NEAR Weekly On Chain Data Report: December 23

Transparency continues to be a core focus of the NEAR Fondation, so every week it will publish data to assess the health of the ecosystem. This is to aid the NEAR community in understanding the current state of NEAR across key metrics. The Weekly On Chain Data Report will also appear at the top of quarterly reports as well as monthly funding reports.

Read the Quarterly Transparency Reports. 

Read the Q3 Transparency Report 

Read Last week’s  On-Chain Data Report.

The Importance of Transparency

The NEAR Foundation has been committed to transparency since inception. It values openness to all stakeholders, including investors, builders, and creators. The Foundation’s focus on openness to the entire community will always be a core tenet.

The Foundation values the community’s continued support and feedback as it publishes these reports. It’s part of the Foundation’s ongoing response to the community to provide as much transparency as possible.

New Accounts and Active Accounts

Daily new account (or new wallet) creation ended the week at around 17,000 per day. This is a slight decline from last week, which ended with  20,000 daily new accounts. The peak for this week was logged on December 20th when 19,000 new wallets were created. Put into context, roughly 14,300 wallets were being created daily at the start of December, making it a positive month for new accounts.

If a NEAR wallet makes an on-chain transaction, it’s counted in the Daily Number of Active Accounts metric. This past week, Daily Active Accounts ranged between 39,266 on December 18th to 46,235 on the 19th of the month. This is still well above August and September’s numbers, where Daily Active Accounts hovered around 10,000 with a Q4 2022 high of 183,000 accounts active logged on September 14.

New Contracts and Active Contracts

Smart contracts built on the NEAR blockchain are programs that automatically execute when certain parameters are met. By examining the Daily Number of New Contracts created, the community can get a better sense of how healthy the ecosystem is and its growth as well. 

The more new smart contracts are being actively executed, the more projects and users are engaging with NEAR. There was a substantial increase in the number of daily new contracts to end the week, climbing from 28 on the 17th to 46 by the 21st. This high of the last 7 days  was 63 on the 16th, and the low was 26 on December 18th.

Daily Number of Active Contracts measures contracts that were executed within a 24-hour time span. This ranged from a high of 797 on December 15th to a low of 535 on the 18th. These numbers are still well above the beginning of the year, where there were roughly between 200 to 400 daily active contracts.

Used Gas and Gas Fee

Gas Fees are the costs associated with conducting transactions on the NEAR network and blockchain. Validators for the network are compensated using Gas Fees for their services, incentivizing validators needed to secure the network.

Over the last week, Used Gas on the NEAR network (or PetaGas) declined slightly from 7,489 on the 15th, ending the week at 6,226. This is fairly consistent with the entire month of December, indicating that individuals are on the network and transacting regularly. 

During this past week, there has been a slight drop in the Gas Fee, which correlates with a drop in Used Gas. On December 18th, the Gas Fee was measured at 570, before peaking to 676 the following day. The rest of this week has hovered around 622. 

Daily Transactions

Finally, the Daily Number of Transactions shows how many times the blockchain logged a transaction over the past week. This week’s figures indicate a slight decrease from 454,757 on the 16th of December to 332,708 on the 21st. 

These reports are generated every week and published on Friday.