Near Protocol Gets Another All Time High Defying Bearish Market

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Evening

So Near Protocol is making headlines again, getting yet another all time high in just two weeks, defying the broader bearish market. Near hit all time high of $20.38, yesterday. At the moment of writing Near is trading at $19.31.

Near Protocol is one of the several new smart contract based layer 1 protocols. It utilizes proof of stake(POS) mechanism and Sharding technique to ensure high scalability and lower transaction fees. The protocol claims to be the most dapp friendly. As of now the protocol can handle 100,000 transactions per second with transaction processing happening in less than a second.

Several factors have been behind recent growing traction of Near. The most significant is the recent successful completion of $150 million funding round led by @zhusu's Three Arrow Capital with participants like Dragonfly Capital, a16z, Alameda and Circle Ventures.

Moreover Near Protocol has picked sharp increase in on-chain activity since the launch of Aurora cross-chain bridge. Aurora is an EVM built upon Near that allows Ethereum's users and defi applications to bridge on Near blockchain. Aurora bridge is resulting in increased projects adoptions and growing migration of Ethereum tokens on Near protocol causing a sharp increase in transactions on blockchain.

Near has undergone extensive development in recent times making it third fastest growing ecosystem after Terra and Solana. Near Protocol is becoming developers darling owing to its rewarding mechanism that grants developers 30% of the transaction fees spent on their contract.

But all of this is just a start as Near Protocol is beginning to get the crypto community attention, with several investors getting behind the funding rounds and ready to invest in Near based projects as liquidity providers.