Near Daily Near Protocol Deep Dive Q3 2022

Near Protocol
Q3 2022 Report
The Future is Near
 The third quarter of 2022 is a bad time for the political economy, the financial situation in
general and the crypto market in particular. Even so, Near Protocol still asserts its position by
organizing Nearcon, Near's biggest annual event to encourage the development of projects,
creating conditions for developers to come to the ecosystem. Announcement of a funding
fund with a huge budget to attract the development of projects with depth in use value and
user-friendly and easy-to-use.

Near Daily is compiling data scattered around various sources to present this Near Protocol
quarterly report. In this inaugural edition, we look into the overall ecosystem growth in the Q3
of 2022, with sections focused on on-chain data, development activity, DeFi and Web3.

Q3 2022 Near Protocol Report 1

 Although Q3 is the continuing winter for the crypto market,

Key
Near Protocol still receives many different big news such as
Listing Coinbase, organizing Nearcon, Java DSK launch

Near Protocol with over 700 new developers in the last quarter,

Takeaways
surpassing the top blockchains such as Ethereum, Avax, Cosmos

The development activity of the Near Protocol ecosystem

exceeds the growth rate and surpasses the top blockchains
such as Ethereum, Solana or Avalanche.

Granting activities for quality projects are still taking place with a
high frequency. Investment fund with a value of $100M certified
by Near Foundation

Nearcon2022 was successfully organized, marking a brilliant

year of development for the whole system with more than 700
new projects coming to the ecosystem.

Aurora with powerful upgrades on Aurora+ confidently elevates

the user experience towards mass adoption

Ref Finance and Alpha projects maintained the expected TVL

level in Q3

Decentralbank with its $1M USN funding package brings many

positive signs for Defi economy on Near Protocol

2
 Near Protocol Deep Dive Q3 2022

Ecosystem
Breakdown
Developer Status & Started Q3 2022 with a market cap of $2.75B and hit a quarterly
peak of $4.5B in mid-August thanks to Coinbase listing.

Development Activity Updated 28th Sep 2022 Source

Development Activity Comparison

Developer Commits
The progress of Near Protocol in terms of technology, initiatives, and numerous
significant and minor events is marked for the third quarter of 2022. Let's exam-
ine the comparison of Near's active developers and competing ecosystems in
the most recent quarter in order to concentrate on the ecosystem's strengths.
Near gained more than 700 commits for pass 3 months.
For an objective view, let's compare the development activity between the top
ecosystems such as ETH, AVAX, NEAR. From mid-July onwards, Near Protocol
maintains a state of development that outperforms all systems in its comparison
framework. Most of the time, Near's development is on top of both AVAX and
SOLANA and is completely ahead of Ethereum even though they have focused
on activities around "The Merge" this past quarter.

50.0 86 43 44

45.0
79 38 40
37.5

30.0 73 32 37

22.5
67 27 33
15.0

61 22 30
7.5

0
54 17 26
Jul 23 Aug 13 Sep 3
48 12 23
NEAR ETH COSMOS AVAX
42 7.754 19
Based on the chart above, we can see that the number of new developers
coming to the Near ecosystem exceeds that of Ethereum, Avax or Cosmos. Last 36 2.713 15

quarter recorded 420 new commits. Some notable events like Nearcon 2022 30 Jun
2022
9 Jul
2022
18 Jul
2022
27 Jul
2022
5 Aug
2022
14 Aug
2022
23 Aug
2022
1 Sep
2022
9 Sep
2022
18 Sep
2022
27 Sep
2022

hosted by Near Protocol in Lisbon, Release Java SDK, listing on Globe Exchange,
Coinzix and especially Coinbase. NEAR ETH SOL AVAX

Q3 2022 Ecosystem Breakdown 4

Big Things around the Ecosystem within Q3 2022

Jul 13 Jul 19 Aug 13 Aug 19 Aug 31 Sep 8 Sep 12 Sep 15

NEAR is available 700+ Sweat Economy The NEAR Coinbase is Huobi Tether $USDT NEAR staking
for trading on Milestone announces that website has alisted NEAR Global will launches on is officially live
Globe.exchange Sweat Wallet App had a major and AURORA listed USN NEAR network on BinanceUS
revamp

