NEAR ecosystem guide: TVL, stablecoins, DeFi leaders and Rainbow Bridge
Thread699 words
NEAR TVL is about $665M and rising in NEAR terms, with strong stablecoin growth led by Burrow, Linear, Meta Pool and Ref. Includes a how-to for wallets and the trustless light-client Rainbow Bridge, and notes Grayscale's decentralized AI fund includes NEAR.
Key claims
NEAR TVL about $665M
Rainbow Bridge uses light clients on both chains
Grayscale announced a Decentralized AI fund including NEAR
NEAR is a sharded high performance chain & one of the ecosystems to watch this cycle! 👀
✦ Parallel Execution
✦ Chain Abstraction
✦ AI Infrastructure
✦ Low Latency & Cost
Follow the 🧵 to learn about the emerging @NEARProtocol ecosystem and how you can participate in it! t.co/kLv7Z6UoWH
1/ The @NEARProtocol ecosystem has a bunch of strong catalysts working in its favour currently.
Ecosystem growth is taking off and the TVL chart is back in up only mode, with total value locked currently sitting at roughy $665M.
2/ What's important here is that TVL is not only up in USD terms.
The amount of $NEAR tokens locked in applications has been going up even in the recent market downturn in May/June.
3/ Another important indicator for ecosystem health is the stablecoin supply on-chain.
Probably one of the most impressive charts here, but especially YTD the growth of the stablecoin market cap on @NEARProtocol has been very strong.
4/ Unsurprisingly, this has led to growth throughout the ecosystem.
The dominant applications according to @DefiLlama are:
✦ @burrow_finance (lending)
✦ @LinearProtocol (liquid staking)
✦ @meta_pool (liquid staking)
✦ @finance_ref (DEX)
5/ If you want to learn more about these leading DeFi projects on NEAR, check out my deep dive below.
x.com/zerokn0wledge_/status/1803044195881607598
6/ In case you are primarily interested in exploring hidden airdrop farming opportunities, have a look at the thread here.
Have also linked a bunch of other resources that go deeper on the tech in that one.
x.com/zerokn0wledge_/status/1805620968758690137
7/ Okay cool, a lot of opportunities.
How can YOU participate?
Let me give you a quick guide on how to get started on @NEARProtocol.
8/ First, choose a @NEARProtocol wallet. Options include:
✦ @here_wallet
✦ @MeteorWallet
✦ @SenderLabs
✦ @okxweb3
✦ @MyNearWallet
9/ Second, bridge in funds.
The most used bridge is @NEARProtocol's Rainbow Bridge.
What makes the Rainbow Bridge unique, is that it does not require the users to trust anything but the blockchains themselves.
It is fully trustless.
10/ What that means?
Funds are safu.
11/ That is possible thanks to its light client based architecture.
✦ An Ethereum light client implemented in Rust as a NEAR contract
✦ A NEAR light client implemented in Solidity as an Ethereum contract
12/ What is a light client you're asking?
A light client is a specification or its implementation that tracks the blockchain's state without heavy computation, yet can verify the state it tracks in a trustless manner.
13/ Why does the Rainbow bridge matter?
It's a versatile tool enabling cryptographically provable information on NEAR to be used in Ethereum contracts and vice versa.
This includes transaction inclusion in a block, specific transaction execution results, and contract states.
14/ The Rainbow Bridge supports various use cases, including:
✦ Bridging fungible and non-fungible tokens
✦ Writing ETH contracts utilizing NEAR contracts or validator states
✦ Executing cross-contract calls.
15/ Being a gate for liquidity to flow between the Ethereum and NEAR blockchains, the Rainbow bridge supports many ERC20 tokens, including:
✦ Stablecoins like $USDT, $DAI, and $TUSD
✦ $WBTC and $WETH
✦ DeFi tokens like $UNI, $1INCH, $AAVE or $COMP
✦ +++
16/ If you want to get started and bridge in assets from Ethereum to @NEARProtocol, go here. 👇
rainbowbridge.app/transfer
17/ If you want to bridge in from a different network than Ethereum L1, use @Allbridge_io or @RocketXexchange.
Alternatively, you can also go through a CEX like @binance or @okx.
18/ NFA but DYOR anon.
Especially considering the leading position in the chain abstraction space that @NEARProtocol has, in combination with the vibrant, emerging DeFi ecosystem, NEAR will likely be a centre stage of this cycle.
19/ On top of that, @NEARProtocol is one of the few blockchains that are scalable enough to handle AI/ML workloads.
Could be one of the best plays on the AI narrative, which will be a leading one throughout the cycle.
20/ Just this week, @Grayscale has announced a Decentralized AI fund, which also includes $NEAR.
Bullish.
x.com/Grayscale/status/1813568719395930615
That's a wrap! I hope you've found this thread helpful! 🫡
Make sure to follow me @zerokn0wledge_ to stay ahead of the curve on the @NEARProtocol ecosystem!
Like/Repost of the below post is also highly appreciated! 🙏👇
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What came next · since 19 Jul 2024
Show how the covered asset moved
This breakdown analyzes the project without making a call on the token, so price moves since publication are shown as market context.
Covered, no call
Since then
Zero has written 41 more pieces on NEAR Protocol and $NEAR since this one.
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Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish call in a thesis or market take is tracked; explainers, lists, maps and mentions are neutral context. Not financial advice.