NEAR Protocol Sees Record Growth in Active Addresses in Q2 2024, Time to Shine?

• NEAR Protocol daily active addresses hit an all-time high, growing by 42% in Q2 2024.
• TokenBridge launches, connecting NEAR Protocol and Solana, enhancing blockchain interoperability.

In Q2 2024, the NEAR Protocol showed a huge 42.0% growth in average daily active addresses, setting an all-time high. This milestone reflects the increased interest and engagement in the NEAR environment. The number of active addresses on this network has been steadily increasing since last year.

Near Protocol Record-Breaking Growth and TokenBridge Launch  

According to The Block, the on-chain metric increased from 57.13 thousand at the end of July 2023 to a record-breaking 1.97 million, representing a staggering 3,348.28% rise.

In addition to its tremendous expansion, TokenBridge has announced the official launch of its bridge. Crowny built this bridge, which uses Wormhole technology to connect two leading Layer 1 blockchains, the NEAR Protocol and Solana.

We are proud to announce the official launch of TokenBridge! This bridge is built by @crownyio and leverages @wormhole to unite leading L1s @NEARProtocol & @Solana.

Take a look at the bridge yourself https://t.co/9u1hm4i7EQ pic.twitter.com/3BIqjUcuFF

— TokenBridge.app (@TokenBridgeApp) July 25, 2024

The integration intends to improve the interoperability of different networks, resulting in a more connected and efficient blockchain ecosystem.

Previously, as reported by CNF, NEAR Protocol cooperated with Gauntlet to announce a new governance plan, which caused a jump in the price of its native token, NEAR. This proposal seeks to replace the standard one-person, one-vote system with a weighted voting mechanism.

The new governance model aims to better reflect each participant’s stake in the network, potentially resulting in more balanced and representative decision-making procedures.

Furthermore, we mentioned earlier this month that the protocol had reached a key milestone, with 450 million transactions and 12.3 million new addresses added in a 30-day period. These results demonstrate NEAR Protocol’s quick expansion and adoption in the blockchain ecosystem.

At the time of writing, NEAR is trading at $5.17, down 3.19% over the last 24 hours. This loss has had a comparable impact on its market value, which has decreased by 3.19% to $5.72 billion. Despite this short-term fall, the NEAR Protocol’s overall development and milestones signal a bright future for the network.