Near Foundation treasury drops to $900M as token price plunges

At the extremity of Q2 2023, layer-one blockchain Near Protocol's (NEAR) treasury had declined to $900 million, led by a autumn successful the terms of NEAR tokens from $1.99 to $1.38 apiece.

— NEAR Foundation (@NEARFoundation) July 10, 2023

According to the July 10 report, the Near Treasury presently consists of $349 cardinal successful fiat, 315 cardinal NEAR, and $90 cardinal successful loans and investments. A nett full of $16 cardinal and 1 cardinal NEAR were distributed to the ecosystem successful Q2. In comparison, the Near Treasury totaled $1.1 cardinal successful Q1 2023. Developers wrote:

"The NEAR Foundation has continued to follow a highly liable attack to treasury absorption successful bid to minimize the hazard of nonaccomplishment successful a turbulent market, portion continuing superior deployment to fulfill its mission. Exposure to non-NEAR assets truthful has been limited, with fiat reserves held successful highly rated Swiss slope accounts."

Near developers besides noted that successful the look of manufacture headwinds, specified arsenic the U.S. Securities and Exchange Commission's lawsuits against Binance and Coinbase, the Near Foundation has shifted its absorption to 3 halfway strategies:

1.  Enhancement of its blockchain operating system
2. Continued gathering of its decentralized ecosystem
3. Onboard Web2 users to Web3

Near Protocol's treasury summary successful Q2 2023.

Throughout Q2, the Near ecosystem saw 1.1 cardinal monthly progressive accounts. For Q3, the Near squad said it would absorption connected increasing partnerships and supporting projects successful the Near Horizon ecosystem. Previously successful Q4 2021, Near Protocol established an $800 cardinal ecosystem money divided into decentralized concern grants, instauration grants, startup funds, and funds for determination hubs.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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