- Near’s development activity has increased significantly over the past month.
- This comes amid a decline in user activity on the network.
The past month, Near blockchain [NEAR] Santiment has become the leader in daily development activities among crypto projects focused on artificial intelligence and big data noted in a message on X (formerly Twitter).
As an on-chain metric, Development Activity tracks the number of unique contributors to development activities, the number of all events for a project, and the number of unique contributors to GitHub activities.
It provides insight into a crypto project’s commitment to creating a working product and the likelihood of new features coming to market. When a project records a lot of development activity, this often reduces the chance that the project is an exit scam.
According to Santiment, Near’s development activities totaled 188 over the past 30 days. Oasis Network [ROSE] and Golem [GLM] lagged behind, with development activity scores of 162 and 90 respectively.
The user activity fell on Near
User activity on Near peaked at the beginning of the month and has been on a downward trend since then. An assessment of demand for the Proof of Stake (PoS) blockchain found that there has been a decline in the number of new addresses created on the network since March 1.
According to The block data dashboardthe daily number of unique addresses that first appeared in a transaction on Near on March 14 was 379,000.
This represented a decrease of 24% compared to the 498,000 new addresses that used the chain on March 1.
Source: Het Blok
Read Near Protocols [NEAR] Price forecast 2023-24
Additionally, the number of daily transactions, assessed on a seven-day moving average, declined over the same period, AMBCrypto found. Between March 6 and 14, the daily number of completed transactions on Near fell by 17%.
Source: Het Blok
Decreasing demand for the network also reduced transaction costs and resulting revenues. Artemis’ Data showed that daily transaction fees and protocol revenues fell by 41% and 40% respectively between March 4 and 11.
As for the protocol’s native currency NEAR, it registered a three-digit rally over the past month. Exchanging hands at $7.44 at the time of writing, the altcoin has risen 117% in value over the past 30 days.