The layer one (L1) battle is starting to heat up again and multiple protocols have seen their token values rise in recent weeks as traders venture out to see what life is like outside of the Ethereum (ETH) network. 

One L1 protocol that has seen its token price climb to a new all-time high this week was NEAR, a community-run cloud computing platform focused on interoperability and lightning quick transaction speed.

Data from Cointelegraph Markets Pro and TradingView show that, following a pullback that hit a low of $13.10 on Jan. 9, the price of NEAR climbed more than 50% to establish a new record high at $20.36 on Jan. 14. 

NEAR/USDT 4-hour chart. Source: TradingView

Three reasons that contributed to the growing strength of NEAR include the successful completion of a $150 million funding round, the success of the Aurora cross-chain bridge protocol and an expanding ecosystem of projects and developers working on the NEAR network.

NEAR raises $150 million in funding round

The most recent price spike followed an announcement that the team had successfully closed its latest funding round, raising $150 million from a variety of investors including Dragonfly Capital, a16z, Alameda and Circle Ventures.

NEAR plans to use the funds raised to accelerate the adoption…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Menu