We believe it is a mistake to compare $NEAR to other alt L1s, and this thesis has played out in front of us since the start of the year. Unlike other chains, NEAR is not merely attempting to replicate an ecosystem of dApps that find inspiration on Ethereum. This and similar other narratives miss the mark.
Source: Coingecko – $NEAR has managed to consolidate on a range between $6 and $8 after a strong reprice and almost 4x increase from the yearly lows
Last cycle we saw the rapid surge of $SOL, $LUNA, and $AVAX, with each competing for reaching the price of $100 first and consolidating as the winning alternative L1. At that time, many believed $NEAR could be the fourth contender to bet on a rotation.
Source: TradingView – The bear market kicked in before $NEAR could hold above the awaited target of $20
However, NEAR was meant to be fundamentally different from the early days, and it might have been victim of trying to play marketing tactics and short-lasting games that could help it keep up with its competitors in terms of attention. Besides sharding, a lot of effort went into the Aurora EVM, the ETH<>NEAR rainbow bridge, and even $USN, which was meant to replicate Terra’s $UST and was finally wound down months after the $LUNA fiasco.
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