Network Upgrade Gives Token 24% Price Boost
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NEAR has continued to rally despite the market slipping by 2% today. According to CoinGecko, NEAR, the native token of the platform, achieved almost 23% gains since last week. This is largely due to positive on-chain developments, showing that the altcoin has enough muscle to remain in its current position within the market. Related Reading Just recently, NEAR announced that Nightshade 2.0, NEAR’s touted “novel sharding design”, was deployed on the platform’s mainnet, improving the already robust and reliable system users have been enjoying for years. NEAR up in the weekly chart. Source: Coingecko Nightshade 2.0 Brings New Light To The Validators According to a recent blog post, network upgrade have brought in stateless validation, the new sharding architecture for the protocol. This new architecture improved upon the single-shard performance of the network. NEAR already has six shards deployed on the network with a target of ten by the end of the year. It also lowers hardware requirements to become a validator. Nightshade 2.0 improved the validator experience by omitting the need to track all of NEAR’s shards, stimulating the growth of the validator side of the crypto. NEAR market cap currently at $5.5 billion. Chart: TradingView.com “In particular, the new sharding implementation paves the way to significantly increase the coin’s already-fast transaction throughput,” said Bowen Wang, Head of Protocol at NEAR One. According to Illia Polosukhin, Co-Founder of NEAR Protocol and the CEO of the NEAR Foundation, the network upgrade fixes “the fundamental bottleneck issue on most L1s of how to scale while preserving both usability and security.” Rejection Candle Forms Marking Start Of NEAR Correction Phase With the market’s slippage on today’s trading activity, NEAR is currently trading on a red candle as the token is rejected by the $5.2 ceiling, flipping the momentum to the bears in…
Filed under: News - @ August 25, 2024 5:02 pm