NEAR Ecosystem’s Weekly Update W32

Overview Of The NEAR Ecosystem’s Weekly Update W32

Important Updates

  • Since Near Protocol is already quite complete in terms of infrastructure applications, with such apps as Aurora EVM, Rainbow Bridge, Flux Oracle, and coordination between Band Protocol and Chainlink (not yet implemented), the next big update that the whole ecosystem is looking forward to is the launch of Octopus Network’s mainnet appchain in September or October this year — according to Octopus’s roadmap.
  • After the ETH-NEAR bridge, the NEAR Foundation team is developing the BSC-NEAR bridge. Following the BSC-NEAR bridge, SOL-NEAR will be the next choice of the ecosystem development team. If they finish these bridges, this will be a good premise for money to flow into the Near Ecosystem.

NEAR’s Impressive Performance Numbers

  • $2.15 million in assets were deposited to Near via Rainbow Bridge. Compared to the previous week, there is a slight increase of $50,000 in asset value.
  • In the past week, the volume of weekly transactions continued to increase by 1,700,000 transactions. The total number of transactions on Near Protocol has passed 20 million. This was only a month and a half since the 10-million goal was reached.
  • Over the past week, the number of stablecoins on Near has returned to $1.2 million. In comparison with the last week, there was a slight decrease of $100,000. However, the total value of assets on Rainbow Bridge has increased, proving that users are still migrating other assets to NEAR.

New Projects

We did not see any new projects in the past week. However, there are many important updates of the ecosystem:

  • Near and Filecoin have officially partnered up to promote data storage on Near’s Web3 system.
  • Octopus Network’s token ($OCT) has been launched and will be available for sale on Skyward Finance on August 23rd.
  • Near Protocol, Skyward Finance, and Ref Finance continuously launched marketing campaigns to attract users and promote community activities.
  • The $1-million MetaBuild hackathon is being held. This promises to bring Near Ecosystem many new projects.
  • Some users have exploited a farming contract bug on Ref Finance to withdraw all the money in the REF-NEAR pair. Total damage was estimated at $3 million. The team has promised to compensate for infringed users, work with legal authorities to recover the lost funds, and reward those who voluntarily return tokens.

Dissecting The News

Stablecoin, Lending & Borrowing

The total amount of stablecoins on Near, after a sudden increase to $1.4 million due to the $REF sale, has returned to $1.2 million. In which, nearly $900 thousand is DAI. The rest are other stablecoins, including USDT, USDC, and TUSD. The total value of assets on Ethereum on this Bridge is at nearly $2.2 million.

AMM DEX

Last week, Ref Finance and the REF-NEAR pair were heavily exploited. Farming contracts had a bug that allowed liquidity providers to withdraw more tokens than what they have deposited. Ref Finance has identified 18 wallets that took advantage of the accident.

IDO Platform

In the past week, Octopus Network has listed its tokens on Skyward Finance to start a public sale from August 23rd. 2.5% of the total supply of Octopus Network will be open for sale, OCT tokens will be sold in the last week of August.

In Summary

Over the past week, there are the following significant events regarding the NEAR Protocol:

  • Ref Finance was exploited. The team has announced a plan to compensate those who suffered from the accident.
  • Near Protocol, Ref Finance, and Skyward Finance continuously launched community activities to promote the projects.
  • A $1 million hackathon has started.
  • Skyward Finance has opened the OCT token sale, starting from August 23rd.

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