NEAR

NEAR Protocol offers an open-source blockchain platform that enables users to build decentralized applications using smart contracts. Governed by the NEAR Foundation, the protocol uses a proof-of-stake consensus mechanism and provides a range of tools for developers to simplify development and scaling. The platform’s native token NEAR is primarily used for transaction fees and storage. It can also be used for staking by holders who want to validate transactions and promote network consensus. As of May 2024, NEAR supported almost 300 applications, with a global community of over 120,000 members. In April 2021, NEAR enabled users to transfer ERC-20 tokens between the Ethereum and NEAR blockchain with the launch of a new feature named “Rainbow Bridge.”

In March 2023, NEAR launched a new operating system that acts as a common layer for browsing and discovering blockchain-based applications such as crypto exchanges, NFT marketplaces, and social networks. The solution was to be compatible with several blockchains, with NEAR operating as the common entry point. Users can build and launch dApps using existing pieces and components, such as profiles, payments, and notifications.

Key customers and partnerships

NEAR has undertaken several partnerships in the blockchain space. These include partnerships with 1) Ardana (November 2021), a decentralized stablecoin ecosystem, to bridge the flow of assets between Cardano and NEAR.

2) Curve Finance (April 2022) to integrate its Ethereum virtual machine (EVM) layer Aurora with Curve’s platform and enable users to connect their wallets to the Aurora network and access its liquidity pools using Curve.

3) GK8 (July 2022), a blockchain security company, to enable GK8 customers to manage their assets on the NEAR Protocol, stake NEAR tokens natively, and access the protocol’s smart contracts.

In November 2023, NEAR went on to partner with Polygon to create zkWASM, a zero-knowledge (zk) prover for web-assembly-based blockchains. ZkWASM aims to strengthen interoperability across the Web3 ecosystem, enhance the secure bridging between NEAR and Ethereum, and offer WASM chains access to Ethereum’s liquidity.

As of May 2024, the protocol was used by several enterprises including Alibaba, Shemeroo, ICC, SailGP, DropT, and CosmosAI.

Funding and financials

In April 2022, NEAR raised USD 350 million in a funding round led by Tiger Global to increase the number of regional hubs in community centers around the globe.