The move shows that Sushiswap can be deployed on Near via Aurora

Last week, there were quite a lot of updates and new news on the NEAR Protocol ecosystem, like the $OCT public sale on Skyward Finance going on, Ref Finance started working again after the hack, Arterra completed the funding round to raise funds. develop,…

Let’s go through and analyze and evaluate the events of week 33 of NEAR Protocol.

Overview of the NEAR ecosystem week W33

Important updates

• Infrastructure applications on Near Protocol are quite complete: Aurora EVM, Rainbow Bridge, Flux Oracle, Chainlink and Band Protocol coordination (not yet implemented),… In the near future, I’m looking forward to the launch of Appchain Octopus Network to promote Dapp scalability on Near Ecosystem.
• After the ETH-NEAR bridge, bridge BSC-NEAR is being developed by the Near Foundation team itself: After the BSC-NEAR bridge, SOL-NEAR will be the team’s next choice for development to welcome cash flow into the ecosystem. Currently the SOL-NEAR bridge is not implemented due to lack of developers. If these bridges are completed soon, the money flowing into Near will be easier and more abundant.

Impressive numbers of the NEAR . system

• $2.11 million in assets were deposited to Near via Rainbow Bridge, unchanged from last week.
• In the past week, the volume of transactions in the past week has reached 2 million transactions, with a 24-hour transaction ATH of 311,000. Although Ref Finance has been under maintenance for the past week, the transaction volume is still high, proving that other pieces in the ecosystem are gradually gaining the attention of users.
• In the past week, the number of stablecoins on Near has returned to the milestone of $ 1.18 million, a slight decrease of about $ 20,000 compared to the previous week. It proves that the cash flow from other ecosystems brought in to invest $OCT is not large, mainly using the amount of NEAR available in the system.

New projects

There are no new projects in the last week. However, the ecosystem has many important updates:

• Octopus Network $OCT is open for sale on Skyward Finance.
• Metapool out Mainnet Version 1.0. You can now stake NEAR in Metapool to receive $META.
• OP Game launched, will develop blockchain games on Near Protocol.
• Two new guilds launched: Near Games Guild, and Nearverse Portal Guild.
• Ref Finance started reopening the project’s web app after the $3 million hack.

The ecosystem also has some other notable events, which I will talk more about later in the article.

Analyze each piece

Stablecoins, Lending & Borrowing

The total amount of stablecoins on Near after a sudden increase due to the $REF token sale event once reached over $ 1.4 million, but this week it returned to $ 1.18 million. In which, nearly 900 thousand USD is DAI, the rest are other stablecoins such as USDT, USDC, TUSD, … The total value of assets on Ethereum on this Bridge is at nearly $ 2.2 million.

You can also see how the token sale events have a strong impact on the development of the ecosystem. REF token has bootstrapped the ecosystem very strongly, and I am expecting that the following pieces of the ecosystem can do the same. With the launch of $OCT this week, coupled with the launch of $META in the form of farming, hopefully the Near ecosystem will start to pick up speed.

The current Lending & Borrowing and DeFi Stablecoin platforms are extremely weak. Ref Finance promised in the roadmap that it will do a lending protocol in 2022. This will make Near lack a very important piece of the puzzle, the money market.

If you are holding a lot of NEAR, you also realize that you really need a protocol for NEAR collateral to borrow USDC or USDT, so that you can effectively utilize capital and use it to invest in other projects.

AMM DEX

Ref Finance

Ref Finance has compensated to the person hit by the hack. After that, the project reopened the app website, preparing to relaunch the project, with more incentives for users to provide liquidity into the ecosystem.

The hack is quite a blow to the strength of the Ref Finance project. However, in my opinion, the project team has done extremely well in the area of ​​user compensation, handling the crisis from the hack. From here, you can see the long-term development intention of the project, as well as trust that the entire fund in Ref Finance will be safe.

In the near future, after handling the hack, Ref Finance needs to focus on marketing to push the project’s liquidity and community. Recently, the project’s marketing activities have been more aggressive, but that is not enough to attract the community. In order for Ref Finance to be known more, the project’s communication must be promoted: list of Coingecko, Coinmarketcap, list of CEX exchanges (paving the way for other NEP-141 tokens to be listed),…

SushiSwap

After Near’s AMA on Sushi Onsen, Near Protocol posted a tweet with the only content being an icon of a piece of sushi. It’s not clear if this is just a tweet implying that NEAR is getting a double reward on Sushi Onsen’s pool, or that Sushiswap is intending to bring their AMM DEX above Near via Aurora.

Sushiswap is a project that is already present on many chains, so their integration into Near Protocol is not impossible. If Sushiswap goes Near, this will be a great sign for the growth of the whole ecosystem. However, these are just speculations, not official information. Please follow me on both projects in the future.

Staking

The Metapool project on Near has been launched and now you can use the project’s staking product. this is a staking solution NEAR to create liquidity for staked tokens. Now, when you stake NEAR on Metapool, you not only receive NEAR but also META – the project’s liquidty incentives.

IDO Platform

‘s $OCT token Octopus Network has been opened for sale on Skyward Finance. Currently, the price of the OCT token stands at over $1.6 – four times the price of the last round of the Octopus Network.

You should consider when investing in the project, because according to the project’s tokenomics, 100% of the OCT semi-private and the seed round will be unlocked on the first day of the token launch. This amount of tokens accounts for 30% of the total OCT supply.

This is definitely a very important infrastructure piece on Near, and the OCT Token being sold will be a very good ecosystem bootstrap tool. By using NEAR to buy $OCT tokens, this is probably also one of the reasons that pushed the $NEAR token price to a peak of $6.59 last weekend.

summary

In a nutshell, over the past week, the highlights of Near Protocol include:

• Octopus Network $OCT is open for sale on Skyward Finance. The current selling price is at $ 1.6, FDV $ 160 million.
• Instead of staking NEAR in Near Wallet, you can now stake NEAR in Metapool to receive NEAR and META.
• Ref Finance restored; Has the ability to Sushiswap up Near via Aurora.
• Arterra successfully raised capital.

Which update are you most impressed with this week? Please comment below to let me know!

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