- The latest update to the NEAR protocol revealed the status of the network against the roadmap.
- NEAR’s bearish performance could be a blessing in disguise for long-term holders.
The NEAR protocol just released its latest update, highlighting the list of Q2 achievements that are part of the roadmap. The update provides a unique perspective on how the network has been streamlined.
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Let’s take a look at some of the key areas highlighted as part of the roadmap performance. The network revealed that it improved the cost efficiency of contract implementation. A step that could make NEAR more attractive to potential projects. The network also revealed that it has made improvements to the duration of smart contracts.
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The Q2 protocol roadmap update for @NEARProtocol brought a wave of successes, pushing the protocol forward. 🚀Key achievements and updates are detailed below and show the dynamic progression of the protocol. 🧵 👇 pic.twitter.com/1Lp4adF5df
— Luganodes (@luganodes) August 18, 2023
According to the update, the aforementioned improvements will increase the security of smart contracts in an effort to counter vulnerabilities. NEAR revealed that it has fixed some inefficiencies related to mainnet state synchronization. The update revealed that phase 2 of sharding will be one of the main focuses in Q3 as part of the roadmap.
NEAR’s update revealed that the network was on track with its roadmap. Moreover, it underscores the efforts the network has made to increase its attractiveness. The update ties in with the network’s efforts to get more developers on board.
The #NEARBY Foundation launches the Grassroots Support Initiative 🌳
Builders take center stage #NEARBY👷 Every builder should be able to call CLOSE to their home.
All that and an update in the @nearc funding in the latest blog of the @NEAR Foundation https://t.co/9udIc2jxqF
— NEAR Protocol (@NEARProtocol) August 18, 2023
NEAR seems to be planning to become more competitive in the blockchain segment based on the above findings. The network’s development activity was also in line with the NEAR update. It improved significantly over the past four weeks, although it fell slightly in light of recent market conditions.
Source: Sentiment
NEAR happens to be one of the blockchain networks that has been trying to tap into growth through the NFT segment. However, NFT activity on the network remains subdued, as evidenced by the downside of the total number of NFT transactions.
NEAR’s price action falls in line with the rest of the market
The market closed out one of the most bearish weeks of 2023. The NEAR cryptocurrency went on a bearish trajectory, dropping it to levels previously seen in December 2020.
It was trading as low as $1.14 after recovering slightly from the lowest price ($1.11) reached at the height of the market crash on Aug. 17.
Source: TradingView
In addition, NEAR also attempted to bounce back after briefly falling into oversold territory. So should investors buy at current levels?
Well, the market was still in a state of greater uncertainty at press time, especially after recent events that triggered the market crash. Investors have been wary of these events.
How much are 1,10,100 NEARs worth today
You could also look at it from the perspective that prices now offer a unique opportunity to buy at heavily discounted levels. The efforts of the NEAR protocol highlighted in the recent update may provide some confidence for the future.
