NEAR: Finding Growth Rhythm in Selling Pressure and Competition In the past few weeks, @ NEARProtocol has encountered a complex market situation: on the one hand, the concentrated selling pressure of institutional funds has put short-term price pressure on NEAR; On the other hand, the ecology and user data are synchronously strengthening, presenting a comparison of "short-term pessimism of capital vs long-term optimism of users". Ecological progress: the expansion path of multi-point flowering 1. Intents platform The transaction volume exceeded 570 million US dollars and completed integration with Sui. This means that NEAR not only forms liquidity within its own ecosystem, but also actively connects cross chain cooperation. 2. NearDA (Data Availability Layer) In the race of "big players" such as EigenDA, Celestia, and Avail, NearDA focuses on low-cost and vertical application scenarios (especially games and high-frequency applications), with obvious differentiation competition. 3. Pledged ETP in cooperation with Bitwise Launch a collateralized ETP (similar to ETF products) in collaboration with Bitwise, further lowering the entry barrier for institutions. This is a key move for NEAR to integrate itself into the traditional financial system. 4. Application layer products Shade Agent Sandbox goes live HOT Craft creates a cross chain NFT market These have filled in more application puzzles for the ecosystem. User and market performance: intertwining hot and cold User side highlights: The weekly active users exceeded 16 million, a month on month increase of 18.4%, directly surpassing Solana, indicating that NEAR is establishing an advantage in "real user growth". Price side pressure: Institutions sold nearly 20 million NEARs in mid August, causing the price to drop from $3.05 to $2.75, and currently rebound to around $2.8. Capital chooses to cash out in the short term, but on chain activity and application progress indicate that user level growth is hedging against pessimism in the funding sector. In depth interpretation: NEAR's long-term value logic 1. Short term capital outflow does not mean deterioration of fundamentals Selling pressure leads to price drops, but the growth of ecology and users actually indicates that NEAR has resilience. Short term noise may not necessarily affect long-term value. 2. NearDA: Differentiated Strategy for Data Availability Competition Celestia and EigenDA emphasize high performance and scalability, while NEAR takes a low-cost and vertical application scenario approach. If Web3 games or high-frequency micro payment scenarios really explode in the future, NearDA may be the first batch to reap the dividends. 3. Users are the toughest moat NEAR has shown a significant increase in active users. In the crypto world, real user growth often reflects the vitality of the chain more than price. 4. Institutions and DeFi launch a dual attack Through its collaboration with Bitwise, NEAR is not only making efforts in the DeFi arena, but also building a foundation in the institutional market. This' dual channel 'layout is a signal worth long-term attention. Outlook and Reflection In the short term, NEAR may still be affected by market sentiment and capital flows. In the medium to long term, the ecological loop of NEAR is gradually taking shape: users → applications → infrastructure → institutional products. If NearDA can run large-scale applications in the low-cost track, combined with the synergistic effect of Intents and cross chain ecology, NEAR is expected to become an infrastructure level winner in the next narrative cycle. summary We are currently in a typical stage where valuation pressure and ecological expansion coexist. Prices may be under pressure, but users and the ecosystem are releasing long-term value signals. As an observer, the siege lion is more concerned with: Can NearDA enter into true high-frequency application scenarios? Can user growth be converted into more stable on chain value accumulation? Will institutional cooperation open up greater funding opportunities for NEAR? The answers to these questions will determine whether NEAR can move from a "potential stock" to an "infrastructure core" in the next bull market narrative.