NEAR Protocol
About NEAR Protocol
The price of NEAR Protocol (NEAR) is $3.88 today, as of Sep 16 08:18 p.m., with a 24-hour trading volume of $277.02M. Over the last 24 hours, the price has decreased by -6.01%. NEAR Protocol currently has a circulating supply of 1.11B and a market cap of $4.30B.
NEAR is the native coin for the Near Protocol, a smart contract blockchain that wants to take on Ethereum.
Launched in 2020, Near is cheaper and faster than Ethereum, and claims to be able to scale – grow without hindering its performance or making things more expensive – thanks to a consensus protocol called Doomslug and a sharding called Nightshade.
NEAR set its all-time high of $20.42 in January 2022, after the token skyrocketed in 2021. The price of the coin sank shortly thereafter to around half that, but as of May 2022 remains far higher than the range of $1-$2 it traded at toward the end of 2020.
At launch, Near created a billion coins and then allocated them to contributors and early investors, such as those who contributed to the $21.6 million March 2020 token sale, as well as community grants and programs.
NEAR’s issuance schedule is inflationary, meaning that the number of NEAR tokens in circulation rises over time. Its supply increases for two reasons:
- When vesting periods from early token sales expire, more tokens are introduced into public circulation.
- Proof-of-stake rewards. Near is a proof-of-stake blockchain, meaning that transactions are verified by validators who stake NEAR coins.
NEAR’s supply is not capped, but generally increases over time; new coins are issued at a rate of about 5% a year. Ninety percent of those new tokens goes to validators, and 10% goes to the protocol’s treasury. Data from Messari predicts that the supply of NEAR coins could reach over 1.3 billion by early 2027.
That inflation, however, depends on the popularity of the network – the protocol increases its supply at about 5% a rate less transaction fees. Near burns 70% of transaction fees, and NEAR could become a deflationary token if the number of daily transactions surpasses about 1.5 billion.