Research Summary
The report provides a comprehensive overview of the state of NEAR in Q2 2023. Despite being listed in the SEC’s complaint against Coinbase, NEAR’s financial and network fundamentals remained unaffected. The introduction of the Blockchain Operating System (BOS) marked a significant milestone, attracting over 15,000 user accounts and nearly 6,000 widgets within four months. The Sweat Economy continues to be a leading application, accumulating a total of 19 million Sweat wallets. NEAR made notable progress in driving adoption and attracting more users to the NEAR Protocol and the BOS, fueled by strategic partnerships and grassroots initiatives.
Actionable Insights
- Monitor the growth of NEAR Social: Since its launch, NEAR Social has gained significant traction, attracting over 15,000 user accounts. Its growth will be an important metric to monitor moving forward.
- Consider the potential of the Blockchain Operating System (BOS): The BOS provides developers and users with a single interface for building, browsing, and discovering Web3 experiences on any blockchain. Its adoption could catalyze development activity.
- Keep an eye on the decentralization efforts: The NEAR Foundation is actively working towards a more decentralized model of capital allocation by handing over decision-making to community DAOs. This approach could foster the operation and advancement of the NEAR network.
- Track the performance of the Sweat Economy: The Sweat Economy continues to be a leading application on the NEAR network. Its performance could be a key indicator of NEAR’s overall health and user engagement.
