- NEAR Protocol’s partnership with Valour yielded their first ETP, which is now available for trading.
The announcement highlighted the pace at which NEAR protocol was setting for current market narratives.
As a seasoned researcher with extensive experience in the blockchain and cryptocurrency space, I have closely followed NEAR Protocol’s (NEAR) progress and was thrilled to learn about their latest achievement through their partnership with Valour.
As a proud investor in NEAR Protocol, I’m thrilled to share some exciting news about the project’s latest accomplishment. Valour, a trusted partner of NEAR, has recently made an announcement that marks an important milestone for the platform: the integration of real-world assets (RWAs) onto the NEAR blockchain. This is a significant step forward in bringing more value and utility to the NEAR ecosystem, making it even more attractive and promising for the crypto community.
The latter is an issuer of digital assets exchange traded products (ETPs).
In a formal declaration, it was disclosed that Valour has effectively launched its inaugural Exchange-Traded Product (ETP) backed by the Near Protocol. This pioneering ETP can now be traded on Sweden’s Spotlight exchange market.
NEAR Protocol explores RWAs, AI, and DePIN
The announcement signified a significant advancement for NEAR protocol as it brought to light the progression toward realizing Reusable WASM Applications (RWAs) on the blockchain.
The narrative around blockchain-based RWAs (Decentralized Finance or DeFi projects) is gaining significant attention as they are believed to drive the next surge in the crypto market. These initiatives have the potential to expand the reach of blockchain technology and increase its usage, thereby boosting adoption.
NEAR Protocol would be wise to pursue expansion in the primary sectors identified for development this year and beyond.
The same applies to the AI segment, where the protocol has also been exploring.
Short-term price analysis
The participation of NEAR Protocol in pivotal sectors of the WEB3 development could potentially boost NEAR’s price trend over the long term.
In terms of recent gains, NEAR has experienced a noteworthy recovery of approximately 35% over the past week. The current price hovers around $6.13.
As a crypto investor, I’m curious if this recent surge in momentum will propel Near’s price above its current yearly highs. At the present moment, the ratio of short contracts to long contracts suggests that the bearish sentiment is quite dominant among traders.
Approximately 528,000 short positions contrasted with 263,000 long positions on Binance [BNB] existed at the same price point. This isn’t unexpected, as traders who purchased during the recent local lows had already secured a 35% profit increase by the time of reporting.
If the broader market’s positive outlook didn’t sustain enough buying power, this could have served as a motivation to make sales instead.
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2024-07-19 04:07