The price of the NEAR token started to skyrocket starting today. The price of NEAR has increased by more than 10% in the last 24 hours. It has also increased more than 25% in the last 7 days. It is currently trading at $5.18. The price of the token rose today as news spread that the NEAR Foundation had announced a $100 million co-capital launch.
This new launch aims to expand the scope of Web3. The launch involves in collaboration with Caerus Ventures. Today, the NEAR market cap increased by 9% in response to the NEAR protocol milestone.
The venture fund will initially have $50 million, later expected to expand to $100 million in Series A funding.
$NEAR is a protocol token aimed at expanding the Web 3.0 ecosystem. It also builds tools for Web 3.0 development. In addition, NEAR also has a scalable blockchain. Not only that, NEAR also introduced its sharding technology to increase the scalability of Web 3.0 applications. Sharding is a technology where transactions are divided into smaller groups for execution and then combined to increase scalability. NEAR's nightshade sharding technology aims to accommodate one billion users on its app.
The announcement of a collaborative fund by NEAR is not his only achievement. It announced that now more than 800 Web 3.0 projects use its protocol. It also runs NEARCON in Portugal. If NEARCON goes well, the token price is also expected to continue to rise. However, investors must be wary of the Fed's stance.
