Blockchain analytics platform Dune has expanded its services by integrating NEAR Protocol, a rapidly growing Layer 1 network known for its focus on scalability and interoperability. This integration allows developers and cryptocurrency analysts to access user-friendly insights from the NEAR network, marking another milestone in NEAR’s rapid rise in the blockchain space.
Dune’s current data highlights significant growth for NEAR in 2024. Daily active users on the network have skyrocketed, increasing from 1 million at the beginning of the year to over 3 million by mid-October. Simultaneously, decentralized finance (DeFi) total value locked (TVL) on NEAR has jumped from $90 million to $240 million, while the value of stablecoins on the network surged from $31 million to over $650 million in the same period.
Meta-Transactions and Performance Fuel NEAR’s Expansion
NEAR’s introduction of meta-transactions has been a key driver of its growth. Meta-transactions enable users to execute transactions on the network without needing to hold tokens for gas fees, simplifying the user experience. This feature has seen widespread adoption, with Dune reporting that the number of meta-transactions on NEAR rose from approximately 20,000 at the start of the year to over 4.3 million by mid-October.
The network’s high performance, combined with its focus on scalability and user experience, has made NEAR an increasingly attractive platform for blockchain developers and analysts. As NEAR continues to grow, Dune’s integration provides valuable tools for tracking a wide range of blockchain data, from transaction volumes and gas fees to active users, blocks, and shards. Additionally, users can monitor activity across popular decentralized applications (dApps), DeFi protocols, and non-fungible token (NFT) platforms on NEAR, offering comprehensive insights into the network’s ecosystem.
NEAR Protocol’s Vision for Blockchain Interoperability
While NEAR is not directly compatible with the Ethereum Virtual Machine (EVM) and does not support Ethereum-based dApps like Avalanche or Binance Smart Chain (BSC), it emphasizes blockchain interoperability through alternative methods. This approach has positioned NEAR as a unique player in the Web3 development space.
One of the key innovations that sets NEAR apart is its use of sharding, a process that divides network tasks into multiple groups to manage transactions in parallel. This approach improves the network’s efficiency and enhances its scaling capabilities. NEAR’s commitment to scalability ensures that it can handle increased activity without compromising performance, a critical feature for supporting its growing user base.
NEAR also aims to simplify the user experience through a concept called ‘chain abstraction.’ This initiative seeks to make using blockchain applications as seamless as interacting with traditional Web2 applications. The goal is to allow users to engage with decentralized applications (dApps) without being burdened by the complexities of blockchain technology, promoting wider adoption.
Chain Signatures Accelerate Interoperability and Usability
In August 2024, the NEAR Foundation introduced a new feature called Chain Signatures to accelerate the adoption of its chain abstraction concept. This feature allows users to perform transactions across supported blockchains without needing to connect to a bridge. First tested in March, Chain Signatures enable NEAR account holders to sign transactions on multiple blockchains with ease, further enhancing the platform’s focus on usability and interoperability.
👏👏👏 @NEARProtocol is now LIVE on Dune! 👏👏👏
Starting today on Dune, you can
– Track NEAR's network transactions and gas fees
– Monitor dApps, DeFi, and NFT activity
– Explore NEAR's Rainbow Bridge for asset transfershttps://t.co/w9FT7AcTVW— Dune (@DuneAnalytics) October 22, 2024
The integration with Dune also aligns with NEAR’s efforts to improve transparency and data accessibility within its ecosystem. NEAR’s co-founder emphasized that the collaboration empowers the NEAR community with essential tools for exploring and analyzing on-chain data, which is crucial for fostering growth among developers, entrepreneurs, and communities in the ecosystem. With over 30 million monthly active accounts spanning consumer apps, DeFi, and cross-chain activities, having robust data insights is key to sustaining NEAR’s rapid expansion.
Dune’s Broader Goal of Blockchain Integration
NEAR’s integration is part of Dune’s broader strategy to expand its data offerings across multiple blockchain networks. The analytics platform aims to integrate 100 blockchains by the end of 2024. Recently, Dune has added support for Worldcoin and Polkadot, among others, showcasing its commitment to providing comprehensive insights across the rapidly evolving blockchain landscape.
By adding NEAR to its growing list of supported networks, Dune is enhancing its ability to offer real-time data analysis to the crypto community, while NEAR continues to attract developers and users seeking scalable, efficient, and user-friendly blockchain solutions. This partnership marks a significant step forward in making blockchain technology more accessible and transparent to the broader Web3 community.