What is the issue volume of NEAR coins? One article to introduce the application scenarios of NEAR coins

The initial issuance amount of NEAR coins was 1 billion, with approximately 73.5% currently in circulation, used for various purposes within the NEAR ecosystem, including transaction fees, staking, and smart contract interactions.

Oct 05, 2024 at 09:48 pm

What is the Issuance Amount of NEAR Coins?

NEAR is a proof-of-stake (PoS) blockchain platform designed for scalability, security, and user-friendliness. The native cryptocurrency of the NEAR ecosystem, NEAR, is used for various purposes, including transaction fees, staking, and governance.

The initial issuance amount of NEAR coins was 1 billion, with the following distribution:

1. Community and Ecosystem Fund: 40% (400 million NEAR)
2. Team and Foundation: 20% (200 million NEAR)
3. Early Investors and Strategic Contributors: 12% (120 million NEAR)
4. Initial Coin Offering (ICO): 11.5% (115 million NEAR)
5. Staking Rewards: 16.5% (165 million NEAR)

Current Issuance Amount:

As of March 8, 2023, the circulating supply of NEAR coins is approximately 735 million, which accounts for around 73.5% of the initial issuance amount.

Application Scenarios of NEAR Coins

NEAR coins have various use cases within the NEAR ecosystem, including:

1. Transaction Fees: NEAR is used to pay transaction fees within the NEAR network. The transaction fees are small and gas prices are typically low, making NEAR an affordable option for dApp users and developers.
2. Staking: NEAR holders can stake their coins to contribute to network security and earn rewards. Staking involves delegating NEAR to validators who participate in block production and ensure the integrity of the blockchain.
3. Governance: NEAR coins are used for on-chain governance of the NEAR protocol. Coin holders can vote on proposals that shape the future development of the platform.
4. Smart Contract Interactions: NEAR coins are used to interact with smart contracts deployed on the NEAR network. This includes paying for computational resources, triggering contract functions, and transferring tokens.
5. dApp Transactions: NEAR is the native currency of NEAR-based dApps. It can be used for in-app purchases, purchasing NFTs, and other forms of value transfer within decentralized applications.
6. Bridge Transfers: NEAR coins can be bridged to other blockchain ecosystems through cross-chain bridges. This enables users to transfer their NEAR tokens between different networks, such as Ethereum, Polygon, and Aurora.