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Skyward Finance Tops Dapp Rankings on Near Protocol

Posted by
Hristina Yordanova

Unique active wallets jump 219% in 30 days

Skyward Finance, one of the new additions to the Near blockchain DeFi family, has seen a stellar performance in the past thirty days. Launched in April this year, the price discovery launchpad platform steadily attracts new users, boosting the total number of wallets connected in 30 days to more than 7,500.

Decentralized applications on Near are still shaky when compared to behemoths like BSC and Ethereum. However, the spike in interest is significant. According to DappRadar data, four of the top five Near dapps are showing growth in terms of new user acquisition. 

Skyward Finance

Interestingly, the airdrop marketplace NEARnames scored an even higher spike in new users, 3,113%. However, this wasn’t enough to top Skyward Finance in the race for the first place in DappRadar rankings. Another notable detail here is that NEAR Crowd, probably the most established dapp on the Near blockchain, ranked in 4th place. It registered a minimal gain in the number of unique active wallets of just about 20%.

What is Skyward Finance?

Skyward Finance serves as a price discovery launchpad for projects taking off on the Near blockchain. According to the official Skyward Finance whitepaper, the team is looking to provide mechanisms for token distribution to be equally accessible to everyone. An additional focus for the developers was to create a platform that is secure and protected from price manipulation or hacker attacks

With the rise of decentralized finance, numerous investors saw themselves cheated out of profit following price manipulation allegations and unpredictable crashes. What Skyward Finance wants to create, is a decentralized environment where such manipulations are impossible.

An important feature allowing this level of decentralization is the Skyward Finance native token – SKYWARD. It facilitates most of the price discovery events on the platform, as well as the Treasury functions. 

How does decentralized price discovery work?

The way Skyward Finance stimulates fair price discovery is simple. For example, a new token called SKY announces a price discovery pool. The pool consists of 1000 SKY tokens. Interested parties lock up an amount of already existing tokens, preferably SKYWARD, or a stable coin wrapped for the Near blockchain like nUSDT. 

We compare the SKY token pool to the total pool of nUSDT investments. If 2000 nUSDT were collected during the event, the price discovery falls at 0.5 SKY tokens for each nUSDT. Following price discovery, SKY tokens are distributed according to the initial investment each participant made. 

The platform has already successfully held an Octopus Network Token listing, as well as several SKYWARD token sales. 

Skyward Finance pushes forward a new way for projects to announce their initial token offerings. Bringing this level of decentralization is a plus for the crypto community. Considering this, it is no surprise Skyward Finance is topping the charts. DappRadar will continue monitoring its development, so stay tuned. 

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