The total crypto market cap has declined by -22% in the past month…We’re using the recent weakness to our advantage by focusing in on outperformed. Over the past week, Bitcoin ($BTC) and Ethereum ($ETH) have led the entire market lower, down -8% and -12% respectively — NEAR Protocol ($NEAR) has gained by +24% in the same timeframe Such relative strength is impressive unto itself, but $NEAR tokens are also currently trading -30% below their ATH price.
Underlying Mentions for NEAR Protocol and $NEAR tokens show a steady buildup of hype, trending +77% QoQ and at an all-time high level on a 90-day moving average.
So, what is NEAR Protocol, and what’s causing it to outperform the entirety of the cryptocurrency market?
In short, NEAR is a layer-1 blockchain with a multitude of impressive features, focused on improving usability, scalability, and simplicity.
To address scalability, NEAR utilizes 2 unique processes for consensus and validation on its blockchain, called “Doomslug” and “Nightshade” respectively. Nightshade functions in a similar manner to the sharding technology used by Elrond ($EGLD), allowing for high transaction throughput with low cost at scale.
In terms of its usability and simplicity objectives, NEAR has innovations for end-users, like human-readable account names, and developers alike — NEAR chose a common programming language for its smart contract development: Rust. LikeFolio data shows that the popularity of Rust has exploded over the past year, with underlying mentions at an all-time high (90d MA).
NEAR Protocol doesn't boast any groundbreaking technological advancements, but it’s a layer-1 blockchain that integrates a lot of useful features from other platforms, making it an attractive candidate for future development and adoption.