Coin Bureau's host, nicknamed Guy, told 2.02 million YouTube subscribers that the number of daily transactions and projects built on NEAR has more than doubled since December 2021, potentially lucrative news for the protocol's market cap.
Guy also notes that the new wallet addresses locked to the protocol and the overall value have also seen impressive growth. On the subject, Guy explains:
“The best part is that Near Protocol's market cap is still in the mid-range, so it still has a lot of room to grow. To put things into perspective, Near Protocol will need to triple its price before it can hit the top ten, and it's a bearish one. I think that's a reasonable target if we don't enter the market."
Scalability increases as the number of projects built in NEAR increases
As to whether NEAR can become one of the ten largest cryptocurrencies by market cap, Guy says that will depend on upcoming milestones. Among those mentioned in the official roadmap of Near Protocol, the analyst states that the most important is dynamic resharpening, the feature that will allow the blockchain to automatically scale as demand increases or decreases:
“I will reiterate what I believe to be the most important of the milestones outlined in the roadmap, and dynamic reassembly, which is expected to be implemented before the end of the year. Dynamic reassembly will enable Near Protocol to automatically create and destroy fragments based on Blockchain demand.”
To put it simply, if a part is used by too many people, it will automatically split into two, and parts without many users will automatically merge, so that validators don't waste resources and secure unnecessary parts. In theory, dynamic recombination could make Near Protocol infinitely scalable.