Jul 16 Aug 5 Aug 16 Aug 26 Sep 6 Sep 8 Sep 12 Sep 15

The 1inch NEAR blockchain NEAR

Swissborg Network Cosmos IBC reached Protocol’s NEARCON Decentral
NEAR listed listed NEAR integrated is coming to 200.000.000 in Javascript 2022 IS Bank's huge
on COINZIX Protocol Aurora! NEAR total transactions SDK is live LIVE roadmap

Q3 2022 Ecosystem Breakdown 5

NEARCON Highlights Source

With over 2,000 attendees, NEARCON 2022 is in full swing in the beautiful city of with a distinct carnival atmosphere. In addition to the several fascinating talks
Lisbon, where the NEAR ecosystem is on full show. NEARCON has been a colorful, and project demonstrations, there have been parties, an in-person hackathon,
participatory presentation of the ecosystem's rich and fascinating skill and creativity, food trucks from around the world, and a great deal more.

Switchboard brings NearPay brings debit cards Pagoda launches flagship

permissionless creating another bridge product for dApp
Oracle Protocol to NEAR between crypto and IRL developers on NEAR

Fayyr launches first NFT NEAR to form Community

Regional Hubs launch in
Marketplace on NEAR for working group on
India and Vietnam
Social Impact Organizations Ecosystem Governance (NDC)

Sustainable Learn2Earn Tether finds a new home

with “Coinbase Earn” Women Make Web3
at NEAR

NEAR Foundation announces

Nightshade Sharding NEAR and Caerus launch
partnership with Few and Far
Phase 1 is live a fund for creators
to grow the NEAR NFT ecosystem

Q3 2022 Ecosystem Breakdown 6

NEARCON Highlights Let's Take A Look At NEARProtocol milestone NEARCON ALPHA and BETA
Source
Time flies and everything has changed so much, NEAR's Community has grown 6x in twitter space.
NEARCON 2022 vs NEARCON 2021 Stats Besides, we can see the number of addresses on the ecosystem has also made great progress

Switchboard brings NearPay brings debit cards Pagoda launches flagship

permissionless creating another bridge product for dApp
Oracle Protocol to NEAR between crypto and IRL developers on NEAR

Twitter
Community 100K
Regional Hubs launch in
TVL Twitter
$50M Fayyr launches first NFT
Community 600K+ $620M+
NEAR to form Community
TVL

Marketplace on NEAR for working group on

India and Vietnam
Social Impact Organizations Ecosystem Governance (NDC)
Accounts 1M Accounts 20M+

Active Sustainable
Developer Learn2Earn Tether finds a new home
Transactions Women Make Web3Active Developer Transactions
with “Coinbase Earn” at NEAR
200 24M 1.5K+ 200M+

NEAR Foundation announces Nightshade Sharding NEAR and Caerus launch

Projects partnership with Few and Far Phase 1 is live Projects a fund for creators
to grow the NEAR NFT ecosystem
100 Ref Finance Aurora Mintbase Octopus Network 800+

Q3 2022 Ecosystem Breakdown 7

Grant and Fundraising on the Ecosystem within Q3 2022

Aurora just The NEAR Foundation Octopus Accelerator NEAR community has donated
launched its Community awarded a $50,000 program Autumn $5M+ to support Ukraine via
Grants Program grant to develop the Batch 2022 co-organizers Unchain.fund
HERE Wallet

Jul 18 Jul 20 Aug 2 Aug 25

Sep 12 Sep 9 Sep 1

NEAR Foundation unveils $100M MetaWeb Ventures raised 1,000,000 $USN incentive program
VC Fund targeting Web3 culture $30 million for builder to support the growth of $NEAR and
and entertainment focused blockchain fund $AURORA decentralized finance

Q3 2022 Ecosystem Breakdown 8

Network Activity Updated 28th September 2022 Source

Daily Number of Transactions Total Number of New Accounts

Near Protocol's transaction volume last quarter remained at ~350k daily
transactions. At the end of August, Near Protocol recorded an ATH in daily
transactions ~ 2 million transactions, and then returned to the average mark.
This spike came from the listing of Coinbase
2.1M
Following the explosion in the number of new accounts on Near in Q2 2022
with a 198% increase, Q3 maintained a steady growth rate. The milestone of
20 million accounts on Near has shown the stable development of the
system despite the volatile market situation. For a more objective view, let's
look at the data compiled by Coin98 showing that the % of User growth on
Near's system surpasses that of other major ecosystems.

