Near Foundation treasury drops to $900M as token price plunges
The $200 million decline was mostly due to a drop in the price of Near tokens, in line with the crypto bear market.
At the end of Q2 2023, layer-one blockchain Near Protocol’s (NEAR) treasury had declined to $900 million, led by a fall in the price of NEAR tokens from $1.99 to $1.38 apiece.
At the #NEAR Foundation, transparency is at our core.
Check out the Foundation’s Q2 ’23 Transparency Report below for all the details on treasury, strategy, OKRs, and more! https://t.co/EXZcmhC7sA pic.twitter.com/twxiSffiWM
— NEAR Foundation (@NEARFoundation) July 10, 2023
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 1 million NEAR were distributed to the ecosystem in Q2. In comparison, the Near Treasury totaled $1.1 billion in Q1 2023. Developers wrote:
„The NEAR Foundation has continued to adopt a highly responsible approach to treasury management in order to minimize the risk of loss in a turbulent market, while continuing capital deployment to fulfill its mission. Exposure to non-NEAR assets therefore has been limited, with fiat reserves held in highly rated Swiss bank accounts.“
Near developers also noted that in the face of industry headwinds, such as the U.S. Securities and Exchange Commission’s lawsuits against Binance and Coinbase, the Near Foundation has shifted its focus to three core strategies:
- Enhancement of its blockchain operating system
- Continued building of its decentralized ecosystem
- Onboard Web2 users to Web3
Throughout Q2, the Near ecosystem saw 1.1 million monthly active accounts. For Q3, the Near team said it would focus on growing partnerships and supporting projects in the Near Horizon ecosystem. Previously in Q4 2021, Near Protocol established an $800 million ecosystem fund split into decentralized finance grants, foundation grants, startup funds, and funds for regional hubs.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: Cryptocurrency trading addiction: What to look out for and how it is treated
