Key Points
- NEAR Protocol’s price and active addresses have exceeded Ethereum’s in the past week.
- Despite differences in development, NEAR’s price might continue to outperform Ethereum’s.
NEAR Protocol (NEAR) has outperformed Ethereum (ETH) in price and active addresses in the past week.
At the time of writing, NEAR was trading at $7.51, an increase of 39.06% over the past seven days. In contrast, ETH was trading at $3,171, a decrease of 6.02% over the past 30 days.
Active Addresses and Development
Data from Artemis indicated that active addresses on the Ethereum blockchain were 406,200 and had remained consistent. However, for NEAR, the number of active addresses was under one million on April 7th, but data from the developer analytics platform showed that the metric had grown to 2.3 million.
Both NEAR and Ethereum operate on the Proof-of-Stake (PoS) consensus, but it appears that users and developers prefer the chain abstraction stack provided by NEAR. Furthermore, NEAR provides superior scaling power, allowing for faster and cheaper transactions without waiting for the layer-2s on Ethereum.
Market Cap and Fees
NEAR’s momentum could make it difficult for Ethereum to match its price. A few months ago, NEAR’s market cap was not in the top 25, but it is now ranked 17th with a market cap of $7.36 billion.
In the past 30 days, fees on the NEAR network have increased by 51%, averaging $42,000. This could potentially allow NEAR to surpass Ethereum’s market cap and bring its revenue close to Ethereum’s.
According to Santiment, development activity on NEAR was 27.98, a significant increase from the reading on April 16th. For Ethereum, the metric was 52.91, indicating more code committed to new features and security.
While NEAR may not be able to outpace Ethereum in terms of public GitHub repositories, it could potentially outperform Ethereum in terms of price. If Ethereum continues to lag in the short term, it may not be able to compete with NEAR’s growth.
However, in the long term, if Ethereum starts moving, the circumstances might change. But in the next few weeks or months, NEAR might continue to outpace Ethereum’s on-chain metrics and price.
