Near Protocol’s native NEAR token jumped 12% to a high of $5.97 after Coinbase added the token to its listing roadmap, which shows assets the cryptocurrency exchange plans to add.
NEAR is the native token of the Near Protocol, a layer 1 blockchain network that provides a platform for developers to build decentralized applications (dapps). The network is a direct challenger to Ethereum and uses a proof-of-stake (PoS) consensus mechanism.
Near was created to operate faster and cheaper than Ethereum. It achieves its high transaction speed and capacity through a process called “sharding,” which breaks the blockchain into subchains that are operated on by different validators and get regularly connected to each other.
Other assets recently added to Coinbase’s roadmap include Celer Network’s CELR, an Ethereum ERC-20 token; and Raydium’s RAY, an SPL token on the Solana network.