Crypto Price Plunges as Foundation Treasury Drops to $900M

Near Protocol’s Treasury in Q2 2023

At the end of Q2 2023, Near Protocol’s treasury had declined to $900 million, largely due to a decrease in the price of NEAR tokens from $1.99 to $1.38. According to the July 10 report, the Near Treasury consisted of $349 million in fiat, 315 million NEAR, and $90 million in loans and investments. A net total of $16 million and 1 million NEAR were distributed to the ecosystem in Q2, compared to $1.1 billion in Q1 2023.

In the face of industry headwinds, such as the U.S. Securities and Exchange Commission’s lawsuits against Binance and Coinbase, the Near Foundation has shifted its focus to three core strategies: Voyager Crypto Today, Sol Crypto, and Luna Crypto Latest. Near developers also noted that throughout Q2, the Near ecosystem saw 1.1 million monthly active accounts.

For Q3, the Near team said it would focus on growing partnerships and supporting projects in the Near Horizon ecosystem. Previously in Q4 2021, Near Protocol established an $800 million ecosystem fund split into decentralized finance grants, foundation grants, startup funds, and funds for regional hubs.

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