Max E.Fri, Apr 8, 2022 6:36 PM
NEAR: 8 April Price Digest
On Friday, April 8, the stagnation in the cryptocurrency market continued. Investors are taking a breath after reacting impulsively to the Fed's aggressive stance on inflation control a day earlier. The increase in the price of BTC is insignificant, ETH feels a little better than Bitcoin. Most of the major altcoins have also moved into the green zone.
NEAR is the current growth leader. The native token of the NEAR Protocol blockchain is close to updating its historical maximum. Over the last 24 hours, the token has grown by 25.39%. At the time of writing, the asset is priced at $19.11, just a couple of dollars less than its all-time high of $20.2, reached in January 2022, when the project raised $150 million for its further development. Over the past week, the token has boosted its value by 46%.
Reports of a possible launch of NEAR Protocol’s native stablecoin, as well as attracting additional funding could be the catalysts for positive price dynamics. On April 4, the NEAR Protocol team fulfilled a $350 million funding round led by the Tiger Global venture fund with the participation of other large investors. Due to the successful investment round, the token rose by 9%, to $16.8. According to the team, the funds raised will be used to increase the number of regional hubs in key community centers around the world. NEAR's largest DeFi protocol, Trisolaris, also raised $4.5 million.
On Friday, the founder of a popular protocol-affiliated social media group revealed that the new USN stablecoin will be launched on April 20. Presumably, it will be an algorithmic stablecoin, reminiscent of UST Terra with its parameters.
Allegedly, the token will offer 20% APR, which is the highest DeFi yield on the market as of today. For example, the Anchor Protocol, the most popular lending protocol in the decentralized finance sector, has a yield of 19.6%.
However, all these plans have not been officially confirmed by the project’s management team. According to representatives of the user community, these innovations may lead to an increased interest in the token. Therefore, its market capitalization could double in the future.
Currently, there are about 300 applications running on the NEAR platform with more than 200,000 community members worldwide.
As of April 8, the Total Value Locked in the NEAR Protocol DeFi ecosystem reaches $364.98m. Ref Finance remains the largest project based on the protocol.