When we take a closer look at the on-chain activity of NEAR in the context of its massive $500 million total fundraising, it becomes apparent that the project, in its current state, to put it lightly, screwed up. I have no idea how the business model and incentive mechanisms for users were designed in such a way that, after just one year, the network's activity is so lackluster - from trading to deposits. (Actually, I do, but that's a separate behind-the-scenes topic of venture capital).
Raw but telling numbers:
- Only 8,3M$ 24H DEX trading volume which is ridiculous compared to its competitors above in the list(1st pic. - red frames)
- TVL is still decreasing - 61M$(2nd pic.)
- Strange chart with Daily Active(=unique sender addresses) Accounts(3rd pic.)
Track TVL and volume on DefiLama Dig into TXs on NEAR Explorer
In all honesty, my hope is that NEAR will, eventually, be in much better shape as they built some great technical products (e.g. Rainbow Bridge was on fire) but have been unable to scale the blockchain as a product, at least so far. Show Less
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