NEAT inscription on NEAR launch onchain analysis

1 min read

    Embarking on a groundbreaking journey within the NEAR ecosystem, NEAT, a pioneering inscription protocol, has recently unveiled its Transfer function, marking a pivotal moment in the evolution of onchain activities. Developed on the NEAR Protocol, NEAT stands out as a revolutionary force, offering an unparalleled experience in transferring inscription tokens with utmost precision and efficiency.

    This latest feature is a testament to NEAT's commitment to simplicity and user-friendly interactions. The Transfer function facilitates the seamless movement of NEAT inscription tokens to any address on the NEAR blockchain, eliminating the complexities associated with traditional inscription tokens like BRC-20 ($ORDI) or PRC-20 ($POLS). NEAT achieves this through its unique design based on the NRC-20 inscription token standard, swiftly gaining acclaim and popularity within the community since its launch.

    Unlike its counterparts, NEAT eliminates the need for converting inscription tokens into an NFT-like format for transfers, streamlining the entire process. This stands in stark contrast to the cumbersome and user-unfriendly procedures typically associated with other token standards. NEAT's Transfer function revolutionizes the landscape by providing a transfer experience akin to existing fungible tokens, requiring only the quantity and wallet address for completion.

    For instance, transferring 1 $NEAT to alice.near, with NEAT's 8-bit precision (equivalent to 100,000,000), is as simple as navigating to the same interface used for Minting $NEAT. Enter the desired quantity of $NEATs, specify the recipient's address, click "Transfer," and voila—the transaction is seamlessly executed.

    Join us as we delve into the transformative capabilities of NEAT's Transfer function through our comprehensive onchain activity dashboard. Explore a new era of simplicity, accuracy, and user-centricity in inscription token transfers, setting the standard for the NEAR ecosystem.

    Key insights
    • Peak Activity Period:

      • Notable concentration of NEAT onchain activity occurred between November 29th and December 2nd.
      • During this timeframe, the NEAR ecosystem experienced heightened engagement and transactional dynamics.
    • Daily Transactions and Active Wallets:

      • Daily transactions reached an impressive peak of 13 million, showcasing a substantial increase in onchain interactions.
      • Concurrently, the number of active wallets surged to 14,000, reflecting a notable rise in user participation and interest in NEAT.
    • Total Transactions Executed:

      • The NEAT weekend witnessed a remarkable total of more than 40 million transactions executed as inscriptions.
      • In the broader context, the overall NEAT onchain activity encompassed 42.6 million transactions.
    • Unique Minters and Fees Generated:

      • In the course of onchain activity, 24,000 unique minters participated in NEAT transactions.
      • The total fees generated from the NEAT ecosystem surpassed 200,000 NEAR, showcasing the economic value generated and potential sustainability.
    • Average Transaction Fee:

      • The average transaction fee stood at 0.0048 NEAR, reflecting a cost-efficient environment for users engaging in NEAT transactions.
    • Surge in Gas Spending:

      • Gas spending experienced a significant surge during the peak days, exceeding 60 trillion daily.
      • The notable increase in gas spending indicates heightened onchain activities, potentially driven by increased demand for NEAT transactions and interactions.
    • Cumulative Gas Spent:

      • Cumulatively, the NEAT ecosystem witnessed a total gas expenditure surpassing 207 trillion during the specified period.
      • This cumulative gas spending reflects sustained high levels of onchain activity and continued engagement.
    • Fees Generated:

      • The total fees generated from the NEAT onchain activity surpassed 200,000 NEAR.
      • This substantial figure signifies the economic value generated within the NEAT ecosystem, potentially contributing to the sustainability and development of the protocol.

    In conclusion, the NEAT weekend showcased a period of exceptional onchain activity, marked by record-breaking daily transactions, a surge in active wallets, substantial gas spending, and efficient fee structures. These results highlight the growing significance of NEAT within the NEAR ecosystem, indicating strong community involvement and contributing to its continued adoption and development.

    Activity
    TRANSACTIONS
    TOTAL_TRANSACTIONS
    Nov 28, 2023 Dec 03, 2023 Dec 08, 2023 Dec 13, 2023 DATE 0 5M 10M Transactions 0 10M 20M 30M 40M TOTAL_TRANSACTIONS

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    20 hours ago
    ACTIVE_WALLETS
    Dec 03, 2023 Dec 10, 2023 DATE 0 5k 10k 15k ACTIVE_WALLETS 0

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    20 hours ago
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    Notable concentration of NEAT onchain activity occurred between November 29th and December 2nd. During this timeframe, the NEAR ecosystem experienced heightened engagement and transactional dynamics.

    Daily transactions reached an impressive peak of 13 million, showcasing a substantial increase in onchain interactions. Concurrently, the number of active wallets surged to 14,000, reflecting a notable rise in user participation and interest in NEAT.

    The NEAT weekend witnessed a remarkable total of more than 40 million transactions executed as inscriptions. This robust transaction volume underscores the widespread utilization and adoption of NEAT inscription tokens within the community.

