- The number of active addresses on the protocol was six times that of Ethereum.
- Despite the different developments, NEAR price is likely to continue to outperform ETH.
Not just the NEAR protocol. [NEAR] Exceeds the price of Ethereum [ETH] It clearly outperformed blockchain in the past seven days, but it also outperformed blockchain in many other ways.
At the time of writing, NEAR price is sitting at $7.51, representing an increase of 39.06% over the past 7 days. Meanwhile, ETH traded at $3,171. It decreased by 6.02% in the past 30 days.
But it didn't end there. According to Artemis data, his active addresses on the Ethereum blockchain at the time of this writing are 406,200 and remain in the same area.
Source: Artemis
ETH is not the L1 maestro: who is it?
NEAR was a completely different story. As of April 7th, there were fewer than 1 million active addresses on the protocol.
However, according to data from the developer analytics platform, the metric was 2.3 million.
NEAR operates on the same proof-of-stake (PoS) consensus as Ethereum. However, users and developers alike seemed to prefer the chain abstraction stack provided by the former.
Other than that, there aren't many layer 1 projects that scale like NEAR. Therefore, users can make faster and cheaper transactions without having to wait for Ethereum's layer 2.
With the kind of momentum the protocol has shown, ETH may find it difficult to match the token in terms of price. Another catalyst driving token appreciation amid the buzz surrounding AI.
This results in an incredible increase in market capitalization. A few months ago, the market for this protocol was not in the top 25. However, as of this writing, this project ranks him 17th, with a market capitalization of $7.36 billion.
Source: CoinMarketCap
Victory for both sides with different endings
Additionally, over the past 30 days, network fees have increased by 51% to an average of $42,000. While this may help NEAR surpass ETH's market cap, it could also bring returns much closer to Ethereum's.
Another metric that AMBCrypto focused on was development activity. According to Santiment, his development activity regarding the NEAR protocol was 27.98. This was a significant increase from the April 16th reading.
In the case of Ethereum, the indicator was 52.91, indicating that code committed to new features and security of the blockchain exceeded NEAR.
Source: Santiment
With this data, NEAR may not be able to outperform Ethereum when it comes to public GitHub repositories. However, there may be different encounters depending on each price.
Realistic or not, NEAR's market cap in ETH terms is:
For example, ETH has been lagging for a while. If this continues in the short term, price trends may not be able to match NEAR's growth.
However, in the long run, the situation may change once ETH starts moving. However, in the coming weeks and months, NEAR is likely to continue to outperform not only the price but also on-chain Ethereum metrics.
