On August 10, NEAR Protocol’s native token experienced a significant increase of 11% following an announcement by Coinbase on Twitter that it would include the token in its listings.

The NEAR Protocol blockchain network was launched in 2020 and utilizes proof-of-stake (PoS) to support decentralised applications (DApps). It also employs sharding for enhanced scalability.

Recently, Coinbase has encountered some challenges. This week, the company disclosed that its staking services and crypto yields are under scrutiny by the SEC. Additionally, it reported a loss of $1.1 billion during the second quarter.

In June 2022, NEAR Protocol discovered a security breach that might have exposed sensitive data to third parties.

Competitive Landscape

Ethereum, a key competitor of NEAR Protocol, garnered significant investment attention when it announced plans to merge its mainnet with the Ethereum 2.0 Beacon Chain in September 2022. The objective was to transition from proof-of-work (PoW) to PoS, aiming to boost network efficiency and reduce carbon emissions. The final test run for this event is set to occur in September.

According to CoinTelegraph, NEAR Protocol is a DApp platform built by the NeaCollective as a community-run cloud computing system designed to host decentralised applications (DApps). Its native token, NEAR, serves multiple purposes including transaction fees and storage on the blockchain. These tokens can also be staked by holders who wish to participate in validating transactions and achieving network consensus.