The cryptocurrency market kicked off on a good note earlier this week but then a massive flash crash took place, sending many top cryptocurrencies on a bearish trajectory. However, there were a few coins that managed to maintain healthy price action and the NEAR token is one of them.

NEAR is the native cryptocurrency on the Near protocol, a proof of stake network that makes it incredibly easy to create and deploy dapps and NFTs. It is a developer-focused platform that focuses on user accounts rather than crypto wallets and this approach makes it easier for developers to create their offerings on the network with ease.

The Near protocol is open-source and community-governed, with a heavy focus on maintaining decentralization, transparency, and low-cost transactions. It is one of the most affordable networks and this may have contributed to its rising popularity and steady growth. Most of the leading blockchain networks have been facing scalability issues and expensive fees, forcing many developers and crypto projects to look for other alternatives. Near protocol’s focus on making it easier for developers to create dapps contributes to its strong growth so far this year.

The NEAR token has been adequately bullish since July when the market started recovering, but its price turned more parabolic in the last three days during the price pullback that happened this week. Its performance was so impressive that it set a new high, while also pushing it into the spotlight and earning it more recognition. The token is currently trading at $10.76 after rallying by 8.17% in the last 24 hours, extending its weekly gains to an impressive 93%.

Source: Binance

The cryptocurrency has experienced some retracement today after setting a new all-time high at $11.88. An impressive performance considering that it was worth as low as $1.54 in July, representing a 10x growth in a short duration.

Why NEAR has been rallying

One of the biggest driving forces behind NEAR’s recent rally is the METABUILD hackathon which was launched on August 27 and is scheduled to conclude on September 12. The event is aimed at improving network security and participation and it is incentivized through a $1 million reward pool. The success of a money market protocol called Ref which is hosted by Near protocol has also provided a significant boost to the network.

The Near rainbow bridge which is a bridge to the Ethereum network has had a significant impact on the Near protocol’s growth. It allows the protocol to tap into more growth by linking to other networks such as 1INCH, The Graph, Uniwap, and the Ethereum network. The bridge makes it easy for dapps to migrate or launch on Near Protocol. This is particularly useful especially now that many developers are looking for more affordable networks on which to roll out their services.

Near protocol’s tokenomics are also favorable. It has a circulating supply of just over 450 million tokens and a maximum supply of 1 billion tokens while its market cap is currently at $4.88 billion. NEAR might be in for some more growth in the future as it strives to unlock more developments.