New Crypto All-Time-Highs are NEARer than expected.
I'm keeping an eye all layers 1's with network growth, and NEAR has had a lot.
If you aren’t familiar with the NEAR blockchain yet, I highly recommend watching my interview with NEAR Co-Founder Illia Polosukhin from last year, to get up to speed on how they developed their layer 1 protocol. NEAR protocol is a “sleeping dragon” just waiting for the right moment to attack.
A “too long;didn’t watch” on this first video is that Illia started a podcast like mine way back and interviewed 40 of the top coders and founders in blockchain and then created NEAR from the best of what he learned. He also used to work for Google in decentralized & distributed systems and then made the switch to Web3. Now he’s making the internet and world a better place. I highly recommend watching our video with him to understand just how well he understands Web3.
When we recorded this episode with him NEAR token was under 4$, and afterwards hit a peak of $20 during the last bull-run. 500% token growth! When it next surpasses all-time-highs I expect it to go much higher than $20.
I’ve provided my short-term Technical Analysis for NEAR at the bottom!
On NEAR the wallet addresses are all human readable for easy transferring and recognition. You could create ilovecrypto.near or yourname.near as your wallet when you set it up, and of course create as many anonymous accounts as you’d like.
Most smart people I know are staking NEAR inside of the official NEAR wallet at https://wallet.NEAR.org. You never know if some NEAR projects follow in the footsteps of Cosmos blockchain and do airdrops to everyone who is staking NEAR. If it’s sitting in your wallet long term, you might as well be receiving a yield and helping protect the NEAR network. Now let’s take staking (and DeFi) to the next level.
Liquid Staking with NEAR using Stader Labs:
In traditional staking your staked tokens are locked into the network until you unstake. With a small cooldown period of 7-21 days after unlock, you receive your tokens and the yield generated from staking back in your wallet.
Beyond that, many platforms are now offering “Liquid staking” solutions. With liquid staking you receive a liquid token immediately after staking which can be used to earn even more yield.
I recently spoke with Stader Labs, a multi-chain liquid staking platform, that offers NEAR liquid staking (and 6 other blockchains). When users stake NEAR on Staderlabs, they receive a NearX token for each NEAR they stake, which is liquid and can be used to create liquidity pools, do lending/borrowing, or yield farming for additional returns on top of the APY already received from staking NEAR.
Check out their liquid staking protocol here: Stader Labs NEAR
The NEAR network has grown exponentially since we first started following it. Since last year then went from 1M users to almost 20M now, 8x growth of projects launching on NEAR, 10x the amount of funding, over 10x the growth in DeFi value and liquidity locked into the system, and more.
NEAR Protocol growth the past 365 days:
NEAR also has NFT’s built into the wallet. We are continuing to drive value at the Tulum Crypto Club by providing Proof of Attendance NFT’s to the people that attend the events. Here is a sneak peak at some of the NEAR NFT’s I’ve collected from Tulum Crypto Club and the Festival we held this past May.
NEAR is looking to expand in the NFT, DeFi, and dApp industry use case sector and continue to give out grants and funding in NEAR for companies looking to build on NEAR. Some of my friends have already had their companies funded by NEAR.
If you have a blockchain company looking to explore NEAR, let me know and I can introduce you to the NEAR Foundation.
Crypto News This Week:
BitMEX CEO Arthur Hayes wrote a great article on ETH, how it did not rise as quickly as his last predictions. He explains the centralization issues I wrote about last week in-depth, ETH deflation, his bet on ETH/BTC and Bitcoin price predictions.
Apple will allow developers to sell NFTs in games & apps, however with their normal 30% cut.
Christies Auction house is launching an on-chain platform for NFT art, becoming the first global auction to facilitate fully on-chain sales.
Australian Central Bank has its equity wiped out due to millions in bond losses.
Disney is hiring an attorney to work on blockchain, metaverse, DeFi, & NFT products.
USDT can now be natively minted on Polkadot Blockchain.
Circle announces plans to launch USDC on Polkadot, Arbitrum One, NEAR, and Optimism networks.
US Dollar hits 20-year high asgainst EUR, GBP as they crumble
China orders state banks to buy stocks to prevent selling.
Celsius Network CEO Alex Mashinsky has resigned.
Brett Harrison stepping down as President of FTX Exchange.
Epic Games backs Metaverse infrastructure firm Hadean in a $30 million funding round.
A solar-powered bitcoin miner ACDC raised $8 million in funding, led by GalaxyDigital and polychain capital for its second mining facility.
California issues cease & desist targeting 11 crypto firms allegedly operating as Ponzi schemes.
$33 billion digital bank Revolut wins approval to offer Bitcoin and crypto in the UK.
Crypto․com gets regulatory approval to offer crypto services across France.
Since the Proof of Stake switch, it would take well over $10 Billion dollars to attack $ETH
Economist who predicted 2008 crash says a "severe and long" recession will hit the US by the end of 2022.
TA Market Updates:
$BTC:
Bitcoin, the gateway to other cryptocurrencies, is still sitting along the bottom of the support and back at the June low prices. Birbicator indicator shows a bear signal on the 12H and 1D charts, and there is uncertainty on which direction BTC will move next. Nice to note the increasing volume around this support floor price could mean people are accumulating Bitcoin long term.
If Bitcoin drops because of political or war news, it would mean an equal dip in altcoins and the entire crypto ecosystem, albeit only temporarily. However, great TA traders across twitter are calling for #Pumptober heading towards mid-term elections and the politicans want the markets to rise around this time.
The best way to dollar cost average into Bitcoin is by using Swan Bitcoin here.
$NEAR:
NEAR token is at $3.75 in a sideways channel for the last 4 months after hitting highs of $18.00 in the spring. With the continued growth of the NEAR network, NEAR should break all-time-highs. Likely no breakout will happen until the end of 2022 and into next year, but it gives ample time to pick up NEAR at $3 support.
$ATOM:
ATOM, the network token of the COSMOS blockchain ecosystem, is already a great token to follow, with the COSMOS network experiencing similar growth to NEAR. Since the Bitcoin June lows, ATOM has made a crazy rally of over 250%. However, it looks like it’s time for some retracement. The “Cosmosverse” conference concluded this week in Medellin Colombia, and some odd coincidence has conferences as top signals often in the past.
Birbicator shows a Bear signal now on the 1D, and with a straight up rally for almost 4 months, I could expect a small retracement here. Long term, I expect both ATOM and NEAR to be back at 5x-10x these prices peak bull run, ensure you don’t exit your position entirely.
Remember these are crazy times we live in, and anything can happen to the markets, supply chains, political environments, and central currencies. We are already seeing the fall of the EUR and GBP with huge political changes and energy crises in Europe, and most see the inflation worldwide growing with no end in sight. Thankfully we have a deflationary currency that we can control with no one able to print more. Bitcoin is Freedom!
That’s all for this time.
Ashton Addison
CEO, Crypto Coin Show