Price NEARLY started price discovery after successfully completing a $150 million funding round and exponential ecosystem growth.
Altcoin watch
Layer one (L1) battles are starting to heat up again and many protocols have seen their token values increase in recent weeks as traders venture to see life outside the network. What is Ethereum (ETH) like.
One L1 protocol that has seen its token price surge to an all-time high this week is Around, a community-run cloud computing platform focused on interoperability and speed. Lightning fast transaction.
Data from Cointelegraph Marketplaces Pro and TradingView shows that, following the pullback that hit a low of $13.10 on January 9, the Near price surged more than 50% to set a new record high at 20, $36 on January 14th.
Three reasons contributing to In the vicinity of’ growing strength include the successful completion of a $150 million funding round, the success of the Aurora cross-chain bridge protocol, and an expanding ecosystem of Projects and developers working on the Near network.
Around raises $150 million in funding round
The most recent bull run follows an announcement that the team successfully closed its latest funding round, raising $150 million from a variety of investors including Dragonfly Cash, a16z, Alameda, and Circle Ventures.
@NEARProtocol raise 150 million dollars to promote the development of the ecosystem! #NEAR THE announced the end of a $150 million funding round due to @zhusuThree Arrows Capital.
Participants include @MechanismCap, @ a16z, @dragonfly_cap, #Alameda and many more.
Learn https://t.co/DjilZpkYPH
– Near Blockchain (@In the vicinity of_Blockchain) January 13, 2022
Close to plans to use the money raised to accelerate the adoption of World-wide-web3 technology through ecosystem funding, developing regional centers for the community. raise brand awareness and by providing support for projects that build on the protocol.
In addition to established communities in Asia, Africa and Europe, In the vicinity of is also seeking to expand its reach into Latin America, Turkey and India.
Cross-chain Aurora Bridge
The second factor behind Around’s rise over the past month is the successful launch of the Aurora protocol. The platform is built on Near and it helps users and decentralized applications to work on the Ethereum network bridge with the Close to protocol.
Aurora uses Rainbow Bridge to facilitate movement of assets between supported networks and has quickly become a popular protocol for cross-chain money transfers totaling over $732 million. key according to data from Defi Llama.
Due to the increased activity brought about by increased adoption of projects on Around and the migration of tokens from Ethereum, the daily transaction count on the In close proximity to network has set a new record high of 721,061 trading on 11/1
Related: Which layer one protocol will perform better in 2022?
Expansion of the ecosystem
The third development that enhances the value of the Close to ecosystem is the growth of its developer community. There has been an increase in the number of projects started or connected to the NEAR network over the past two months.
Developers on #NEAR THE get 30% txns fee spent on their contract !! – can be one of many reasons why MAD turns on @NEARProtocol is growing rapidly and has shown 4x+ growth in 1 year!
Top rated 3 in the fastest growing developer ecosystem pic.twitter.com/UCe9jYVRcG– THE NEARWEEK (@NEARWEEK) January 11, 2022
As seen in the tweet above, In the vicinity of now has the third fastest growing developer community across the entire crypto ecosystem, thanks in part to the fact that developers on Near get 30 % of transaction fees spent on their contracts. This provides income for developers in an area where compensation is not always guaranteed.
The expansion of the developer community combined with the release of a cross-chain bridge has resulted in the expansion of In close proximity to Ecosystem continue to develop and attract new projects.
VORTECS™ data from Cointelegraph Markets Professional began spotting a bullish outlook for NEAR on January 9, prior to the recent price rally.
VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions, derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for Near climbed into the green zone on January 9 and hit a high of 75 in about an hour before the price started a 52% increase over the next four days.