25M
1.8M

20M

1.5M
15M

1.2M
10M

900K
5M

600K
0
Apr May Jun Jul Aug Sep
300K
This amazing user growth major comes from the famous move-to-earn proj-
0 ect on Near Protocol - Sweat Economy. With the goal of converting 110 million
30 Jul 8 15 15 15 Aug 8 15 22 29 Sep 8 15 22 users on the Web-2 version of this Dapps, more than 10% has been realized,
bringing more than 11 million users.

Q3 2022 Ecosystem Breakdown 9

 & Breakdown Total Value Locked
Projects on
$153M
195+

Updates Updates
Aurora+ Swaps Rainbow Bridge NEAR-native
Aurora+ Swaps is now live and can be accessed token connector
through Users will now be able to bridge any
NEAR-native token to the Ethereum network!

Aurora+ Fiat On-Ramp

account with fiat in an easy and secure Engine 2.7.0 and Aurora
manner directly from within the new Cross-Contract calls
dashboard with any VISA or Mastercard! This ultimately translates into the ability to interact
with any NEAR dApp directly from within Aurora.
Aurora+ Referral Program
Referral Program! Each Aurora MEV
account holder will now find a unique referral link
within their Aurora+ Dashboard which can be
shared with others Solidity cross-compilation into WASM

Q3 2022 Ecosystem Breakdown 10

 Stats within Q3 2022 Updated 30th Sep 2022
Source

$37.9M $95.9M $242.3M $69.8M

Aurora Deposits NEAR Deposits Aurora Withdrawals NEAR Withdrawals

Token Deposits $133.8M Token Withdrawals $312.1M

53.1% 2.7% 42.2% 7%

USDT WBTC USDC WBTC

1.3% 2% 35.5% 5.1%

USDC DAI USDT AURORA

7.8% 2.9% 7.2% 2.7%

USN Other USN Other

Q3 2022 Ecosystem Breakdown Aurora & Aurora+ Breakdown 11

The Defi Economy Breakdown Updated 30th Sep 2022 Source

Near Protocol & Aurora Q3 TVL & Defi's Remarkable Events

350M

300M

250M

200M

150M

100M
Jul 11 21 Aug 11 21 Sep 11 21

NEAR AURORA

Q3 2022 Ecosystem Breakdown The Defi Economy Breakdown 12

Jul 1 Jul 5 Jul 9 Jul 12 Jul 23 Jul 27 Jul 31

$USN is now on
Tokenomics 2.0: Introducing DeFi Wallet now : Now buy are now Farm V2 start
announcing veTokenomics is Net Liquidity supports $USN in around ready to use migrating on
$USN v2.0: live on Testnet Farming on 200 various in Europe! August 1st
Towards Burrow SWAP countries using
True Stability is now LIVE Apple Pay

is in Aug 17 Aug 16 Aug 14 Aug 12 Aug 8 Aug 5

partnership with

is USN - wNEAR
now live on announced a pilot USDT vault is Mainnet on Liquidity Mining
1 MILLION $USN Testnet is
Via Protocol partnership program now live for August 10th on
rewards on the officially live
with Amazon Web deposits on
$USN <>$USDT Services listed
farm in on

Aug 19 Aug 20 Sep 2 Sep 5 Sep 13 Sep 15

Defi Q3 now supports partnered with

is to
become the
first NEAR DEX
User can tracking
on is proposing
to deploy
Bridge
integrated

Highlights via the Wallet

Selector
to integrate the
private sharding
solution
has unlocked
the $5M TVL milestone in v3 on
less than two months

