NEAR Protocol
Ethereum
Bitcoin
Solana
This Top Ethereum Rival Has More Than Doubled in Two Weeks. But Is It a Buy?
In this news:
Key takeaways
- NEAR native token price more than doubled over a two-week period.
- The surge was driven by AI agent hype, market rotation, and ETF filings.
- Concerns remain regarding increasing supply, whale control, and competition.
NEAR, the native token of the NEAR Protocol, has more than doubled in value over the past two weeks. Let's see why this potential challenger for Ethereum is gaining so much attention -- and if it's still worth buying today.
What is the NEAR Protocol
NEAR, like Ethereum, is a Layer-1 blockchain built for decentralized applications and AI-driven agent economies. Both blockchains use the proof-of-stake consensus mechanism, which means their networks are secured by validators who stake their tokens rather than by miners using energy-intensive hardware.
NEAR and Ethereum both support smart contracts for developing dApps and other tokenized assets. However, NEAR processes transactions much faster than Ethereum, because it splits its database and processing workload across parallel shards on its Layer-1 blockchain.
To achieve higher speeds, Ethereum bundles its transactions and processes them off-chain in fragmented Layer-2 rollups, which often require multiple networks, bridges, and native tokens. Therefore, NEAR promotes itself as a faster, more unified, and more streamlined alternative to Ethereum that only operates on a single layer.
Ethereum is still the largest platform for decentralized finance and tokenized real-world assets. Still, NEAR is carving out a defensible niche as an infrastructure layer for AI agents. As that ecosystem expands, so will the value of the NEAR token -- which is used to pay gas fees and earn staking rewards on the blockchain.
Will NEAR go even higher
NEAR's recent rally was driven by surging market interest in AI agents, a broader rotation from Bitcoin toward smaller altcoins, the expansion of its ecosystem, its integration with other popular blockchains, and it cleared two major regulatory hurdles toward the approval of its first spot price ETF.
However, NEAR can't be valued by its scarcity, since its supply is steadily increasing. The bulls believe it can be valued for its utility, but it still faces stiff competition from larger, faster PoS blockchains like Solana. Its recent parabolic move was likely driven by market hype about AI agents, so it could pull back once that euphoria fades. The whales also control a significant portion of NEAR's circulating supply, so it could abruptly give up its recent gains if they decide to cash out on its recent AI and ETF-driven hype. So for now, I'd avoid NEAR and stick with the blue chip tokens instead.
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