NEAR Mega Thread

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1/ First, let's start with the basics What is #NEAR? $NEAR is a Layer 1 (L1) blockchain like $ETH or $SOL L1s are capable of validating and completing transactions on their own

2/ $NEAR uses a proof-of-stake or POS mechanism to secure the blockchain Here, users can delegate/send their $NEAR to validator nodes and receive staking rewards - A node is a computer running blockchain software - A validator is a node that has locked up a certain no of tokens

3/ - NEAR was launched with 1 billion $NEAR tokens as total supply - Out of that, 660m NEAR tokens are currently circulating in the market - A total of 100 validators staked 450m $NEAR tokens Nearly ~70% of the circulating supply is staked! The current staking yield is ~10%

4/ However, it's important to note that the $NEAR token is inflationary by design but can become deflationary with increased network usage - There's a 5% inflation for validator rewards - However, it has a fee-burn mechanism (70% of fees burned) that could reduce inflation

5/ $NEAR Token Distribution 37.7% to backers and contributors, the rest to the community

6/ Speed To achieve high TPS (transaction per second), $NEAR uses a DYNAMIC re-sharding mechanism. But what is Sharding? Let's take an example 👇

7/ Ethereum's current design can be compared to a single lane road It works fine when there's less traffic but becomes horrendous during congestion Sharding turns this single lane road into a highway with multiple lanes ETH 2.0 brings sharding with 64 different lanes or shards

8/ NEAR brings "Dynamic Sharding" Instead of the static 64 shards in $ETH's case, $NEAR constantly readjusts the no. of shards based on utilization. This reduces the avg cost of using the network while maintaining high transaction throughput. NEAR calls it 'Nightshade'

9/ Still haven't fully grasped Sharding? Don't worry Here's a video by @WhiteboardCryp1 youtu.be/SZpjvWMfgDA

10/ Existing #Ethereum users can easily shift their assets to #NEAR's ecosystem using the Rainbow Bridge rainbowbridge.app/ Other chains, such as $FTM, BSC, and $MATIC, are expected to be added.

11/ A total of $1.4B assets have been bridged to $NEAR. However, Avalanche $avax has $5b worth of assets transferred on its bridge. Still Early?

12/ NEAR also features @auroraisnear, an Ethereum compatible and gasless Smart Contract on #NEAR used to migrate Ethereum based apps. Here's a guide on $AURORA by @ahboyash twitter.com/ahboyash/status/1474275367800041474?s=20&t=OVxscgHmzpkkyGc0GBXosw

13/ Funding Impressive, to say the least $NEAR raised a total of $534M 🤯 Makes it the most funded L1 beating the likes of $SOL $DOT $AVAX $LUNA $FTM

14/ However, what grabbed the most attention was the rumor of a new algorithmic stablecoin $USN, launching on $NEAR And that it would provide a 20% yield, similar to what @anchor_protocol provides for @terra_money algorithmic stablecoin, $UST twitter.com/resdegen/status/1512126024846303232?s=20&t=El_EWhoSLR86J2wO3APMmQ

15/ An algorithmic stablecoin isn't backed by any type of collateral. Instead, it uses a unique mechanism to maintain the dollar peg Here's an excellent thread on algorithmic stablecoins by @DeFi_Made_Here twitter.com/DeFi_Made_Here/status/1512150353650884614?s=20&t=MgGrJ3CaBz66XVdzS2ei_Q

16/ Will it take market share from Terra's $UST? We will have to watch and see 👀 twitter.com/TusharJain_/status/1513568539617243144?s=20&t=MgGrJ3CaBz66XVdzS2ei_Q

17/ References Charts geckoterminal.com/aurora/tokens dexscreener.com/aurora Analytics near-staking.com/ explorer.near.org/ dune.xyz/zavodil/rainbow-bridge Twitter Follow @Near_Mates @near_insider @auroracommunit3 @NEAR_daily @NEARWEEK @insights_near @NEAR_Blockchain

18/ NEAR ecosystem spreadsheet by @Near_Mates docs.google.com/spreadsheets/d/1Kw-5oQBnolLnjoQwkz4CRseMwObbWAWXMtYhWEYUNGg/edit#gid=0

19/ Website containing list of all $NEAR and $Aurora projects by @awesome_near awesomenear.com/

20/ Now that you have a basic understanding of NEAR, we'll point you to some well-written threads by fellow Threadooors and Giga 🧠. We'll keep this thread updated as more developments take place. So make sure to follow and bookmark 🧵 👇

21/ $NEAR vs $SOL vs $AVAX by @cmsintern twitter.com/cmsintern/status/1482171812259708932?s=20&t=5amoes01h81HZH9OSto0uA

22/ Implications of $USN by @HiimAlen twitter.com/HiimAlen/status/1512651519119675393?s=20&t=C19Dg5tK1lGkwCbkR0r5YQ

23/ $USN could reduce #NEAR's long term security by @pseudotheos twitter.com/pseudotheos/status/1512472522893119488?s=20&t=Qu0EgJsYbr9cMUWdWkDDLg

24/ An extensive thread on $NEAR by @j0hnwang twitter.com/j0hnwang/status/1477448456499531776?s=20&t=MmsM5kPySPdHt3afpgJL3w

25/ Take on NEAR vs ETH 2.0 by @epolynya twitter.com/epolynya/status/1477874076421013508?s=20&t=MmsM5kPySPdHt3afpgJL3w

26/ Cheat Code for @NEARProtocol Analytics by @analyticalali twitter.com/analyticalali/status/1475346966615711744?s=20&t=2IMSIzR7WLWy1bhxyJX1Dw

27/ Lending on #NEAR by @HiimAlen twitter.com/HiimAlen/status/1507755690181361664?s=20&t=ikajjKW7OlzbFvmLAT0ttg

28/ Deep Dive on $NEAR by @alpha_pls twitter.com/alpha_pls/status/1491493714887254018?s=20&t=Q3HxpVGd99YBxLU1j1GiGg

29/ Messari's take on #NEAR by @dunleavy89 twitter.com/dunleavy89/status/1500856370828042244?s=20&t=XKHnaUcgEVTpakYvmc8TJA

30/ Nansen's take on $NEAR by @nansen_alpha twitter.com/nansen_alpha/status/1511344095389700105?s=20&t=mQsviHCjRyZL7SDTasmkAg

If you have found this thread 🧵 helpful, please consider liking and sharing it, and do give us a follow. It indeed helps us out! We at @sahicoin strive to provide Simple and Honest Information for crypto enthusiasts 💪

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