The layer one (L1) battle is starting to heat up again and multiple protocols have seen their token values rise in recent weeks as traders venture out to see what life is like outside of the Ethereum (ETH) network.
One L1 protocol that has seen its token price climb to a new all-time high this week was NEAR, a community-run cloud computing platform focused on interoperability and lightning quick transaction speed.
Data from Cointelegraph Markets Pro and TradingView show that, following a pullback that hit a low of $13.10 on Jan. 9, the price of NEAR climbed more than 50% to establish a new record high at $20.36 on Jan. 14.
NEAR/USDT 4-hour chart. Source: TradingView
Three reasons that contributed to the growing strength of NEAR include the successful completion of a $150 million funding round, the success of the Aurora cross-chain bridge protocol and an expanding ecosystem of projects and developers working on