NEAR Weekly On-Chain Data Report: December 16

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 Transparency Reports here. (The Q3 report will be published next week.)

Last week’s On-Chain Data Report can be found here. 

The Importance of Transparency

Transparency has always been one of NEAR Foundation’s core beliefs. Openness to the community, investors, builders, and creators is one of the core tenets of being a Web3 project. 

In recent months, in response to community frustration, the Foundation has endeavored to do more. This NEAR Weekly On-Chain Data Report is just one of the ways in which the Foundation is being more proactively transparent.  

New Accounts and Active Accounts

New Accounts are defined as new wallets created on the NEAR blockchain. While there was a decline in new accounts between the last week of November and the first week of December, this figure rose from an average of 14,000 per day to approximately 24,000 per day this week. New accounts reached a weekly high of 25,001 on December 12th.

This puts last week’s New Accounts data in line with November’s average figure of 24,000 wallets per 24 hours. As noted last week, the peak for account creation in Q4 was September 13, during which 130,000 new wallets were created in a single day. Collectively, these numbers equate to nearly 2M total wallets on the NEAR blockchain.

The Daily Number of Active Accounts measures the number of NEAR wallets making on-chain transactions. Over the last week, Active Accounts hit a high of 92,440 before trending down to about 51,000 per day. 

Historically, there have been highs of more than 100,000 active accounts on NEAR. The high for Active Accounts on any one day in Q4 of 2022 was logged on September 14, during which 183,000 accounts were active.

New Contracts and Active Contracts

Smart contracts created on NEAR are programs stored on a blockchain that run when predetermined conditions are met. The Daily Number of New Contracts is valuable as a metric because it gives the community a way of measuring the NEAR ecosystem’s health and growth. If there are more active contracts, it follows that projects are more actively engaging with the NEAR protocol. 

This week, the daily number of New Contract has been trending upward, whereas last week it rose and fell. A low of 17 New Contracts was measured on December 11th,, before falling to 50 on the 14th. A weekly high of 57 contracts were created on December 13th. 

Active Contracts measure contracts executed during a 24-hour period. This metric also trended upward this week, with 640 measured on December 11th and and a high of 797 Active Contracts created on December 13th. 

Used Gas and Gas Fee

Gas Fees is a term used to describe the cost of making transactions on the NEAR network. These fees are paid to validators for the network services they provide to the NEAR blockchain. Gas fees incentivize validators to secure the network. 

In the last week, Used Gas on NEAR (PetaGas) was measured at a high of 7,569 on December 11th and 6,758 on the 14th. To learn more about Gas on NEAR, check out the NEAR White Paper. (Rises in gas used can be attributed to many factors, with a common one being increased user activity on the NEAR network.) 

Over the last week, there has been a slight drop in the Gas Fee (in NEAR), which correlates with a drop in Used Gas. On December 11th, the Gas Fee was measured at 756, before falling to 675 on the 14th. 

Daily Transactions

The Daily Number of Transactions illustrates the number of times the blockchain logged a transaction. The data from this week showcases an increase in the number of transactions, which was also the case over the previous week. Daily Number of Transactions hit a weekly high of 439,660 on December 11th before falling to 373,335 on the 14th.