In the past seven days, not only has the price of NEAR Protocol [NEAR] easily outperformed Ethereum [ETH], but it has also outperformed the blockchain in numerous other areas.
As of the time of publication, NEAR was trading for $7.51, a 39.06% increase over the previous seven days. Conversely, ETH was trading at $3,171. Over the previous 30 days, there was a decline of 6.02%.
However, it didn't stop there. As of this writing, there were 406,200 active addresses on the Ethereum blockchain, all of which were located in the same region, according to data from Artemis.
Who is the L1 maestro if not ETH?
It was a totally different tale for NEAR. Less than a million addresses were active on the protocol as of April 7th.
2.3 million, according to statistics from the developer analytics platform, was the metric.
Similar to Ethereum, NEAR uses a Proof-of-Stake (PoS) consensus mechanism. But it appeared that the chain abstraction stack offered by the former was more favored by both developers and users.
Other than this, NEAR is one of the few layer-1 initiatives with the kind of scaling power. As a result, users on Ethereum can complete transactions more quickly and affordably without having to wait for the layer-2s.
Given the momentum the protocol has demonstrated, it may be difficult for ETH to compete with the token in terms of price. An other driver of the token's increase in value is the popular narrative surrounding AI.
This has caused a phenomenal increase in market capitalization. The protocol's market was not in the top 25 a few months ago. However, as of this writing, the project has a $7.36 billion market capitalization and is rated number 17.
Victories for both parties at certain points
In addition, network fees have increased by 51% over the past 30 days to an average of $42,000. This might push NEAR's revenue very close to Ethereum's, even though it might help it surpass ETH's market capitalization.
Santiment reports that there was 27.98 development activity on the NEAR Protocol. When compared to the reading on April 16, this represented a considerable rise.
The measure for Ethereum was 52.91, meaning that more code than NEAR was dedicated to the blockchain's new features and security.
In terms of public GitHub repositories, NEAR may not be able to surpass Ethereum based on this statistics. With their varying costs, though, it can be a different experience.
For example, ETH has been trailing for some time. The price action might not be able to keep up with NEAR's growth if this keeps happening in the near future.
On the other hand, if ETH moves, the situation might alter over time. However, NEAR may continue to surpass Ethereum's on-chain metrics and pricing in the next weeks or months.
April 2024, Cryptoniteuae