Q3 2022 Ecosystem Breakdown The Defi Economy Breakdown 13

 AMM DEX
REF Finance is currently holding the role of the largest AMM DEX on
the NEAR with more than 84% TVL contributions on the ecosystem.
$1,000,000 USN Incentive, Tokenomic V2, Sweat x Ref incentive are
typical activities that help Ref maintain a stable amount of TVL on the
system. Trisolaris, the leading AMM DEX project on Aurora, alsocon-
firmed its important role in the ecosystem with partnership moves
with Dot Oracle, Synapse and $100,000,000 USN Incentive.
We also can't forget the emerging DEXs on the system like SPIN
when it was the first DEX orderbook on the system with an integrated
sharding solution, or Tonic Dex with $50,000 USN Incentive. Finally,
Fusotao Protocol when the mainnet was successful in early August
and was available on Huobi, MEXC shortly after.
Ref Finance
Fusotao Spin
Tonic DEX
Trisolaris
Q3 2022 Ecosystem Breakdown The Defi Economy Breakdown
Lending Protocol
Big brother Burrow Cash hit $70M TVL in mid-August and
remained at an average level throughout the third quarter.
Bastion Protocol with its TVL gradually decreasing from
$150M to $80M and Aurigami descending from $30M TVL
to $12M in the last quarter shows a significant decline in
lending protocols on the Aurora ecosystem. This is an
alarming case of lending platforms in the system.
Bastion
Burrow
Aurigami
14
Stablecoin USN Q3 Stats Updated
30th Sep 2022

Stablecoins serve a crucial role in building a bridge that attracts Max Total Supply Holders
projects and users straight to the ecosystem. In response to
the public's loss of faith in LUNA/TERRA USD in particular and
stablecoins in general, USN and Decentralbank prioritized the
5,332,259 16,261
stability of their stablecoins, erecting a sturdy barrier against 145% 8%
the occurrence of negative occurrences. Last quarter, USN-v2
was successful in developing two scenarios to resist the bear
market and prepare for a future bull market. Moreover, DBank's
Fully Diluted Valuation Total Transactions
$1 million incentive package demonstrates an effort to attract
additional currency flows to the ecosystem.
5,332,259 438,075
145% 12,2%
In terms of overall supply, USN rose by more than 140%
year-over-year in the third quarter. This score indicates that
USN's popularity has increased significantly. Users will not
have to worry about losing pegs due to two factors: first, the
size is still quite modest and Decentralbank can fully cover this
risk; and second, with the USN-v2 update, 1 USN will be fully
backed by 1 USDT, minimizing the threats. Likewise, the
number of holdings and total transactions are both positive,
coming in at 8% and 12%, respectively.

Q3 2022 Ecosystem Breakdown The Defi Economy Breakdown 15

 The Non Fungible Token (NFTs) & Gaming Updated 30th Sep 2022
Source

Paras NFT Sales Volume by USD in Q3 2022 Paras NFT Transaction within Q3 2022
15K 8K

6K
10K

4K

5K
2K

0 0
Jul 10 Jul 24 Aug 7 Aug 21 Sep 4 Sep 18 Jul 1 Jul 15 Jul 29 Aug 13 Aug 27 Sep 11 Sep 28

NFTs in particular and Gaming NFT in general on the Near ecosystem may not
be able to compare in scale with competitors like Polygon or Solana. However,
this is still a fertile land with many resources and tools for development. With
prominent projects like Paras, Mintbase, Apollo42, we can say that developing
NFTs on the system is extremely easy, user-friendly as well as developer.
Let's take a look at the NFTs parameter of Near Protocol compiled by Paras. This
data is not complete, but still accounts for most of the ability to reflect the general
situation of NFTs on the ecosystem. Based on the above data, we can see that
sales volume is always maintained at an average and acceptable level. Soon, Sweat
Economy will launch its NFTs, with more than 13 million available users of this
Dapps, we can fully expect a new breeze with Near's NFTs market

Q3 2022 Ecosystem Breakdown NFTs 16

Top Collection by Volume Despite the bear market, we can see an impressive volume of NFT collections
across the ecosystem. Standing apart from other competitors, Antisocial Ape
Club accounts for most of the volume on the exchange, followed by NearNauts,
Source Updated 30th Sep 2022 SSS together generated more than $600k in trading volume on Paras.

