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Near Foundation treasury drops to $900M as token price plunges

July 11, 2023No Comments

By the end of Q2 2023, the layer-one blockchain Near Protocol (NEAR) treasury had refused to $900 million, led by a drop in the price of NEAR tokens from $1.99 to $1.38 each.

According to the July 10 report, the Near Treasury currently consists of $349 million in fiat, 315 million NEAR, and $90 million in loans and investments. A net total of $16 million and NEAR 1 million were distributed to the ecosystem in the second quarter. By comparison, the Near Treasury totaled $1.1 billion in the first quarter of 2023. The developers wrote:

"The NEAR Foundation has continued to take a very responsible approach to treasury management to minimize the risk of loss in a turbulent market, while continuing to deploy capital to meet its mission. Therefore, asset exposure non-NEAR has been limited, with fiat reserves held in highly rated Swiss bank accounts."

Close developers also noted that facing industry headwinds such as the US Securities and Exchange Commission. lawsuits against Binance and CoinbaseNear Foundation has shifted its focus to three main strategies:

  1. Improving your blockchain operating system
  2. Continuous construction of your decentralized ecosystem
  3. Add users from Web2 to Web3
Near Protocol Q2 2023 Treasury Summary.

Throughout the second quarter, the Near ecosystem registered 1.1 million monthly active accounts. For the third quarter, the Near team said it would focus on increasing partnerships and supporting projects in the Near Horizon ecosystem. Previously in Q4 2021, Near Protocol established an $800 million ecosystem fund divided into decentralized finance grants, foundation grants, start-up funds, and regional center funds.

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