rise of 7.63% from the previous quarter.
NEAR’s liquid staking TVL grew by 9.85% QoQ, reaching around $279.66 million. LiNEAR Protocol accounted for approximately $145.14 million, while Meta Pool saw a 12.70% increase, totaling around $126.61 million.
Currently, the NEAR token is trading at $6.745, with substantial gains of 27% and 46% over the past fourteen and thirty days, respectively, and a year-to-date surge of 266%.
Featured image from DALL-E, chart from TradingView.com