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.
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 the last days of November and the first days of December, the daily number of new accounts had been declining. This week however, activity has been trending up, with the average number of new accounts averaging 14,000 per day, with a weekly peak of 14,752 recorded on December 6.
This is down on November’s figure of 24,000 wallets per 24 hours, on average. These numbers are conducive with the overall decline in sentiment around blockchain.
Looking more broadly, the peak for account creation in Q4 was September 13 where 130,000 new wallets were created in one day. Collectively, these numbers equate to 22,551,000 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 oscillated between a a low of 12,639 on December 5, to a peak of 14,752 on December 6.
Historically, 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 Q4 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. Over the last seven days, the number of new contracts reached a daily high of 54 on December 4, and a weekly low of 27 on December 6. This range is broader compared to the week before, with last week’s highest number of 44 on November 30, to a low of 12 new contracts on November 27.
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 more than 600 active contracts on the NEAR network. Taking a historical perspective on these numbers, the average has declined in Q4, 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 week, the daily amount of gas, expressed here as PetaGas, which is the equivalent of 0.1 $NEAR, has maintained a fairly consistent value between 5,949 PetaGas and 6,743 PetaGas. To learn more about Gas on NEAR, there is an excellent explainer in the NEAR White Paper. Compared with last week, the Daily Amount of Used Gas has decreased, from highs of more than 8,000 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.
The daily number of transactions is a record of how many times the blockchain logged a transaction. This week’s data represents a healthy increase in the number of transactions. From lows of 328,000 transactions on December 3, to a weekly high of 388,000 transactions per day on December 6. Looking more broadly, NEAR transaction activity has been trending downwards in Q4, reflecting other on chain data presented here.
These reports will be generated each week and published on Friday.
NEAR Wallet’s Evolution in 2023
NEAR Foundation and Pagoda, along with the Wallets Working Group, have conducted extensive community discussions over the last several months about the evolution of wallets in the NEAR ecosystem. In keeping with the Foundation’s goal to empower the community and continue to decentralize the ecosystem over time, the focus since NEARCON has been to expand the wallet offerings to NEAR users and to decentralize the NEAR Wallet.
MyNearWallet is now open source and under the stewardship of Developer DAO to maintain as a public good. (Pagoda took over MNW after Kikimora ceased operations in December due to funding issues.) DevDAO announced this week that they are accepting applications for teams to take over maintenance of MyNearWallet to evolve the product while keeping it open source for the benefit of the developer community. For more information about how to apply, visit the Developer DAO gigs board on NEAR Social.
If you have been using MyNearWallet or wallet.near.org, you don’t need to take any action. MyNearWallet service will not be interrupted in this transition and, in fact, users can expect product improvements over time from the chosen maintainer team. The goal is to offer more wallet options to users across the NEAR ecosystem and to decentralize the development of wallet products across the developer community.
Pagoda will continue maintaining wallet.near.org. Over time, the NEAR wallet will integrate into the forthcoming NEAR Discovery product. But for now, no action is needed from users. Legacy wallet users may consider migrating to another wallet now that an expanded range of options is available via Wallet Selector, which will soon live on wallet.near.org. Numerous wallets optimizing for a variety of user types, security requirements, and use cases are already available, with more on the way in Q1.
NEAR’s commitment to serving as the de facto entry point to Web3 remains intact. Building without limits is about continuously improving on industry standards and delivering the best possible experiences to developers and users alike.
NEAR Weekly On Chain Data Report: January 6
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. You can find the Quarterly Transparency Reports here.
The following NEAR Weekly On Chain Data Report is the first of 2023. The final On-Chain Data Report of 2022 can be found here.
The Importance of Transparency
Transparency has always been one of NEAR Foundation’s core beliefs. Openness to the community, investors, builders, and creators is one of the core tenets of being a Web3 project.
In recent months, in response to community frustration, the Foundation has endeavored to do more. This NEAR Weekly On-Chain Data Report is just one of the ways in which the Foundation is being more proactively transparent.
