Near Protocol’s native token NEAR price jumped 23% over the last 24-hours, putting its market capitalization at just over $10 million. It was launched in May 2020 to solve many scalability bottlenecks that permeate the crypto space. Near Protocol empowers users with high speeds and low costs through various features. This includes a proof-of-stake (PoS) consensus mechanism and unique block-producing implementation. Near Protocol also uses a scaling technology called sharding.
Analysts have attributed the price jump to the injection of fresh funds – $350 million. This comes after the $150 million which is raised in January. The funds will be used to expand the ecosystem. The price jump follows the founder of Digital Coin Group, Barry Silbert’s announcement that the company’s third-largest crypto holding was the NEAR token. The Digital Coin Group holds BTC, ETH, NEAR, ZEC, and ZEN.
Moreover, there are speculations that Near Protocol will soon introduce its very own stablecoin. Rumors caught adrift after crypto swing trader Zoran Cole highlighted that USN would offer an extremely attractive 20% APR and lead to a surge in DeFi activity. USN is the name of the stablecoin. Besides, Cole’s remarks, there is nothing to say that Near Protocol is indeed working on a stablecoin. But ReFinance’s testnet highlighted that the Near-based DeFi project does show a stablecoin called USN within the platform’s DEX.
