Near Foundation launches “protection programme” of $40m for USN users

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.

Timeline of Near-protocol

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.

When looking for strong returns on your investment and solid passive income yields, the crypto industry can dramatically outpace options available in traditional finance. This is a crucial benefit of crypto and could help introduce more regular investors to the potential of DeFi.

NEAR Protocol announced on Twitter that they had formed a partnership with Google Cloud. According to the official statement, the cooperation was formed so that network developers who had received grants could more easily create and deploy Web3 projects and decentralized applications (dApps).

Near Foundation made an announcement that they have partnered up with Google Cloud.  The goal of this partnership is for the companies to provide technical support to Near Grant recipients through the process of providing infrastructure for Near's Remote Procedure Call node provider to Pagoda.

NEAR price continues to struggle on both low and high timeframe despite showing signs of recovery in recent times.  NEAR price trades in a range as the price looks set for a retest of key support areas.

NEAR Protocol is looking bullish as it darts past the $4.7 support zone. NEAR's bullish momentum appears to wane Price exhibits low trading volume NEAR price trading at $4.51 However, judging by the price movement, it looks like the bull's luck may be running out.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. NEAR Protocol has seen fairly steady trading volume in the past two weeks, even though the price made around 30% gains and counting in the same time period.

The NEAR Foundation will be launching a $100 million venture capital fund to support web3 developments and entertainment.  Venture Lab Initiative The project includes a venture capital fund and a venture lab.