I'd rate the Near project with a score of 4. While it demonstrates qualities of a quality Layer 1 blockchain, its relatively low user adoption and EVM incompatibility hinder its full potential. With continued development and strategic improvements, Near may be able to capitalize on its strengths and address the obstacles it faces.
The Near blockchain stands as a decentralized application platform, akin to ETH, ATOM, DOT, and SOL. It sets itself apart by being built in the RUST language and utilizing a PoS consensus mechanism, which aims to deliver scalability and stable transaction fees through sharding.
Near boasts key metrics that showcase its potential: achieving a remarkable 100,000 transactions per second, surpassing the speeds of Visa, Atom, Solana, and ETH. Transaction fees are significantly lower than ETH, a factor of 10,000. With 53 validators on the Near network, it ensures a secure and reliable operation. The blockchain caters to both developers and users, with its user-friendly interface and utilization of modular components, enabling quick execution of smart contracts.
Near appears to have struggled to gain widespread user adoption, evidenced by a relatively low number of users engaging with the platform. According to Defillama, the total value locked (TVL) stands at $84M, suggesting that more efforts may be required to attract greater interest and investment. One factor contributing to this might be the lack of EVM compatibility, which presents challenges for developers accustomed to Ethereum's ecosystem.
The project has not gone unnoticed, with even Vitalik Buterin acknowledging Near as a genuine competitor to ETH. The presence of a bridge with Ethereum, called Rainbow Bridge, adds versatility and connectivity to the platform.
Official site: https://near.org/
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