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    The total fees generated from the NEAT onchain activity surpassed 200,000 NEAR. This substantial figure signifies the economic value generated within the NEAT ecosystem, potentially contributing to the sustainability and development of the protocol.

    Top gas spenders
    0.944689
    1.046719
    1.148749
    1.250779
    1.352809
    sadoil.near calmgrain.near de1233e79c5bf1377e84125296c1b7fddcdc9797bf218a7b4b6aefcca56d2cdd largevest.near SIGNER_ID 1 1 1.1 1.2 1.3 1.4 GAS_SPENT

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    21 hours ago
    TRANSACTIONS
    FEES_IN_NEAR
    sadoil.near calmgrain.near de1233e79c... largevest.near SIGNER_ID 0 50k 100k 150k 200k 250k Transactions 0 500 1k 1.5k 2k FEES_IN_NEAR

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    21 hours ago

    In these charts it can be seen the top 10 wallets in terms of gas spent. The top wallet "sadoil.near" spent a total of more than 1.35T in gas, followed by others with around 1T. This top wallet executed around 278k transactions! But is not the highest in terms of NEAR fees. The rest of the wallets executed around 235k and 194k transactions, with one of them spending the most in fees with almost 2k NEAR!

    Methodology

    Methodology for Analyzing NEAT Onchain Activity with Flipside Crypto

    1. Data Collection:

      • Utilize Flipside Crypto's comprehensive onchain data analytics tools to extract relevant data for NEAT's onchain activity.
      • Focus on key metrics such as daily transactions, active wallets, gas spent, and average transaction fees.
      • Narrow down the analysis to a specific time frame, particularly the NEAT weekend, where the majority of the activity is concentrated.
    2. Daily Transactions Analysis:

      • Examine the daily transactions on the NEAR blockchain during the NEAT weekend.
      • Identify trends, anomalies, and notable patterns in transaction volumes to understand the overall transactional activity.
    3. Active Wallets Evaluation:

      • Investigate the number of active wallets during the NEAT weekend.
      • Identify any spikes or declines in wallet activity and correlate these patterns with specific events or developments within the NEAR ecosystem.
    4. Gas Spent and Average Transaction Fee Assessment:

      • Analyze the gas spent on NEAT transactions during the specified timeframe.
      • Examine the average transaction fees associated with NEAT to understand user behavior and network dynamics.
      • Identify any correlation between transaction fees and the overall onchain activity.
    5. Top 10 Gas Spenders Analysis:

      • Identify the top 10 wallets that have spent the most gas during the NEAT weekend.
      • Scrutinize the transactional history of these wallets to gain insights into their activities.
      • Determine the purpose and frequency of transactions, providing a detailed understanding of how these wallets contribute to the NEAT ecosystem.
    6. Activity Tracking:

      • Track the onchain activity of the top 10 gas spenders beyond the NEAT weekend to identify ongoing trends or shifts in behavior.
      • Monitor any significant changes in gas spending patterns and correlate them with broader market or protocol developments.
    7. Comparative Analysis:

      • Compare onchain activity metrics during the NEAT weekend with previous and subsequent time periods.
      • Identify any significant deviations or noteworthy changes to contextualize the data and understand the factors influencing NEAT's onchain dynamics.
    8. Visualization and Reporting:

      • Utilize visualizations such as charts and graphs to present key findings in a clear and understandable format.
      • Prepare a comprehensive report summarizing the analysis, including insights into transactional patterns, wallet behaviors, and notable trends within the NEAT ecosystem.

    By employing this methodology, we aim to provide a thorough and insightful analysis of NEAT's onchain activity during the specified timeframe, offering valuable information for stakeholders and enthusiasts within the NEAR community.

    Gas spending experienced a significant surge during the peak days, exceeding 60 trillion daily. The notable increase in gas spending indicates heightened onchain activities, potentially driven by increased demand for NEAT transactions and interactions.

    Cumulatively, the NEAT ecosystem witnessed a total gas expenditure surpassing 207 trillion during the specified period. This cumulative gas spending reflects sustained high levels of onchain activity and continued engagement.

    AVG_TX_GAS_SPENT
    MIN_TX_GAS_SPENT
    MEDIAN_TX_GAS_SPENT
    MAX_TX_GAS_SPENT
    Nov 29, 2023 Dec 01, 2023 Dec 03, 2023 Dec 05, 2023 Dec 07, 2023 Dec 09, 2023 Dec 11, 2023 Dec 13, 2023 DATE 4.86 4.865 4.87 Gas Spent 0 50 100 150 200 250 MAX_TX_GAS_SPENT

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    20 hours ago
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    24.2k
    Total NEAT minters

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    20 hours ago
    202.3k
    Total NEAT fees ($NEAR)

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    20 hours ago
    0.0048
    Average transaction fees ($NEAR)

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    20 hours ago





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