What is NEAR Protocol?

NEAR Protocol is a layer-one (L1) blockchain designed as a community-run cloud computing platform. One of its goals is to eliminate several limitations plaguing competing blockchains, including poor interoperability, low throughput, and low transaction speeds.

Among several unique features, the project also incorporates its own consensus mechanism called “Doomslug,” and introduces unique solutions to scaling problems. 

The project's native token, NEAR, is primarily used as collateral for storing data on the blockchain, and as payment for transaction fees. NEAR also uses native NEAR tokens to reward several stakeholders in the blockchain. Additionally, transaction validators receive a NEAR token reward for their services every epoch that amounts to 4.5% of the total NEAR supply annually. 

NEAR price chart

When looking at the NEAR Protocol price today, it is critical to have access to the latest market information and changes. The price of cryptocurrency changes almost momentarily, which makes having access to real-time data invaluable for making the most informed decisions.

CEX.IO’s award-winning Spot Trading platform provides various avenues to keep track of this information, including data on 300+ other cryptocurrencies and markets. If you’re looking to stay up-to-date on the NEAR to USDT live price, Spot trading is an excellent choice.

CEX.IO is the perfect choice for a variety of effortless transactions, including staking crypto* or opening a crypto savings account. However, our premier Spot Trading platform features deep liquidity, advanced order tools, and more. Therefore, CEX.IO Spot Trading can serve as your one-stop shop for all things crypto- and NEAR-related. 

*CEX.IO Staking is currently not available in the U.S. Check the list of supported jurisdictions here.

NEAR Protocol market info

The current NEAR market cap (as of December 22, 2023) is $3,411,619,393, with a 24-hour trading volume of $950,085,467. 

NEAR’s all-time high of $20.44 was recorded on January 16, 2022. Conversely, this token’s all-time low of $0.526762 took place on November 04, 2020, with a circulating supply of 1,004,666,472 NEAR tokens.  

More information on this token’s market statistics, as well as various other transactions, are available at CEX.IO. Whether you’re looking to buy Bitcoin, buy USDT, earn crypto, or a secure Bitcoin wallet, CEX.IO is a comprehensive ecosystem of crypto products and services. 

NEAR price history

Observing a price chart is among the most effective methods to understand cryptocurrency prices and their movements over time. When it comes to the NEAR historical price, you can track these changes on our award-winning Spot Trading platform, and there’s more. 

You can also buy, sell, and trade NEAR against USDT on the platform, complete with the previously mentioned advantages, such as deep liquidity, multiple sub-accounts, and more.

What to know about NEAR

As previously mentioned, NEAR’s all-time high of $20.44 was recorded on January 16, 2022. Conversely, this token’s all-time low of $0.526762 took place on November 04, 2020, with a circulating supply of 1,004,666,472 NEAR tokens.

Developers who create smart contracts for the project receive a portion of the transaction fees that their contracts generate. However, the remaining portion of each transaction fee is burned, thus increasing NEAR token’s scarcity. 

Additionally, the project has also established a protocol treasury, which receives 0.5% of the total NEAR supply annually, for the purpose of reinvesting in the ecosystem’s development. 

NEAR is also capable of supporting “wrapped” tokens from other chains, in addition to NFTs, making it more straightforward to buy crypto instantly. Simultaneously, the protocol has created a bridge with Ethereum, which enables users to transfer ERC-20 tokens from Ethereum to NEAR.

Platform governance

The NEAR Foundation distributes resources allocated to the protocol treasury. This foundation is a Switzerland-based non-profit organization dedicated to guiding the governance of the protocol, ecosystem funding, and protocol maintenance. 

The Reference Maintainer carries out technical upgrades to the NEAR crypto network and is selected by the NEAR Foundation board. However, all nodes in the network must consent to updates by upgrading their software. Future plans indicate that community-elected representatives will oversee the Reference Maintainer. 

Community and social media links

If you’re looking to know more about this crypto project, and stay up-to-date on the most relevant NEAR Protocol information in real-time, please feel free to observe the project’s social media presence and online community at the following links:

• NEAR Protocol official website
• Official forum
• X (formerly Twitter) profile 
• Facebook
• Instagram
• LinkedIn