NEAR Transparency Report: November 25

As part of the Foundation’s commitment to transparency, each week it will publish data to help the NEAR community understand the health of the ecosystem. This will be on top of the quarterly reports, and the now monthly funding reports. 

You can find the quarterly reports here.

You can find monthly reports on funding here.  

Last week’s transparency report can be found here. 

This week, the Foundation is focusing on the state of token supply in the ecosystem.

The importance of transparency

The NEAR Foundation has always held transparency as one of its core beliefs. Being open to the community, investors, builders and creators is one of the core tenets of being a Web3 project. But it’s become apparent the Foundation needs to do more. 

The Foundation hears the frustration from the community, and it wants to be more pro-active in when and how it communicates. 

Total Supply

At Genesis, the NEAR blockchain was created with one billion tokens. Since then, the number of supply has increased to 1.1 billion. This number steadily rises due to inflation. For reference, 90% of the 5% annual inflation is sent to Validators to be paid out as staking rewards, with the residual 10% returned to the NEAR Foundation Treasury.

The total number of live accounts has been increasing rapidly, up to a total of 22 million. At present, new accounts are created on NEAR at an average rate between 35,000 and 38,000 new accounts per day. This number is down from the week before, which average 37-39,000 accounts per day.

Circulating Supply Statistics

Below is a break down of the circulating supply. The blue section represents the total number of $NEAR, and the green section represents tokens not currently locked in lockup contracts.

The number of tokens in circulating supply has been steadily increasing at a faster rate than the total circulating supply. In the past week, 3 million more $NEAR has moved from locked contracts to circulating, taking the number of circulating tokens from 827 million, to 830 million. This is typically due to further unlocks within both the NEAR Foundation Treasury and contractual vesting schedules.

Active Accounts

The most active accounts on NEAR are displayed here as the most active in the past 14 days. The most active account is relay.aurora, which is the main conduit by which Aurora moves transactions between Ethereum and NEAR. In the past two weeks, it recorded more than 900,000 transactions.

The second most active account was oracle.sweat, which is allows SWEAT users to communicate with the NEAR blockchain. The oracle.sweat account made just under 800,000 transactions in the last two weeks. The remaining accounts, collectively recorded more than a million transactions in the time period.

Daily Number of Transactions

The daily number of transactions is a record of how many times the blockchain logged a transaction. The earliest data available is from the second week of November. The data shows that daily transactions have been trending upwards and sit just under one million transactions per day. This is significant growth from the previous average of 400,000 per day.

These reports will be generated each week and published on Friday.