NEAR Crypto Prices Have Rise 10.9 Percent, This Is The Cause!

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The price of the NEAR crypto briefly rose more than 10 percent, becoming one of the cryptocurrencies with the best gains since the weekend, before correcting on Monday (12/9/2022).

For your information, crypto NEAR is the original coin of the NEAR layer-1 blockchain network. The network has run on a proof of stake (PoS) consensus that favors usability and scalability.

Causes of NEAR Crypto Prices Rising High

According to the Block report, recently the NEAR blockchain has become the 13th blockchain to launch the largest market cap stablecoin, USDT, on its network.

Tether, the developer of USDT, said that the presence of this stablecoin on the NEAR network will help the network ecosystem.

Previously, USDT was present on the Ethereum, Solana, Tron, Omini, Avalanche, Algorand, Polygon, EOS, Liquid Network, Kusama, Tezos, and Bitcoin Cash networks.

Currently, the majority of USDT's circulating supply resides in the Tron network, valued at US$67.7 billion.

“Their users [the NEAR blockchain] can now use USDT to move money in and out of the ecosystem and to generate yields,” said Paolo Ardoino, CTO of Tether.

In addition, Ardoino also said that the NEAR ecosystem has recorded historical growth this year, which he believes Tether will be very important in helping the network to continue to grow.

For your information, there are currently around 700 projects built and running on the NEAR network, including the Aurora Network and the Octopus Network.

Later, all projects on the network will be able to use USDT in their projects. That in particular can certainly increase credibility.

In addition, the NEAR crypto price also received positive sentiment from the venture funding run by the NEAR Foundation of US$100 million.

The funding is a Venture Fund and Venture Lab fund run jointly with Caerus Ventures, aimed at supporting Web3 and content creation companies, as well as for Series A initial investments.

“Our cultural passion for sports, film or music has historically been harnessed to drive billions of consumers to new technologies. Creators, talent and franchises with reach and influence have spearheaded that growth and will now drive blockchain adoption at scale,” said NEAR Foundation CEO Marieke Flamen.

According to Flamen, the funding will help realize greater access to the value created in the funding project. This is expected to be one of the future proponents of Web3.

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