NEAR Protocol's current price is $2.07** with a 24-hour trading volume of **$118.71 million. The token shows 0.00% price change in the last 24 hours, with a circulating supply of 1.23 billion NEAR.
Understanding NEAR Protocol
NEAR Protocol is a community-operated cloud computing platform developed by the NEAR Collective. Designed for scalability, it processes up to 100,000 transactions per second through innovative sharding technology. Key features include:
- Human-readable wallet addresses
- Simplified DApp development tools
- Support for Web3 applications like Flux (marketplace builder) and Mintbase (NFT platform)
👉 Discover how NEAR compares to other top blockchains
NEAR Protocol's Development Timeline
| Year | Milestone |
|---|---|
| 2017 | Founded as ML project by Alexander Skidanov & Illia Polosukhin |
| 2020 | Network launch (April), Community transition (September), Mainnet (October) |
| 2022 | $150M raised for Web3 adoption |
The protocol demonstrated rapid growth, securing $50M funding within four months of conceptualization.
Technical Architecture of NEAR Protocol
NEAR utilizes:
- Proof-of-Stake (PoS) consensus
- Nightshade sharding technology enabling parallel processing
- Doomslug custom consensus mechanism
This combination achieves:
- High throughput (100,000 TPS)
- Low latency transactions
- Energy-efficient validation
Utility of NEAR Token
The native NEAR token serves multiple ecosystem functions:
- Staking: Validators secure the network by locking tokens
- Rewards: Distributed to participants maintaining blockchain operations
- Transactions: Primary currency for platform fees and services
👉 Learn about staking opportunities with NEAR
Frequently Asked Questions
What makes NEAR Protocol unique?
NEAR stands out through its Nightshade sharding implementation and developer-friendly tools that lower barriers to DApp creation compared to Ethereum.
How does NEAR achieve scalability?
Through parallel transaction processing across sharded chains, effectively distributing network load while maintaining security via PoS validation.
Where can I buy NEAR tokens?
Major exchanges like Crypto.com, Binance, and OKX list NEAR. Always verify exchange credibility before trading.
What's the inflation rate of NEAR?
The protocol implements controlled inflation (approximately 5% annually) to fund validator rewards while maintaining token economics.
Can NEAR Protocol host DeFi applications?
Yes, several DeFi projects already operate on NEAR, leveraging its high speed and low transaction costs for financial applications.
How energy-efficient is NEAR compared to Bitcoin?
NEAR's PoS system consumes 99.95% less energy than Bitcoin's proof-of-work model, making it environmentally sustainable.