NEAR establishes a Web3 center in South Korea and plans to expand in Asia

In order to strengthen its ties with blockchain projects in Korea and Asia, the layer 1 blockchain NEAR Foundation, a non-profit organization, has announced Wednesday that it is creating a Web3 center in South Korea.

Timeline of Near-protocol

A $40 million collateral gap has forced the shutdown of the USN stablecoin, which was launched in April 2022 by the NEAR Protocol.  Tokens Destroyed, TVL Drop The USN stablecoin was issued by the Decentral Bank DAO, which announced on October 24 that it would be wrapping up the project.

On 24 October, the NEAR protocol made another notable move to avoid a potential LUNA debacle. The NEAR Foundation issued an announcement stating that the USN, the NEAR algorithmic stable currency, is not sufficiently collateralized under extreme market conditions.

Near Foundation announced a $40 million grant toward replacing a collateral gap of USN, a decentralized stablecoin on Near Protocol that had become undercollateralized earlier this year. The post Near Foundation spends $40 million to replace USN stablecoin's ‘collateral gap' appeared first on The Block.

The Protection Programme is curated to secure customers from the latest concerns associated with USN by making sure that legitimate USN holders can redeem their USN on a one-on-one basis with USDT.

The NEAR Foundation is taking steps to help USN holders to avert another stablecoin collapse and a crypto pandemic. On October 24 the platform stated that it has set aside $40 million for a grant for the “USN Protection Programme.

Near protocol has announced a fund of $40 million to protect USN users from potential losses and ensure the stability of the stablecoin. The foundation made this decision in response to recent events surrounding other stablecoins, such as Tether's ongoing controversy over its lack of proper collateralization.

In an effort to prevent another stablecoin collapse and crypto contagion, the NEAR Foundation is taking measures to support holders of USN. The post NEAR Foundation Announces $40M Protection Fund for Scrapped USN Stablecoin appeared first on BeInCrypto.

NEAR's price struggles to hold above key resistance as price trends in a falling wedge price could break the downtrend.  NEAR continues to struggle as price clings to resistance in a bid to reclaim the region.

NEAR protocol managed to witness a massive surge in terms of its number of active users. One of the reasons for this surge could be the Sweat Economy, a move-to-earn application similar to STEPN.

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