NEAR Q3 Market Cap Dive: Exploring The 27% Plummet And Key Financial Metrics
NEAR Protocol's performance in Q3 2024 showed a significant downturn amid broader cryptocurrency market volatility. The circulating market cap fell to approximately $5.16 billion, a 27.52% decrease QoQ, while the token price closed at around $5.29, down 0.21% QoQ. Despite challenges, NEAR maintained its rank as the 17th largest cryptocurrency. However, market cap increased by 54% to $7.99 billion due to a market rally. Revenue dropped to approximately $1.64 million, a 30.13% decline QoQ, marking the first quarterly revenue decrease in a year, attributed to reduced transaction volume and fees. About 93.46% of NEAR's total supply was in circulation, with 52.36% staked, yielding an annualized nominal yield of 8.60%. Daily active returning addresses rose by 7.27%, and new addresses increased by 11.06%. Developer engagement declined significantly, with core developers down 41.28%. Total Value Locked (TVL) in DeFi rose to approximately $251.44 million, while liquid staking TVL grew by 9.85%. The NEAR token is currently trading at $6.745, reflecting substantial gains year-to-date.
