Is NEAR Undervalued?! Price Predictions, Updates & Crypto Review!

Intro when you think of the top crypto projects near protocol may not be the first one that comes to mind this is despite the fact that the number one DAP in crypto by monthly active users is on its blockchain the craziest part is that near protocol could eventually become the only project that comes to mind when people think about crypto and this is because it could become the front end to all of them that's why today we're going to bring you up to speed about what near protocol has been up to we'll examine Nia's recent price action and explain why its abstraction plans could take it to the moon stay tuned I'll start by saying that nothing NVIDIA, Chain Signatures in this video is financial advice it's purely educational content intended to inform you about NE protocol and I'll also note that some members of the coin Bureau team hold near in their personal crypto portfolios including yours truly however we will not let this impact our objectivity in any way on that note if you want to know which cryptos we hold and which ones we're personally watching become a member of the coin Bureau Club in addition to our portfolios it's got weekly reviews of small cap altcoins daily crypto Market updates and 24/7 Alpha in our exclusive members Discord the link will be down in the description check it out that said we last covered near protocol back in February more than 6 months ago and a lot has happened since then in March there were two major announcements for the project the first was that its co-founder Ilia pukin appeared on a stage with Nvidia CEO Jensen Wang at nvidia's GTC conference if you watched our video about the top three undervalued cryptos you'll know this was because Ilia happens to be the co-author of a groundbreaking AI research paper titled attention is all you need and this was published back in 2017 you see this paper basically supercharged AI development speaking of which I'll remind you all that NE protocol originally began as an AI project uh hence the name of course AI is near and this is why n's price has a habit of pumping or dumping in response to AI specific catalysts such as nvidia's earnings for example note that the same is obviously true for other AI cryptos now the second major announcement in March was the initial launch of chain signatures put simply chain signatures make it possible for you to sign transactions on any other blockchain from NE protocols blockchain and this means you don't need to switch between chains and wallets the final launch of chain signatures happened early last month and multiple projects in the near protocols ecosystem are rushing to create truly interoperable Solutions one example is all stake which makes it possible to liquid stake cryptos on more than half a dozen blockchains all from NE protocols blockchain the significance of this cannot be understated and chain signatures will literally make it possible for you to control all your cryptos from a single place regardless of what blockchain they're on and this opens the door to all kinds of Novel use cases and could eventually replace the need for centralized exchanges consider that centralized exchanges are essentially giant multi-chain wallets the main reason that you use them is because it's way easier to buy and sell the cryptos you want cryptos that are often on multiple different blockchains soon this will be even easier to do directly from a Nia protocol wallet this could be rocket fuel for Nia's price but we'll get to that in a moment by the way if you're enjoying this video so far be sure to smash that like button and subscribe to the channel ping that notification Bell as well so you don't miss any of these exciting altcoin updates now in April M made two Shards, Near Trust comparatively minor announcements the first was the establishment of an infrastructure committee consisting of some of its top projects and protocols this committee will ensure that infrastructure for its blockchain is built quickly and effectively and of course that will be done with a fresh $4 million injection into the initiative the second minor announcement was that the project had begun hiring AI Engineers as part of its aspirations to introduce user owned AI for context most AI is owned and operated by a handful of big Tech Giants and controlled by an even smaller group of people this runs the risk of turning AI into a seriously dystopian technology where a small group of Elites effectively rule over everyone else with their Advanced AI tools one of Nia protocol's goals is to ensure this doesn't happen by making it possible for people to own and operate AI in a decentralized way whereas Ilia has been openly working on the blockchain abstraction aspect we discussed earlier it seems his co-founder Alex skidanov has been working silently behind the scenes on the Project's AI goals you can find the details on near protocol's YouTube channel now in May there were three important developments from Nia the first was its expansion from four shards to six for reference NE protocol uses a sharded blockchain and this means its blockchain is broken up into chunks called shards which process transactions in parallel in a video one of its developers explained that they had to increase the number of shards from four to six because of a spike in transactions and this increased near protocol's speed from 4,000 to 6,000 transactions per second and that's because each Shard had once been noted as being capable of processing 1,000 transactions per second the catch is that near protocol got much faster because of stateless validation but more on that in a bit the second important development was the launch by Ilia and Alex of n's AI lab and incubator and Ila noted in an accompanying blog post that the new AI initiative was the first step towards Neo's goal of bringing user owned AI to the masses the third important development was most likely the most important of all and that's the news that grayscale had created a trust for Neo's coin if you watched our recent video about