NEAR Chain Data Report: 30 Million New Users Added in Q3, Total Value Locked Reaches $250 Million
TechFlow Selected TechFlow Selected
NEAR Chain Data Report: 30 Million New Users Added in Q3, Total Value Locked Reaches $250 Million
Consumer apps on NEAR continued to thrive, with daily active users growing to 3.1 million in the third quarter.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
Editor's Note: Background
Welcome to our 2024 Ecosystem Special Edition! In this issue, we dive deep into NEAR, a platform with one of the industry’s most enduring and technically advanced communities.
NEAR has consistently focused on Chain Signatures, a feature enabling NEAR accounts to sign transactions across any blockchain. Chain Signatures not only empower developers but also allow them to write smart contracts that interact with other blockchains. This functionality is a key driver behind NEAR’s vision for 2024 and beyond, aiming to simplify the underlying blockchain infrastructure and deliver a smoother user experience.
Another major focus for NEAR is artificial intelligence, particularly the concept of user-owned AI that has gained significant attention in recent years. A critical step in NEAR’s AI roadmap is launching an incubation program, which includes projects providing payment infrastructure, GPU markets, and tools for monetizing artists’ work.
This is just the beginning. Below, we analyze NEAR’s past, present, and future directions in detail. Let’s dive in. — ON Editorial Team
Abhishek Anirudhan | Website | Dashboard
NEAR Performs Strongly in Q3, Adds 30 Million Users and Processes 600 Million Transactions
-
NEAR Protocol is a fully sharded, cost-efficient Layer 1 blockchain known for high-speed transaction processing, aiming to bring one billion users onto the open web. Its core focus is improving usability, offering a flexible account model, and building a highly scalable blockchain capable of supporting billions of users. In Q3, NEAR added 30 million new users, bringing its total on-chain user base above 130 million, while processing over 600 million transactions.
-
Despite exponential growth in transaction volume, fees have remained relatively stable. In Q3, the protocol generated 300,000 NEAR from processing over 600 million transactions, averaging 0.0005 NEAR per transaction. This efficiency is enabled by sharding—a scaling method that splits the blockchain into multiple parallel chains. Currently operating with 6 shards, the protocol plans to expand to 10 by the end of 2024.
-
NEAR’s technical capabilities and its vision for chain abstraction and user-owned AI have attracted many new developers to the ecosystem. So far this year, developers have deployed approximately 5,000 new contracts—surpassing the total number deployed in 2023 (around 4,500).
Consumer Ecosystem | Dashboard
Consumer Applications on NEAR Continue to Thrive, Daily Active Users Reach 3.1 Million in Q3
-
NEAR’s Chain Signatures represent a breakthrough in chain abstraction, allowing developers to simplify multi-chain dApp development into a single layer—an intelligent contract on NEAR that can communicate with all other chains. Major consumer apps and wallets such as Sweat Economy, HERE Wallet, and Bitte Wallet have successfully implemented Chain Signatures, leading to significant usage growth. In Q3, NEAR averaged around 3.1 million daily active users, up from 1.6 million in Q1. This brought average monthly active users to 22.9 million in Q3, exceeding 13 million in Q2.
-
Consumer applications like Kaikai, Sweat, and HERE Wallet (also known as HOT Wallet) have introduced over 55 million new wallets to the NEAR ecosystem and Web3.
-
Consumer applications on NEAR demonstrate strong user retention. In fact, the majority of daily active users on the chain are returning users. In Q3, out of the 3.1 million average daily active wallets, only 280,000 were new, while the remaining 2.8 million were existing users.
NEAR Reaches $250 Million in Total Value Locked (TVL) and Liquid Staking
-
Decentralized finance (DeFi) on NEAR is rebounding: Total Value Locked (TVL) has grown from approximately $100 million at the start of the year to around $250 million by the end of Q3. The recently launched Chain Signatures feature, along with upcoming foundational projects such as the multichain decentralized exchange (DEX) Defuse, are expected to further drive this growth.
-
As TVL on NEAR grows, so does liquid staking. In 2024, NEAR has welcomed new entrants such as HERE Wallet staking and TruStake, alongside established platforms like Meta Pool and LiNEAR. Additionally, Allstake, a cross-chain restaking protocol, is also part of the ecosystem. Together, these projects contribute approximately $325 million in assets.
-
User interest in DeFi on NEAR has also expanded into the memecoin space. NEAR’s latest DeFi project, meme.cooking—a token launch platform—achieved a TVL of approximately 11K NEAR (about $54,000) within two hours of launch.
Stablecoins on NEAR
Sebastian Melendez | Dashboard
-
Since early 2024, stablecoin usage on NEAR has surged—monthly transaction volume exceeded $2 billion in August, representing over 800% growth year-to-date.
-
In June 2024, monthly stablecoin transfers on the NEAR blockchain peaked at over 3.3 million.
-
The total supply of stablecoins on NEAR reached $671.05 million, making it the tenth-largest blockchain by market capitalization in this category.
-
The number of delegators on the network has steadily increased, rising sharply from 50,000 in early 2023 to over 250,000 in 2024. This indicates growing participation in staking and delegation activities, likely reflecting increasing confidence in the platform and its staking rewards.
-
Since 2021, the total amount of staked NEAR has continuously grown, surpassing 400 million NEAR by the end of 2022 and maintaining strong stability since. Currently, 619 million NEAR are staked to secure the network.
-
Since 2023, the number of validators on the NEAR network has remained relatively stable, typically fluctuating between 160 and 240. This stability reflects a healthy and well-functioning staking ecosystem.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@ournetwork__