$3.3M
$1.6M
$1M $774.6K
$638.3K
$320.7K $608.2K
$549.1K $524.9K
$514.7K

Antisocial Secret Near The Munky

NEARNauts NEARton Mara Gen 1 Kokumo KongZ NEAR KONGZ MR. BROWN
Ape Club Skellies Society Tinker Union Monkey

Q3 2022 Ecosystem Breakdown NFTs 17

Gaming Highlight Gaming Project on
The vision of the Gaming on the Near ecology is Source
unique and sets it apart from other ecosystems. With
web-3 development as its guiding principle, Near si-
multaneously focuses on mobile gaming and internet
gaming experiences, enabling convenience while also Sweat OCTOGAMEX
matching the enjoyment element of pure gaming. Еconomy

The founders of Near dedicated special attention to

providing the most ideal and cost-effective circum- NEAR Hub NEAR Lands
stances for game developers on the system during the
third quarter. OPgames is a prime example of an appli-
cation that enables developers to create the most ac-
cessible, player-driven gaming solutions imaginable by HASH RUSH Vorto Gaming
providing a simplistic yet adaptable platform.

OP Games Metamon

LandToEmpire Illust Space Pool Party Crypto Hero

Q3 2022 Ecosystem Breakdown NFTs 18

 Five of the Best Exchanges in the World
Top 10 Dapps with Highest User Last 7 Days Alien Worlds Listing from Day One!!
242K
Splinterlands
259K Sweat Wallet
622K Pancake
Swap
616K
FTX GATE

Bitfinex KUCOIN
Farmers
World
115K

Solitaire Blitz
140K OKX Bybit
Gameta
582K
Benji Bananas
AtomicAssets 135K
126K Magic Eden Huobi MEXC
116K

Updated
21st Sep 2022 Binance Coinbase Kraken
When Listing? When Listing? When Listing?

Sweat Economy is a project that repositions
the move-to-earn concept while also
demonstrating the strengths of the Near
ecosystem in terms of cost savings, speed
optimization and maximum scalability.
After just a few days of TGE, Sweat appeared
as a phenomenon by marking itself as the
project with the most users with more than
620 thousand users, surpassing BNB
Chain's Pancakeswap.
Just after TGE, Sweat economy was listed on a series
of large centralized exchanges. Impressive records
that SWEAT has set such as $107M Trading Volume,
$143M Total Marketcap after 1 week of TGE

Q3 2022 Ecosystem Breakdown NFTs 19

 Near Protocol Deep Dive Q3 2022

Projection
Projection
According to Coin98 Analytics, the 2021 decline has persisted for
over 320 days, although Near Protocol's on-chain indicators continue
to be positive. The % growth address, for example, is at the top of
prospective layer-1 blockchains. In early August, when Near surpassed
2 million daily transactions, the daily transaction figures were also
quite good.
Thirdly, with the outbreak of Q2 2022, Near's TVL decreased slightly
but not dramatically. The system's TVL fluctuates at an acceptable
Second, the number of new projects on the ecosystem demon- level with Decentral Bank's $1M USN funding package.
strates the good growth of the system when the milestones of 700
and 800 projects are reached, respectively, in the third quarter of
2022. The Near Foundation's $100 million investment package is From the personal view, the ecosystem is still highly promising, the
proof that it is attempting to support the creation of more optimal, main Defi projects perform well, and this is a wonderful opportunity to
efficient, and innovative projects. catch up with fresh and promising projects on the system.

Q3 2022 Projection 21
Disclaimer The vision of the article depends a lot on the subjective perspective
of Near Daily’s Writer. The data in here are acquired from third-party
sources, including data aggregator platforms and team projects

While collected from sources that are thought to be trustworthy,

Near Daily has not independently validated such information and
makes no claims about the information's long-term accuracy or its
suitability for a particular circumstance.

This content is provided for informational purposes only, and should

not be relied upon as legal, business, investment, or financial advice.
DISCLAIMER
You should consult your own advisers as to those matters.

Q3 2022 Disclaimer 22
Contributors
& Friends
We would like to express our sincere
gratitude to friends who have supported
us and provided data so that we can
complete this report.

Q3 2022 Contributors & Friends 23