The Near Foundation's coffers drop to $ 900 million because the token price drops

The Near Foundation's coffers drop to $ 900 million because the token price drops

The Near Foundation, which is responsible for the administration of the Layer-2-Blockchain Near Protocol (Near), recorded strong financial losses in the second quarter of 2023. The Foundation's cash stock fell to $ 900 million, which is due to a significant decline in costs for near symbols. The price per near-token fell from $ 1.99 to $ 1.38.

According to a transparency report, which was published on July 10, the Near Treasury currently has $ 349 million in Fiat currency, $ 315 million in Near tokens and $ 90 million in loans and expenses. In the second quarter, a total of $ 16 million and 1 Near tokens were distributed to the community. In comparison, the Near Treasury still had $ 1.1 billion in the first quarter of 2023.

The Near Foundation emphasized its responsibility in the treasury management and the minimization of losses in a turbulent market. Therefore, the investments were limited in non-Near assets and the Fiat reserves were kept on highly rated Swiss bank accounts.

Despite the challenges in the industry, such as the complaints of the US stock exchange supervisory authority against Binance and Coinbase, the Near Foundation has shifted its focus on three main strategies. First, your own blockchain work unit is to be expanded. Second, the structure of your own decentralized community should be maintained. And thirdly, web2 customers should be integrated into the Web3 world.

In the second quarter, the Near Community recorded 2000 monthly energy profiles. For the third quarter, the Near Group has announced that it focused on building relationships and supporting projects in the Near Horizon community. In the fourth quarter of 2023, a community fund of $ 3 million was set up, which invests in various areas such as decentralized financing, start-ups and local centers.

Despite the financial challenges, the Near Foundation continues to work to fulfill its mission and to advance the Near ecosystem. With a clear vision and strategy, the foundation hopes to overcome these difficulties and achieve their goals.