Several hours ago, the native token of Near Protocol called NEAR was able to reach a lifetime milestone as it surpassed $17.50. This number is more than $1.30 of the coin’s previous all-time high. Over the last 24 hours, there was more than $1 billion worth of NEAR token transactions, with Binance being the primary source of the activity.
Since the token’s low from December 20, NEAR was finally able to pick itself up off its feet, as it skyrocketed by more than 113%. It appears that linking with UST, Terra’s dollar-pegged stablecoin, was a good move on Near Protocol’s part because its native token began to increase in value after the fact.
NEAR prices began to increase by 20% only a few hours after the announcement, and the token’s value has been maintaining an uptrend ever since. On January 4, 2022, the altcoin finally hit its new ATH. The token initially reached $8, but it kept going up, moving past $11 and then $13.
NEAR Prices Kept Soaring
The altcoin surpassing $12 was a big deal, but it wasn’t stopping there. NEAR was going for gold. The token crawled past $13 until its trading value reached $17. It appears that the altcoin is maintaining that level, but if it does drop, it could test the $16.50 level. If it happens to drop even further than that, it could test the 50% Fib retracement level.
PoS Consensus Algorithm
Like many other Layer-1 blockchains, NEAR aims to improve and remedy any flaws found within the Ethereum blockchain. NEAR uses a proof-of-stake (PoS) consensus algorithm, so it’s an eco-friendly native token and uses Nightshade for “sharding” purposes.
Thanks to the network’s database partitioning technique, the blockchain’s scalability is significantly improved, allowing for faster transaction times. This method follows a process wherein several parallel chains are formed, which causes transactions to be spread further apart through separate shards.
Users can quickly pay for any fees with NEAR by using the Protocol’s cloud computing network powered by the blockchain. More and more investors have become interested in decentralization, so Near Protocol is already winning in this regard.
