NEAR Protocol Surged During Xmas Week Amid Terra Integration

NEAR protocol surged during Xmas week amid the latest Terra integration as we are reading more today in our latest cryptocurrency news.

Near Protocol surged as its token hit a new high a few hours after the bullish week for the smart-contract enabled blockchain network. Near Protocol’s native token NEAR is changing hands at $15.38 and this figure is up by 4.6% over the past but still 6% below the crypto’s all-time high of $16.33. however, the network’s price enjoyed a huge week. The same token was trading at .
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50 on December 20^th which indicates a 92% increase from the level to the all-time high. The latest rise can be chalked up to a few protocol developments including the launch of the sharding feature as well as the integration of Terra’s UST stablecoin.

Just like Solana, Avalanche, and other Layer-2 blockchains, NEAR is trying to improve on Ethereum’s disadvantages. It is built using a proof of stake consensus mechanism which makes the network more environmentally friendly and it is also turning the so-called sharding into a native update dubbed Nightshade. Sharding will improve the blockchain network’s scalability by creating parallel chains the spread the work of processing operations and transactions. Though the network was launched in 2020, Nightshade didn’t go live until November 15^th and this launch didn’t have the same impact on price as the integration with Terra. The protocol later announced that it will onboard the largest decentralized stablecoin UST and the announcement had a strong effect on the price of NEAR.

Alongside the integration of UST, the protocol and its decentralized finance apps rolled out a few incentive campaigns to trigger an uptake. All of the incentives are looking to improve the UST liquidity and make it an efficient asset within the Near ecosystem. The decentralized exchange optimized for stablecoin swaps the users can earn by 26% for adding UST to the app. The users can add liquidity and earn the yield by depositing UST on the Defi hub-equipped Nearpad with an incubator and DEX. So far, the stablecoins are the lifeblood of Defi with both teams from Terra and NEAR hope this integration will grow the apps and stablecoin utility.