New Accounts and Active Accounts
New Accounts are defined as new wallets created on the NEAR blockchain. In this first week of 2023 there has been an upward trend in New Accounts, with a weekly peak of 19,808 on January 2nd, before trailing off toward week’s end. There are now more than 23M NEAR accounts as of January 4th.
The Daily Number of Active Accounts measures the number of NEAR wallets making on-chain transactions. Over the last week, Active Accounts rose from around 39,000 to o 45,236.
Historically, NEAR has seen highs of more than 100,000 active accounts. The high for Active Accounts on any one day in Q4 of 2022 was logged on September 14, during which 183,000 accounts were active. This week’s lower though rising total could indicate a rise in activity coming out of the holiday season and into the new year.
New Contracts and Active Contracts
Smart contracts created on NEAR are programs stored on a blockchain that run when predetermined conditions are met. The Daily Number of New Contracts is a valuable metric because it allows the NEAR community to measure the NEAR ecosystem’s health and growth. If there are more active contracts, it follows that projects are more actively engaging with the NEAR protocol.
This week, the daily number of New Contract trended upward before falling off slightly toward week’s end. As the new year hit there were just over 10 New Contracts with a weekly high of 29 on January 2nd.
Active Contracts measure contracts executed during a 24-hour period. This metric trended upward this past week, rising from 560 on January 1st to a high of nearly 700.
Used Gas and Gas Fee
Gas Fees describes the cost of making transactions on the NEAR network. These are fees paid to validators for the network services they provide to the NEAR blockchain, and incentivize validators to secure the network.
Over the last week, Used Gas on NEAR (PetaGas) was measured at a 5121 on January 1st and trended untoward 6,000 PetaGas. To learn more about Gas on NEAR, check out the NEAR White Paper. (Rises in gas used can be attributed to many factors, with a common one being increased user activity on the NEAR network.)
In the last week, there has been a slight rise in the Gas Fee, which correlates with the rise in Used Gas. The Gas fee rose from 512 on January 1st to 585 on the 4th.
The Daily Number of Transactions is a measure of the number of times the blockchain logged a transaction. This week’s shows an increase in the number of transactions, 281,962 on January 1st before falling to 342,492 on the 4th.
These reports are generated each week and published on Friday.
Refining NEAR Foundation’s Grant Approach
A few weeks ago, as part of a series of blogs on the state of funding, NEAR Foundation announced it would be examining its evolving funding strategy. This is in line with the Foundation’s goal of providing a clear and concise update to continue to foster transparent communication.
At this time, NEAR Foundation is actively working towards a more decentralized model of capital allocation that will initially involve the DeveloperDAO, MarketingDAO, CreativesDAO, with an additional DAO that will begin formation in Q1 of 2023. This will impact the ecosystem in the following ways:
Effective immediately, NEAR Foundation will cease allocating capital directly from our inbound start-up grants program, with the exception of our current events grants, which will be handed over to the MarketingDAO when they are set up to manage them. Request events funding using the events grant application.
In January and February, we will be working directly with community members to outline a clear application process for funding via the DAOs. Processing time is expected to take 6-8 weeks. If you are interested in helping us form the new DAO with a focus on start-up projects, please submit your interest using this contact form.
Any projects that have already received a portion of their funding and are working towards their agreed milestones will continue to be supported through the remaining milestones.
Any application that is not already in the approval stage will not receive funding. However, we will do our best to redirect you to appropriate, alternative funding sources.
NEAR Foundation’s goal is to empower the ecosystem to make decisions that support the strategic approach that will drive NEAR to the next phase of its roadmap, with a look ahead at new areas of product and development, as outlined in the NEAR Strategic Update and Outlook for 2023. We will continue to be as transparent as possible about the new funding strategy as it rolls out. The Foundation will communicate as often, and as frequently, as possible. We encourage the community to continue providing meaningful feedback so we can iterate more quickly as we unite to build the NEAR Ecosystem together.