NEAR protocol eyes for a rally based on positive on-chain data
- Integrating BTSE DEX with Orderly-Chain highlights NEAR Protocol's expanding utility and adoption in the decentralized finance (DeFi) sector.
- On-chain data shows that NEAR's Total Swap Volume on Ethereum and BSC chains has surpassed $400 million.
- Investors should be cautious about decreasing Development Activity
NEAR Protocol's (NEAR) price increased by 3.2% on Tuesday after a significant 14% drop on Monday. On-chain data shows NEAR's Total Swap Volume on Ethereum and BSC chains has surpassed $400 million, reflecting greater blockchain usage.
Additionally, recent developments, such as integrating BTSE DEX with Orderly-Chain, highlight NEAR's expanding utility and adoption in the decentralized finance (DeFi) space, which is expected to bolster its market presence. BTSE, a global blockchain company, has partnered with Orderly Network to enhance decentralized spot and perpetual futures trading on NEAR Protocol.
Announcement: @BTSEDEX, the DeFi arm of @BTSE_Official CEX, has integrated with the Orderly-Chain, providing an EVM decentralized alternative to their CEX!
— Orderly Network (@OrderlyNetwork) August 6, 2024
BTSE DEX already offers a perp DEX on NEAR powered by Orderly.
Read the full PR here: https://t.co/4vmUv1zOsG pic.twitter.com/5F8c8ux5zA
NEAR protocol Total Swap Volume on Ethereum and BSC chains has surpassed $400 million
According to on-chain data analyst Masi, NEAR Protocol has reached a new all-time high with over $400 million in trading volume on Ethereum and Binance Smart Chain (BSC) over one month.
This was driven by nearly 14,000 users and a peak of 4,000 traders in one week. With NEAR now boasting nearly 83,000 users across these chains, this surge in activity suggests increased blockchain usage and strong investor confidence in the NEAR Protocol.
Over the last 30 days, the number of $NEAR traders on Ethereum and BSC combined reached a new ATH.
— Masi (@Masi_DN) August 5, 2024
During this period, nearly 14K users traded $NEAR across these chains, with the peak hitting 4,000 traders in a single week.$NEAR now has nearly 83K Users across both chains. https://t.co/gyAAr0SZPm pic.twitter.com/mAfkok2q0F
Despite NEAR reaching a new all-time high in trading volume, strategic partnerships and growing users, NEAR protocol Development Activing Active has remained low, indicating that investors should not expect an immediate price rally for the token.
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NEAR Development Activity chart
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
