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Binance Custody Adds $NEAR Token and NEP-141 Standard to its Infrastructure

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NEAR Foundation is excited to share its newest integration with Binance Custody, an institutional-grade digital asset custody solution. By supporting the NEP-141 standard, Binance Custody enables any institutional user with $NEAR holdings to make use of their highly secure storage infrastructure. The integration also makes it easier for Binance Custody to provide future support for any NEP-141 compatible tokens from projects building on NEAR. 

For those not yet in the know, NEP-141 is simply a set of rules that determine how tokens on NEAR can operate. It’s an upgrade from the earlier NEP-21 standard by being simpler for users and developers as well as being cheaper and more efficient. 

Click here to learn more about NEAR’s NEP-141 standard

Storing NEAR and NEP-141 compatible tokens on Binance Custody

What does it mean to be able to store NEAR and NEP-141 compatible tokens on Binance Custody? It means institutional users benefit from an integrated ecosystem built to help them manage their assets with world-class security standards backed by multi-party computation technology. Binance Custody is an independent, compliant, and audited custodial solution that currently supports over 230 digital assets.  

Click here to learn the difference between custodial and non-custodial wallets 

“We’re very excited to be part of NEAR’s journey as their institutional custody partner,” said Athena Yu, VP of Binance Custody. “With this integration, $NEAR token holders benefit from our secure, integrated security and liquidity solutions. We welcome any project building on the NEAR protocol to reach out to us to learn how our institutional infrastructure can help them scale with peace of mind.”

Security on Binance Custody

Platform security is paramount, and Binance Custody makes it easy for institutional users to safely store their digital assets. With this integration, Binance Custody allows investors to not only store their $NEAR tokens securely, but also benefit from liquidity opportunities thanks to the custodian’s integration with the vast Binance ecosystem, which includes the world’s largest crypto exchange by trading volume.

“A core mission for NEAR is building an ecosystem of diverse communities,” says NEAR Foundation CEO Marieke Flament. “With this partnership, NEAR can welcome to the NEAR ecosystem the many financial institutions that have turned to Binance Custody as their trusted provider for digital assets custody and settlement solutions.”

Binance Custody offers a growing suite of solutions currently including:

Qualified Wallet: institutional-grade cold vault storagePrime Wallet: warm wallet infrastructure offering instantaneous transactions between Binance Custody and the Binance exchange, with sub-accounts.Binance Mirror: matches an institution’s cold storage custody funds with 1:1 availability on their Binance exchange account to access deep liquidity venues.Cold Convert: trade tokens from cold storage with zero counterparty risk and customized slippage tolerance without compromising on security.

Legal Disclaimer: The information contained in this press release is not directed at nor intended for use by any users, investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any NEAR tokens. Information in this release is not financial/investment advice, please seek independent financial advice. 

The post Binance Custody Adds $NEAR Token and NEP-141 Standard to its Infrastructure appeared first on NEAR Protocol.

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NEAR Transparency Report: December 2

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As part of the Foundation’s commitment to transparency, each week it will publish data to help the NEAR community understand the health of the ecosystem. This will be on top of the quarterly reports, and the now monthly funding reports. 

You can find the quarterly reports here.

You can find monthly reports on funding here.  

Last week’s transparency report can be found here. 

The importance of transparency

The NEAR Foundation has always held transparency as one of its core beliefs. Being open to the community, investors, builders and creators is one of the core tenets of being a Web3 project. But it’s become apparent the Foundation needs to do more. 

The Foundation hears the frustration from the community, and it wants to be more pro-active in when and how it communicates. 

New Accounts and Active Accounts

New Accounts are new wallets being created on the NEAR blockchain. In November the number of new accounts has been declining. This week, new account creation has averaged 16,000 new accounts per day, down from a monthly average of 24,000 wallets per 24 hours.

Looking at the quarter, the highest day for new account creation in Q3 was September 13 where 130,000 new wallets were created in one day. Collectively, these numbers equate to 22,454,000 total wallets on the NEAR blockchain.

The Daily Number of Active Accounts is a measure of how many wallets on NEAR are making transactions on chain. Over the last week, the number of daily active accounts has been on average, above 50,000, remaining consistent across the week.

Historically, as the chart below shows, this is a decline from highs of more than 100,000 active accounts on the network. The highest number of active accounts on any one day in Q3 this year was logged on September 14, where 183,000 accounts were active.

New Contracts and Active Contracts

Contracts on NEAR are simply programs stored on a blockchain that run when predetermined conditions are met. The Daily Number of New Contracts is a valuable metric for understanding the health and growth of an ecosystem.

The more active contracts there are, the more projects are actively engaging with the NEAR protocol. The chart below shows a cyclical rhythm to new contracts, with rises and falls a common occurrence. Over the last seven days, the number of new contracts has risen from a low of 12 new contracts on November 27 to a high off 44 new contracts on November 30.

Active contracts is a measure of contracts that execute in a 24 hour period. This number has remained consistent throughout the last week with an average of 500 active contracts on the NEAR network. Taking a historical perspective on these numbers, the average has declined in Q3, with previous highs in active contract activity coming in the third week of September 2022.

Used Gas and Gas Fee

Gas Fees are a catch all term for the cost of making transactions on the NEAR network. These fees are paid to validators for their services to the blockchain. Without these fees, there would be no incentive for anyone to keep the network secure.

Over the last few weeks, the daily amount of gas, expressed here as PetaGas, which is the equivalent of 0.1 $NEAR, has risen. To learn more about Gas on NEAR, there is an excellent explainer in the NEAR White Paper. The Daily Amount of Used Gas has increased, briefly topping 8,000 PetaGas, before returning to the weekly average of just over 7,000 PetaGas.

The Daily Amount of Gas correlates with the Daily Gas Fee used on the network. Over the last week, there has been an uptick in the amount of Gas used, which can be brought on by a number of different factors. One of the most common is increased activity among users of the network.

Daily Transactions

The daily number of transactions is a record of how many times the blockchain logged a transaction. The earliest data available is from the third and fourth weeks of November. The data shows that daily transactions had been trending upwards and at the end of November, were averaging more than 500,000 transactions per day. Since then, the number has declined sharply and now sits below 400,000.

These reports will be generated each week and published on Friday.

The post NEAR Transparency Report: December 2 appeared first on NEAR Protocol.

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