NEAR Protocol’s latest update reveals this about the state of the network

• NEAR protocol’s latest update revealed the state of the network relative to its roadmap.
• NEAR’s bearish performance could be a blessing in disguise for long-term holders.

The NEAR protocol just released its latest update which highlights the list of Q2 achievements that are part of its roadmap. The update offers a unique perspective into how the network has been fairing.

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Let’s take a look at some of the key areas highlighted as part of the roadmap achievements. The network revealed that it improved the cost efficiency of contract deployment. A move that could make NEAR more attractive to potential projects. The network also revealed that it deployed improvements in smart contract run time.

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The Q2 protocol roadmap update for @NEARProtocol brought a wave of achievements, propelling the protocol forward.

Key accomplishments and updates are outlined below, showcasing the protocol’s dynamic progress. pic.twitter.com/1Lp4adF5df

— Luganodes (@luganodes) August 18, 2023

According to the update, the aforementioned improvements will boost smart contract security in an effort against vulnerabilities. NEAR revealed that it solved some inefficiencies related to mainnet state syncing. The update disclosed that phase 2 of sharding will be one of the key focuses in Q3 as part of the roadmap.

NEAR’s update revealed that the network was on track with its roadmap. In addition, it underscores efforts that the network has been undertaking in an effort to boost its attractiveness. The update aligns with the network’s efforts to attract more developers on board.

The #NEAR Foundation is launching the Grassroots Support Initiative

Builders are at the core of #NEAREvery builder should be able to call NEAR their home.

All that and an update into the @neardc funding in the latest blog from the @NEARFoundation https://t.co/9udIc2jxqF

— NEAR Protocol (@NEARProtocol) August 18, 2023

NEAR looks to be planning to become more competitive in the blockchain segment based on the above findings. The network’s development activity was also in line with NEAR’s update. It improved considerably in the last four weeks although it slid slightly in light of recent market conditions.

Source: Santiment

NEAR happens to be one of the blockchain networks that has been attempting to tap into growth through the NFT segment. However, NFT activity on the network remains subdued as is evidenced by the downside in the total NFT trades count.

NEAR’s price action falls in line with the rest of the market

‌The market was seen concluding one of its most bearish weeks of 2023. The NEAR cryptocurrency has been on a bearish trajectory which saw it dip to levels previously seen in December 2020.

It traded as low as $1.14 after a slight recovery from its lowest price ($1.11) achieved at the height of the market crash on 17 August.

Source: TradingView

Additionally, NEAR also made an attempt at bouncing back after briefly falling into oversold territory. So, should investors be buying at the current level?

Well, the market, at press time, was still in a state of higher uncertainty, especially after recent events that caused the market crash. Investors have raised their guard due to these events.

How many are 1,10,100 NEARs worth today

One could also look at it from the perspective that prices now offer a unique opportunity to buy at heavily discounted levels. NEAR protocol’s efforts highlighted in the recent update could offer some confidence for the future.