During the second quarter of 2023, the vaults of Near Protocol's (NEAR) first-layer blockchain experienced a decline, reaching $900 million. This drop can be attributed to the decrease in the price of NEAR tokens from $1.99 to $1.38 per coin. The Near Treasury currently consists of $349 million in fiat currency, 315 million NEAR tokens, and $90 million in loans and investments, according to a report released on July 10. In comparison, the first quarter of 2023 saw the Near coffers totaling $1.1 billion .
To navigate the challenges posed by industry headwinds, including the SEC lawsuits against Binance and Coinbase, the Near Foundation has redirected its focus towards three core strategies. These strategies involve enhancing its blockchain operating system, continuing to build a decentralized ecosystem, and bringing Web2 users into the Web3 space. Despite market volatility, the NEAR Foundation maintains a responsible financial management approach to mitigate risk and ensure capital deployment aligns with its mission. The foundation limits exposure to non-NEAR assets and holds fiat reserves in highly rated Swiss bank accounts.
In the second quarter, the Near ecosystem boasted 1.1 million monthly active accounts. Moving forward into the third quarter, the Near team intends to concentrate on establishing partnerships and supporting projects within the Near Horizon ecosystem. As part of its commitment to eco system development, near Protocol established an $800 million fund in the fourth quarter of 2021, which includes grants for decentralized finance, foundation grants, startup funds, and regional center funds.