grayscale's new altcoin trusts you'll know this suggests that institutions are seriously interested in the project after a fairly quiet June came a very loud July with grayscale announce in the launch of an AI fund which of course included near protocol asset management firm Valor also launched the first ever exchange traded product or ETP for Nia on a Swedish Stock Exchange again underscoring its institutional interest by August the neara ecosystem was buzzing with excitement aside from the aformentioned main net launch of chain signatures near protocol also completed the roll out of nightshade 2.0 this introduced something called stateless validation and change the architecture of its blockchain without getting too technical stateless validation makes it possible to verify transactions on the blockchain with less data the result is that transactions are faster and the hardware requirements for running validators are lower and this simultaneously increases scalability AKA speed and decentralization of the validator set a blog post from back in January seems to suggest that stateless validation would in increase the speed of near protocol's shards by 10 times if this is true then near protocol can process 60,000 transactions per second with six shards oddly enough the validator count hasn't really changed at least not yet anyways this ties into the NEAR Price Analysis topic I'm sure you've all been waiting for n's price action and as you can see near rallied hard with the rest of the crypto Market in the spring but has been going down only since and quickly note that we actually predicted Nia would hit a local top of around $8 in our February update and that will be in the description if you missed it now this begs the question of where Nia's price is headed next and as always there are two answers the technical answer and the fundamental answer the technical answer is that Nia could rally back up to seven or 8 if it breaks Above This descending trend line which could have happened by now if not then chances are that it could fall back down to its recent lows of $4 or even lower depending on the Catalyst I must stress though that this is a shortterm forecast I.E over the next few days and weeks for n's longterm forecast we need to look at the two fundamentals of supply and demand historical data from coin market cap suggests that near protocol supply has grown by roughly 90 million since February which is not a lot given that it was over 6 months ago assuming an average price of around $5 per coin this means that the near Market experienced a maximum sell pressure of $450 million which is again not much over 6 months and this partially explains why its price has been so resilient compared to other cryptos it only fell by around 50% during the recent downturn besides the soft supply side Nia's strong demand side has been keeping its price relatively steady and onchain indicators suggest demand is surprisingly robust take daily transactions for instance daily transactions on near protocol have been declining since the spring but they haven't fallen off a cliff like you've seen with most other cryptos the total value locked in its defi protocols has also remained robust uh granted of course this could be because the tvl just reflects near price in any case no matter how you slice and dice it it looks like the supply and demand equation for near is looking incredibly good not only that but it will get even better as it starts to capitalize on its new cross chain functionality and this could create additional demand drivers for the near coin the best part is even if it doesn't the pure speculation alone could be enough to pump ni's price after all it has a small price tag most of its Supply is in circulation it's listed on almost every major exchange therefore accessible to retail and it falls into one of the hottest narratives there is that's AI it seems that the only thing that could limit its growth is its sizable market cap of $5 billion as most of you will know it's not the price that determines how much a crypto can pump per se but it's market cap all else being equal it requires more money to push up a crypto with a larger market cap and this means that it's unlike that Nia will rally by more than 10x from its current price and this is just because it would give it a market cap of over 50 billion do which would be quite huge the Silver Lining though is that 10x is a big return for a large cap crypto and Nia has a higher chance of hitting that than many other large caps and if you want to make the most of Nia's pump or make money when it dumps then be sure to check out the coin Bureau deals page you see it's got trading fee discounts of of up to 70% and sign up bonuses of up to $100,000 on the best crypto exchanges you see these deals are only available to coin Bureau viewers and won't be around for long so take advantage of them while you still can using the link in the description now whether near can Near Protocol Roadmap 10x from here ultimately depends on its upcoming milestones and this relates to near protocols roadmap some of you might recall that the project published a 202 4 road map back in January and it included multiple Milestones such as stateless validation and chain signatures in case you forgot these two Milestones were recently reached and to our understanding this leaves five Milestones to go the first is reducing congestion on NE protocols blockchain which was technically achieved by adding two shards in May but the Milestone includes additional pending improvements the second milestone in the works is the introduction of a zero knowledge based smart contract engine analogous to the ZK evm naturally near protocol is working with polygon on this Tech as they are the creators of the Bonafide ZK evm recent interviews with the team suggest this Milestone is also pending the third pending Milestone relates to their data availability or da layer for those unaware data availability is a key choke point for layer twos on blockchains like ethereum n's da layer seeks to alleviate this bottleneck while