NEAR Token Retreats as Nightshade 2.0 Launches, Traders Eye Nvidia Earnings

NEAR (NEAR) retreated to $4.83, down from last week's high of $5.22. It remains slightly above the 50-day moving average and 57% above its lowest point this month.

The NEAR token price pulled back for two consecutive days as the recent Nightshade 2.0 launch on mainnet and traders positioned for the upcoming Nvidia earnings.

On Monday, the NEAR token price dropped to a low of $4.83, down from last week’s high of $5.22. It remained above the 50-day moving average and 57% from its lowest point this month.

Near DeFi inflows jumped

A closer look at Near’s ecosystem showed that most dApps in its Decentralized Finance ecosystem experienced strong inflows in the past few weeks.

Burrow, a lending marketplace similar to AAVE (AAVE), saw its inflows jump by 23% over the last seven days, reaching $160 million.

Inflows into liquid staking apps like Linear Protocol, Meta Pool, Here Wallet, and AllStake increased by over 25% in the same period.

Overall, the total value locked (TVL) in Near Protocol soared to over $654 million, its highest level since July. In NEAR terms, the TVL jumped to 47.6 million.

Largest TVL Growth, What Happened?

1️⃣ @burrow_finance / +24% in 7 days

The leading protocol on @NEARProtocol, NEAR has been gaining traction recently. Almost all of its protocols have seen over 20% growth.

The increase in TVL is mainly due to the USDT, USDC, and FRAX markets,

This rebound comes as Nightshade 2.0 was recently introduced on the Near mainnet, bringing stateless validation and enhancing scalability through advanced sharding.

Sharding is a process that slices blocks into smaller shards, increasing a network’s throughput. It is also expected to localize congestion, so gas price increases do not affect the entire network.

The developers aim to position Near as the preferred blockchain for launching decentralized applications.

Near token price ahead of Nvidia earnings

The NEAR token is also in the spotlight as traders await Nvidia’s earnings, which will be announced on Aug. 28.

These results are significant because Nvidia has become the leading AI company, pushing its market cap to over $3 trillion.

The earnings report will provide more insight into whether the AI industry is still growing. In its last financial results, Nvidia’s revenue jumped by over 240% to $26 billion, surpassing its earnings from the entire fiscal year 2021.

Analysts expect Nvidia’s quarterly revenues to come in at over $28.7 billion, higher than the $26.9 billion it made in 2022.

Near Protocol has positioned itself as a prime blockchain for AI developers by offering agentic frameworks, payments, compute tools, and decentralized storage solutions. It has been adopted by companies like Ringfence, Masa, and Cosmose AI.

With a market cap of $5.3 billion, Near is the largest AI-focused blockchain, according to CoinGecko.

Near token still in a downtrend

The daily chart shows that the NEAR token is still in a downtrend even after rising by over 57% from its lowest point in August. It remains below the upper side of the descending channel that connects the highest swings since May 26.

Near has also been forming a series of lower lows and lower highs, meaning that there is a risk that it may resume the downtrend and retest the support at $4. A bullish breakout will be confirmed if Near rises above the descending trendline.

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