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NEAR in Q2: Consecutive collapses, increasing adoption, and more

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The U.S SEC’s decision to classify the Near Protocol [NEAR] token among others as a security was the major public highlight of the second quarter (Q2). But beyond that, a number of things have happened with the project— some impressive, others? Not so much.

Realistic it not, here’s NEAR’s market cap in ETH terms

Fortunately, crypto transparency platform Messari took it upon itself to evaluate the situation with the project. Messari, in its Q2 report, mentioned that the SEC announcement had a significant effect on NEAR’s market capitalization and revenue. The report noted that,

“NEAR experienced a decline in both circulating market capitalization and revenue during Q2 2023. The circulating market cap at the end of the quarter stood at $1.25 billion, reflecting a 25% decrease QoQ.”

However, the increase in the overall market cap, led by Bitcoin [BTC] and Ethereum [ETH], ensured that NEAR’s own did not shrink lower than mentioned.

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In terms of revenue, the project’s “fee-burning mechanism”, and “demand for security model”, ensured that it raked in $98,000. For context, NEAR’s fee-burning mechanism occurs when validators get a small part of every transaction fee by burning a part of the token supply.

On the other hand, the function of the demand security model is to allow continuous network scalability even as demand increases. Moreso, NEAR took another step towards unlocking all of its tokens by 2025.

In Q2, 81% of the total NEAR supply was now in circulation. This was because it has no fixed supply, but the annual staking yield enjoyed by stakers ensured that more of the tokens were distributed.

NEAR circulating supply

Source: Messari

While there were other positive outcomes from the project’s strides in the quarter, some previous declines were as stubborn as a mule. One of them was NEAR’s Total Value Locked (TVL).

The TVL measures the level of liquidity flowing into a protocol. When it increases, it implies that participants trust the protocol enough to deposit into the decentralized Applications (dApps) operating under it.

But NEAR’s TVL decreased by 39%. And this was a fall for the fifth consecutive quarter. Therefore, this means that the protocol’s health was at risk since it wasn’t performing at its highest capacity.

Beyond doubt, one reason the TVL shrunk was Alameda’s decision to withdraw liquidity. As highlighted by Proximity Labs, the trading firm led by former FTX CEO Sam Bankman-Fried, withdrew $16 million from the USN/USDT pool.

NEAR TVL distribution

Source: Messari

Although NEAR had not fully recovered from the slump, protocols including Burrow and Orderly Network attracted substantial interest in Q2 to ensure that the TVL does not drop more than it had. Messari’s report explained,

“Among these, Ref Finance and Bastion were the most impacted by Alameda’s withdrawal, experiencing decreases in TVL of $22 million and $15 million, respectively. Conversely, Burrow and Orderly Network emerged as the quarter’s most significant gainers, with TVL increases of $2 million and $2 million, respectively.”

Meanwhile, the adoption of NEAR soared within the same period, thanks to its Blockchain Operating System (BOS) launched in March.

NEAR created the BOS as an open-source platform. This was to enable developers to build on any blockchain irrespective of whether they use web2 or web3 networks.

Furthermore, the BOS widgets, which serve as the building block for developing applications on the NEAR Social increased.

This increase suggests that the BOS use case was widely adopted. As a result, accounts on NEAR Social, the social base layer of the BOS, grew to 15,000 within four months. The report pointed out,

“Since its launch four months ago, NEAR Social has gained significant traction, attracting over 15,000 user accounts. Notably, NEAR experienced heightened engagement in late May.”

NEAR Social accounts

Source: Messari

Consequently, the rise in social accounts also impacted activity on NEAR’s network. According to Messari, the project maintained an average of 58,000 active accounts daily.

This was a significant hike from the number in Q1. However, the new addresses did not follow suit, falling by 19% from the previous quarter.

Also, NEAR, known for its input in the NFT and gaming sector, maintained a downtrend in this regard.

Just like the TVL, NEAR’s NFT activity continued to fall as it has done since January. The decrease reflects a similar one to the lack of interest in NFT collections connected to other blockchains like Ethereum.

NEAR NFTs

Source: Messari

Despite the drawdown and upticks, NEAR has been able to maintain a safe level of financial health. At the end of Q2, the project’s treasury was close to $1 billion, even though it had a slight fall.

How much are 1,10,100 NEARs worth today?

And one reason why it didn’t worsen was NEAR Foundation’s action to hand over decision-making to its Decentralized Autonomous Organization (DAO).

Going forward, the Marketing DAO, Developer Hub, and Ceatives DAO would be responsible for reviewing proposals and effecting governance on the network.

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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