NEAR Protocol's Q2 Market Cap Holds at $1.25 Billion, Experiences 25% QoQ Decline

According to Mesari, NEAR Protocol, a leading smart contract platform, demonstrated resilience and growth in Q2 2023, despite being listed in the SEC's complaint against Coinbase. The platform's financial and network fundamentals remained stable, with strategic partnerships and grassroots initiatives driving user adoption.

Timeline of Near-protocol

NEAR Foundation, the firm behind the NEAR protocol ecosystem development, is partnering with Alibaba Cloud, Alibaba Group's digital technology and intelligence backbone. The strategic alliance aims to galvanize the NEAR Foundation's reach into Alibaba Cloud's extensive developer ecosystem in Asia and the Middle East.

The NEAR Foundation and Alibaba Cloud have formed a strategic relationship to collaborate and speed up the development of dApps and blockchain technology, marking a significant milestone for the Web3 ecosystem in Asia. This partnership is a huge step forward in encouraging creativity, improving scalability, and facilitating widespread use of Web3 solutions in the area.

NEAR Foundation and Alibaba Cloud have formed a partnership, boosting the advancement of web3 technology in Asia and the Middle East. The move has triggered an over 9% surge in the price of NEAR tokens.

NEAR Protocol's token surged to a three-week high of $1.60, according to CryptoSlate's data, following the announcement of its Foundation partnership with Alibaba Cloud. Over the past month, NEAR has declined by nearly 4%, reaching as low as $1.17 on June 15 before slowly rebounding to its current levels.

In order to accelerate Web3 growth in Asia and the Middle East, the NEAR Foundation, the non-profit organization responsible for the ecosystem development of the NEAR protocol, has partnered with Alibaba Cloud, the computing and storage arm of the Chinese tech giant Alibaba Group Holding Ltd (NYSE: BABA).

NEAR Protocol's Blockchain Operating System (BOS) is a novel approach to the world of web3 that looks at the entire blockchain ecosystem and attempts to create a framework to abstract “janky” usability and complex user journeys.

The NEAR Protocol price analysis shows that the NEAR price action has crumbled to the $1.20 mark after the bulls failed to maintain support at the $1.40 price level. Currently, the price action has fallen to the $1.20 level and seems to be moving further down.

The NEAR Protocol price analysis shows that the NEAR price action found support at the $1.400 mark and the bullish momentum has enabled the price to return to the $1.420 mark. However, the price action still faces strong bearish pressure at press time as the bulls face rejection at the $1.450 mark.

NEAR Foundation announced a strategic partnership with Mirae Asset Securities, a subsidiary of Asia's largest financial group Mirae Asset and a leading company in the securities industry, for Web3 and security token technology (STO, Security Token Offering) business collaboration.

NEAR Foundation, the non-profit that supports the on-going growth and development of the Near Protocol, and Outlier Ventures, the global Web3 investor and accelerator, announced the launch of the NEAR Base Camp accelerator program.