NEAR Ecosystem’s Weekly Update W33

Overview Of The NEAR Ecosystem’s Weekly Update W33

Important Updates

  • Near Protocol is 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). What I am looking forward to is the launch of Appchain Octopus Network. It will be a huge boost for Dapp’s scalability in the NEAR ecosystem.
  • 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. The development of the SOL-NEAR is facing a halt due to a lack of developers. Once they finish these bridges, the stream of money that flows into the Near Ecosystem will become broader and steadier.

NEAR’s Impressive Performance Numbers

  • $2.11 million in assets were deposited to Near Protocol via Rainbow Bridge. There was not much increase or decrease compared to the previous week.
  • The volume of transactions in last week has reached 2 million transactions, with a 24-hour ATH of 311,000 transactions. Although Ref Finance has been under maintenance for the past week, the transaction volume is still high. It proves that other constituents of the ecosystem are gradually gaining the attention of users.
  • The number of stablecoins on Near has returned to $ 1.18 million. It is a slight decrease of about $ 20,000 compared to the previous week. That means the money coming in for $OCT is not large. For the most part, investors are using the NEAR tokens that already exist in the ecosystem for $OCT investment.

New Projects

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

  • Octopus Network’s $OCT was open for sale on Skyward Finance.
  • Metapool launched Mainnet Version 1.0. You can now stake NEAR in Metapool to receive $META.
  • OP Game was launched. It will develop blockchain games on Near Protocol.
  • Two new guilds were launched: Near Games Guild and Nearverse Portal Guild.
  • Ref Finance started reopening the project’s web app after the $3 million hack.

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 $1.18 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

Ref Finance

Ref Finance has compensated thóe who were damaged by the liquidity farming bug incident. After that, the project has reopened its web app and is preparing for a relaunch. This time, there will be lots of incentives for liquidity providers.

SushiSwap

After Near’s AMA on Sushi Onsen, NEAR Protocol posted a tweet with the only in it being an icon of a piece of sushi. It’s not clear if this is just a tweet suggesting that liquidity providers for $NEAR are getting double rewards on Sushi Onsen’s pool or Sushiswap is planning to bring their AMM DEX to Near via Aurora.

Staking

The Metapool project on Near has launched and now you can use the project’s staking products. This is a NEAR staking solution to create liquidity for staked tokens. Now, when you stake NEAR on Metapool, you not only receive NEAR but also META — the project’s liquidity incentives.

IDO Platform

The Octopus Network’s $OCT tokens have been opened for sale on Skyward Finance. Currently, the price of the OCT token stands at over $1.6 — four times the price at the last round of the Octopus Network.

Conclusion

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

  • Octopus Network’s $OCT is open for sale on Skyward Finance. The current selling price is $ 1.6. Octopus Network’s current FDV is $ 160 million.
  • Instead of staking NEAR in Near Wallet, you can now stake NEAR in Metapool to receive NEAR and META.
  • Ref Finance is back online.
  • There is a chance of Sushiswap going to Near via Aurora.
  • Arterra successfully raised capital.

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