A resurgence in DeFi is silently exploding on $NEAR:
+ 250% in less than 30 days
TVL 9x from its ATL
Only at 7mil MC, an obvious play in hindsight and will continue to balloon bigger towards bull🧵
(Credits to @dragonisnear for the image)
TLDR modularity bull case for projects building on @NEARProtocol
✦ Modularity today is broken
✦ Scalable, cheap and reliable DA solution
✦ @eigenlayer -powered fast finality layer
✦ Chain Abstraction to unify UX across chains
Finally, my thesis is that all these benefits will funnel back into their top money markets: @burrow_finance + liquid/restaking narrative
🔷 Metrics 🔷
So backing up my thesis, I simply looked at at some high level metrics from the past week for @NEARProtocol and it tells us A LOT about what is happening on-chain:
990k accounts added
40m transactions made
$240k generated in fees
TPS at 58
Investors are taking notice
These are being reflected in the last 30 days as price of $NEAR gained 2.5x
Still very undernoticed is that these DeFi protocols on @NEARProtocol is experiencing a huge surge in TVL growth
Growth has been pretty consistent over the past month and even in the last 7 days.
Leading players, especially in the money markets, have historically proven to benefit the most: @burrow_finance
🔷 About Burrow 🔷
@burrow_finance is the top money market on NEAR.
They are a pool-based lending platform on NEAR ecosystem that enables users to supply assets to earn interest, and to borrow against them to unlock liquidity.
A model similar to Aave and Compound.
Recently, NEAR announced their 5 shard solution resolves the problem of low scalability which also allows a greater number of transactions and security when compared to others.
This potentially funnelled more volume towards @burrow_finance
Not only Burrow ecosystem benefitted, its price action of $BRRR have benefited from the growing the NEAR ecosystem and have played a huge part towards NEAR’s growth as well.
🔷 Liquid Eigen Beta 🔷
Burrow users deposit $stNEAR as collateral, then borrow more $NEAR to create a leveraged staking position, or borrow a stablecoin to create a self-repaying position.
This potentially opens up possibility for a leveraged strategy for liquid staking and restaking $NEAR
Think of it like what @GearboxProtocol does.
Then tying this back to the NEAR’s modularity thesis, $BRRR could tap onto the liquid Eigen layer beta in a more exponential way.
Furthermore, with the current boosts ongoing, users can earn up to 53% for just supplying stables with near to ZERO risks, thus supercharging the ecosystem even more!
🔷 Partnership and Initiatives 🔷
Burrow has partnered with @finance_ref, which is a DEX but more: Spot, Perp DEX,
Ref finance allows users to stake LP tokens in farms to earn rewards and tap onto @burrow_finance's platform infrastructure for asset lending.
Near is injecting liquidity through a campaign that will be rolled out gradually over the next few months, ensuring sustained activity levels and expansion into ecosystems beyond NEAR.
This initiative will drive NEAR towards greater liquidity and a more extensive market presence.
To begin earning boosted yields, you can start by bridging funds from ETH to NEAR:
Visit http://rainbowbridge.app/send.
Link your ETH and NEAR wallets.
Bridge funds from ETH to NEAR.
Purchase $NEAR from any CEX to fund your NEAR wallet.
Lastly, for incentives suckers, high APRs is coming to @finance_ref
Twitter: https://twitter.com/arndxt_xo/status/1768252452909052046