Arweave and NEAR Protocol Post Solid Gains Despite Market Downturn

The crypto Fear & Greed Index has returned to extreme fear, sitting at 25, which is down 4 points from yesterday. The unsettled sentiment comes

The crypto Fear & Greed Index has slid further into the ‘extreme fear’ zone as prices continue to slide. The index is currently at 25, down 4 points from yesterday.

Despite good economic data out of the US and news that German Bitcoin (BTC) sales are slowly easing, overall market sentiment seems unsettled. Most major cryptocurrencies are down slightly.

BTC is down almost 1%, while TIA and Render (RENDER) lost around 8% – yet some managed to fend off the downtrend and rise against the market movement.

Arweave (AR) booked a solid 8.5% gain on the 24-hour timeframe, trading hands for US$24.66 (AU$36.45) currently.

AR has been on a 4.5-day rally gaining over 16% after hitting a low of US$21.50 (AU$31.80) on July 8.

While there is no immediately obvious reason AR has rallied, it has always been a strong performer, making it on analyst Miles Deutscher’s portfolio buying list.

Arweave rallied 30% in March on news of the launch of the “hyper parallel” testnet.

The network is surrounded by a frenzy of activity, such as hackathons, the new ArConnect dashboard and a machine-learning memecoin (!) – beware though, the developers have issued a stern warning:

Onchain world on @aoTheComputer and @ArweaveEco opening for first visitors tomorrow 👀Complete with the first onchain LLM-operated memecoin. Visitors issue pleas for coins to the Llama King, who runs the [worthless!] token's monetary policy 🙃Its silly, but Llama Coin (and… https://t.co/r4vpuNbZ6m

NEAR Protocol enjoyed strong daily and weekly gains, with an 8% gain in the past 24 hours and 22% in the past week.

This is a strong performance, considering that Near managed to outpace larger projects like Bitcoin and Ethereum with those gains.

Near is one of those networks that sees ongoing buzz and development activity. No wonder then that Near Protocol beat larger and more popular chains on several metrics.

According to data from Flipside, Near was the protocol with the most active addresses and number of transactions.

In June, @NEARProtocol compared to the popular chains was👇 #1 in the number of Active Addresses (16.9m)#1 in low-cost fees (< $0.005)#1 in Success Rate (99.9%) #2 in Average STPS (94)#2 in Number of txns (239m)55% retention of May Users with 12.3m new UsersMore 👇 pic.twitter.com/HT71ehkIb3

Further, Near enjoys ongoing excitement about the AI and crypto cross-sector developments.

Near also just hosted Chain Abstraction Day in Brussels where Illia Polosukhin from the NEAR Foundation spoke about the future of chain abstraction.

Chain Abstraction: The next frontier of Web3.The third Chain Abstraction Day in Brussels was a resounding success with 250+ in attendance and prepping to build a better Web3. pic.twitter.com/pDM1toJZos

In a nutshell, chain abstraction simplifies interactions across different blockchain networks, leading to benefits like liquidity defragmentation and easier development.