Top Reasons to Be Bullish on NEAR Protocol: RWA milestone & AI Integration

NEAR Protocol celebrates a major milestone with the launch of its first real-world assets (RWA) product (ETP) in collaboration with Valour. The integration of RWAs, AI advancements, and decentralized physical infrastructure networks (DePIN) positions NEAR for promising long-term growth despite short-term bearish sentiment.

• NEAR Protocol celebrates its first RWA ETP with partner Valour. Valour's NEAR ETP is the first of its kind, available on Sweden’s Spotlight spot market. The protocol is exploring RWAs, AI, and DePIN for growth.

• NEAR's token sees a 25% increase in the last seven days, currently trading at $6.08.

Valour, an issuer of digital assets ETPs, has launched the first ETP supported by NEAR Protocol. This groundbreaking product is now available for trading on Sweden’s Spotlight spot market. This development highlights a significant step for NEAR towards integrating RWAs into the blockchain ecosystem.

Valour’s new ETP for NEAR adds to its growing list of crypto ETPs, including products for Solana, Cardano, and Polkadot. Valour’s ETPs offer investors exposure to various blockchain ecosystems, enhancing their participation in the digital finance future.

The integration of RWAs on the blockchain is seen as a pivotal move for the next bullish wave in the crypto market. It has the potential to push blockchain technology deeper into mainstream adoption. NEAR’s foray into RWAs, AI, and DePIN showcases its commitment to expanding its growth avenues.

NEAR Protocol is not just stopping at RWAs. The protocol is also venturing into the AI segment, another critical area poised for growth. This multifaceted approach positions NEAR at the forefront of technological advancements in the blockchain space.

NEAR is making strides in the AI ecosystem. The protocol’s open and decentralized framework places user control at the forefront, earning recognition from Grayscale’s AI Fund. NEAR’s focus on AI integration underscores its commitment to staying ahead in the blockchain innovation curve.

The NEAR team has emphasized the integration of AI through an open and decentralized framework, which places user control over data and assets at the forefront. This has garnered recognition, as NEAR has been announced as part of Grayscale’s AI Fund. The fund’s component assets and weightings include Bittensor at 2.92%, Filecoin at 30.59%, Livepeer at 8.64%, NEAR at 32.99%, and Render at 24.86%.

NEAR, the native token of the Layer 1 (L1) blockchain Near Protocol, has surged to a one-month high after breaking out of a previous downtrend that saw the token hit a low of $4 on July 5. Currently trading at $6.08, NEAR has recorded a substantial 25% gain over the past week, propelling it to the 17th position among the top 100 cryptocurrencies.

This positive momentum has drawn the attention of venture capital firm Pantera Capital, whose Managing Partner, Paul Veradittakit, has shared several reasons for the firm’s bullish stance on NEAR’s protocol and its growth potential, in a news report on NewsBTC.

Veradittakit took to social media on Thursday to highlight NEAR’s value proposition within the blockchain ecosystem. He noted that while Bitcoin (BTC) and Ethereum (ETH) have been at the forefront of the crypto technology “revolution,” both face “challenges” related to transaction scalability. According to Pantera’s MP, this is where NEAR Protocol plays a key role in addressing these scalability issues while prioritizing developer engagement and user experience by offering a scalable and user-centric blockchain solution.

NEAR distinguishes itself with its Thresholded Proof of Stake (TPoS) system and Nightshade sharding, which increases scalability and decentralization. These advancements have paved the way for NEAR to achieve significant milestones, such as reaching $335 million in Total Value Locked (TVL), an increase of 547% in just six months.

According to Veradittakit, such growth demonstrates NEAR’s traction and strategic effectiveness in the market. Furthermore, NEAR’s market presence is fortified by key metrics, including a 42% quarter-on-quarter increase in daily active addresses, a surge in transactions from 35 million to over 220 million, and a substantial rise in monthly active users from 2.9 million to 15 million.

Lastly, Veradittakit emphasized that NEAR’s success can be attributed to the leadership of its co-founders, Illia Polosukhin and Alexander Skidanov. Their expertise in AI and engineering has been instrumental in developing NEAR’s infrastructure, driving its market presence and technological advancements.

NEAR/USDT price chart | Source: KuCoin 

NEAR’s strategic initiatives are likely to impact its long-term price positively. Over the past week, NEAR’s token has surged by 25%, reaching $6.08 at press time. Despite the bullish momentum, market sentiment currently leans towards the bears, with 528,000 shorts against 263,000 longs on Binance.

NEAR price analysis | Source: Hyblockcapital

Despite reaching a monthly high of $6.44 and a substantial 300% gain year-to-date, the token will need to break above the $8.28 level in the short term to break out of its downtrend structure. However, with these advancements and the adoption of AI-related tokens, NEAR may be poised for further gains throughout the year, helped along by the broader market’s recovery.

NEAR Protocol’s recent achievements represent a noteworthy milestone in the blockchain industry. With its pioneering ETP, ongoing technological advancements, and strategic focus on RWAs, AI, and DePIN, NEAR is positioned for potential long-term growth. The protocol’s commitment to innovation and scalability distinguishes it in the crypto market. As NEAR continues to evolve, investors and stakeholders can anticipate further developments. However, it is essential to remain aware of the inherent risks and market volatility associated with cryptocurrency investments.