NEAR Protocol

NEAR Rank #22

$4.75▲ 2.00%24h

Low $4.61High $4.81

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Market cap$6.22BRank #22

Fully diluted value$6.22B

Volume (24h)$440.28MVol / Mcap 7.08%

Circulating supply1.31BNEAR

Total supply1.31B

Max supply∞no hard cap

All-time high$20.44Jan 16, 2022

All-time low$0.5268Nov 4, 2020

What is NEAR Protocol?

Origins and execution

Illia Polosukhin and Alexander Skidanov founded NEAR in 2018. Its mainnet launched in 2020. Nightshade divides the network's state into shards to distribute execution and storage. Smart contracts run in a WebAssembly environment. Developers can build those contracts using supported Rust and JavaScript tooling.

Network operation

Validators stake NEAR to participate in consensus and receive protocol rewards. Nightshade's architecture coordinates shard activity within the blockchain's common consensus. Stateless validation reduces the state that individual validators must retain. Accounts use readable names and support multiple access keys with different permissions. Meta-transactions allow applications to arrange payment of a user's transaction charges.

Currency and economics

One billion NEAR were created at genesis. Ongoing issuance supports network rewards, so supply has no fixed terminal cap. NEAR pays gas charges and supports the balance requirements associated with stored data. Part of transaction fees is destroyed, offsetting some newly issued currency. Contracts receive a 30% share of the fees generated by their execution.