On December 1, 2023, the Near blockchain experienced an unprecedented surge in transaction volume, exceeding 13.935 million transactions. This significant increase was highlighted by crypto journalist Colin Wu, who linked it to the minting of NEAT, the first inscription standard on Near’s Layer-1 blockchain, and support from an official Near tweet.
A Record Day for Near Chain
Near Chain not only saw a spike in transaction numbers but also set a new high in transaction fees, totaling $173,000 on the same day. The minting of NEAT, a groundbreaking standard designed to record inscriptions independently of smart contracts, played a pivotal role in this achievement, enhancing the blockchain's security and trustlessness.
NEAR Token Sees Substantial Gains
The native cryptocurrency of the Near protocol, NEAR, witnessed nearly a 10% increase within 48 hours post the NEAT minting event. The price escalated from $1.855 to $2.068, breaking out of a 10-day stagnation and resuming its upward trend that began in late October.
Leveraging NEAR’s Inherent Features
NEAT is set to capitalize on the inherent capabilities of the Near protocol. A single NEAR token can now process up to 2,000 inscriptions at the current gas rates. Post-minting, the protocol permits up to 100 million NEAT inscriptions, with an extensive total supply of 42 trillion. Moreover, the cost of a single inscription remains incredibly affordable, below $0.001 under standard gas conditions.
This event marks a significant milestone for the Near protocol, demonstrating its capacity to handle a high volume of transactions while fostering innovative blockchain solutions.