making it easier to expand its chain signature ecosystem and this pertains to the fourth Milestone which is making NE compatible with ethereum to the point that its blockchain can be supported by metam Masque like the congestion Milestone the metamask Milestone was technically reached back in January with metamask snaps but involves other technical changes the fifth and final Milestone noted in the 2024 road map is additional research into blockchain sharding which reminds me NE protocol's endgame is to introduce something called Dynamic resharding and this is where shards are created or destroyed based on demand and it ensures infinite scalability in a recent interview one of n's developers revealed that Dynamic resharding is one step closer thanks to the introduction of stateless validation for the time being however the dev team is focused on increasing the scalability of individual shards and increasing the number of them to 10 by next year between now and then it seems that there are two events coming up that could cause n's price to pump the first is the token 2049 conference in September in Singapore and the second is the redacted conference in Thailand in November it's safe to assume that both of these conferences will include big announcements the redacted conference in particular could create multiple catalysts for ni given that it's explicitly focused on user owned Ai and blockchain abstraction it's safe to say that near protocol's chain signature ecosystem will be massive by the time November comes around and that will mean lots of announcements all we're wondering is why so few people are paying attention to Nia despite its potential and this brings me to the Near Protocol Challenges challenges that we foresee for the project and the first is paradoxically adoption to be clear what I said at the beginning of the video is a fact the most used DAP in crypto is on the neara protocol it's called Kai ching A shopping app that's popular in Asia and has over 17 million monthly active users however in a July interview Ilia revealed that Kai Ching's success is partially because it comes pre-installed on certain mobile devices more importantly Kai Ching already existed before crypto and had already amassed a huge user base before leveraging near for some of its infrastructure to be fair another very popular dap called hot game is also on near protocol clocking in at over 4 million monthly active users similarly though it seems as if hot games appeal comes from the fact that users can earn crypto in a way that's quite similar to NCoin uh which you can learn about more over here by the way to be blunt near protocols adoption doesn't look that good when you cut out its two most popular deps which as I just explained are anomalies of a sort this makes perfect sense when you think about it NE protocol's focus is AI and it hasn't launched any AI daps that have gone viral at least not yet and this ties into the second challenge that Nea protocol faces and that's focus in our previous update we highlighted the fact that Nia's price action appears to respond strongly to AI related catalysts logically then this means that most investors believe that NE protocol Falls strictly into the AI narrative from our perspective the best strategy for the team would be to double down on the AI narrative and dominate that crypto Niche this wouldn't be hard to do given that most AI crypto projects aren't very good and our coin Bureau club members will know this as we've covered quite a few of them over there instead however Nia seems to be spreading its resources quite thin by trying to introduce user owned AI building out infrastructure for itself and other crypto projects and becoming the front end for the entire crypto Market this is a Herculean task and it doesn't make for an easy narrative either and this relates to n's biggest challenge and that's competition in our opinion near protocol's biggest selling point is its potential ability to become the de facto front end for all of crypto it would not be far fetch to say that its blockchain abstraction technology is a level of disruption comparable to AI the thing is that there may not be a need for blockchain abstraction at this point in crypto's development and some would even say that it may not be necessary at all and this fundamentally depends on how popular certain crypto ecosystems become and how easy it is to move between them think about it if everyone is using salana then is is there really a need for an advanced cross-chain wallet provided by near protocol probably not and it's worth reminding everyone how crypto Trends tend to work one moment everyone's on salana the next they're on SOI after that maybe ethereum hopefully in all seriousness my point here is that it's quite rare to get a truly cross-chain crypto Trend it's almost always mercenary Capital moving from one chain at a time to the next extracting value from users who are blindly following it from one pump and dump to the next it's hard to see where near protocol is needed in this with all that said though we still firmly believe that near protocol is the most underrated large cap crypto on the market and its recent developments have boosted this belief we're honestly shocked at how off the radar this project has been and we're incredibly eager to see just how much potential Nia has and that's why so many of us here at the coin Bureau hold near in our personal portfolios and why it won't be changing for the foreseeable future and if it does change well our members will be the first to know so if you want to stay in the know well join the coin Bureau Club using the link down below that's all for today's video if Outro you found it informative smash that like button to let us know and if you want to stay informed about promising crypto projects then be sure to subscribe to the channel and ping the notification Bell as well and if you want to inform others about near protocol well then share this video with them thank you all very much for watching and I will see you in the next one this is Nick signing off [Music]