In the first 10 days of January, Bitcoin (BTC) fell 10% and Ethereum (ETH) fell 23%. Seesaw Protocol (SSW) is a new coin that was just released, and thankfully, one cryptocurrency has bucked the market downturn.
More than any other, near Protocol (NEAR), has disregarded the trends at the start of 2022. NEAR has risen more than any other top 50 ranked cryptocurrency over the last 7 days. Since the 10th of January, NEAR has risen 51%. In comparison, Bitcoin increased by 3.6% at the same time.
In the last week, there has been a similar pattern. Near Protocol is up by 34%, opposed to Bitcoin and Ethereum, as they have risen by 2.71% and 4.95%, respectively. The only top 50 ranked crypto asset that came close to NEAR’s sharp increase is Cardano (ADA), up just over 30% in the last 7 days. Since December, Near Protocol has climbed the market cap ranks from 40th to 16th at the time of writing and defying the market to reach a new all-time high of $20.42.
What Is Near Protocol (NEAR)?
Near Protocol is a proof-of-stake blockchain that, in the long run, hopes to compete with Ethereum. Similar blockchains such as Solana (SOL), Avalanche (AVAX), and Terra (LUNA) garnered much attention and increased in value exponentially throughout 2021. From the way NEAR has shot up in price, it would appear that investors have turned their attention to this emerging platform.
Near Protocol claims to be a cheaper, quicker, and more developer-friendly platform that can bridge NFTs, stablecoins, and cryptocurrencies from other chains to its blockchain. A huge development for the developers behind Near Protocol at the beginning of this year was closing a deal worth $150 million. Major venture capitalists such as Three Arrows Capital spearheaded the investment round and NEAR will use these funds to accelerate its adoption and attempt to connect with new audiences. In their announcement, Near Protocol also stated that they will use the $150m to “help billions of people learn and use blockchain.”
Can Seesaw Protocol (SSW) Capitalise?
There are certain similarities between the Seesaw Protocol and Near Protocol. As the DeFi markets continue to expand, there is room for multiple competitors. In 2021, the total value locked (TVL) of leading DeFi protocols reached a record $236 billion. In addition, PricewaterhouseCoopers predicts that in the year 2030, blockchain technologies will boost the global economy by $1.76 trillion.
Seesaw Protocol is uniquely poised to capitalise on this. Its creators will allow its users to conduct cross-chain swaps with the best possible rates and speeds. It will provide a bridge between leading blockchains such as Polygon, Ethereum, and Binance Smart Chain.
A major issue for potential investors of a new cryptocurrency is its long-term stability. To help achieve this, there is a 5% fee attached to every sale of SSW, which is paired with BNB and added to the token’s liquidity. There is also a 3% fee every time SSW is purchased distributed amongst existing investors, which should encourage long-term holding and provide further stability.
As it has been proven repeatedly, investing in a new cryptocurrency at the earliest possible stage is one of the best ways to ensure maximum yields from a project. It is well known in the crypto sphere that a mere $10 investment in Shiba Inu made multi-millionaires from its early investors. The Seesaw Protocol presale started only last week and could be an opportunity to get in on an exciting venture from the ground up.
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