Recently, I have been following the Near @NEARProtocol ecosystem, as there are quite a few opportunities. Today, I will introduce and analyze a project in the Near ecosystem, which is also the third project that I am following, namely @rhea_finance. Let's take a look together:

This project is easy to understand. In simple terms, it combines the two most popular tools on NEAR (the largest exchange Ref and the largest lending platform Burrow) into an "all-in-one player," now called Rhea. This is quite interesting, as it consolidates the core traffic of the ecosystem into one, creating the strongest combination!

You can also check the airdrop now, don't forget:

First, let's talk about some advantages of the project. Its foundation is indeed solid. The initial code was written by Illia, one of the co-founders of NEAR, and it is supported by Proximity Labs as well as the NEAR Foundation. With such a "well-rooted" project, we don't have to worry about early setbacks. The team and funding are not hastily put together, which is quite important in the crypto space. A good foundation has been established!

Then let's take a look at the data, which is also a key indicator of strength: the current locked funds (TVL) are over 260 million dollars, with a daily trading volume of 125 to 150 million dollars. Don't think this number is average; it's important to know that it mainly operates on the NEAR chain, and currently, the DeFi market on NEAR isn't particularly large, with Rhea already accounting for 90% of the on-chain trading and lending.

This "monopoly" advantage in traffic means that when new features are to be developed later, the user base is already in place.

Comparing with similar projects, such as Raydium on Solana (which is also the largest DEX on-chain), its current fully diluted valuation (FDV) is 1.5 billion USD, while Rhea hasn't issued its tokens yet. Based on its trading volume and locked amount, a valuation of 100-150 million USD after the token issuance seems quite reasonable!

Recently, it was officially announced that Binance Alpha will be launched, making it the first in the NEAR ecosystem to obtain this channel, which equates to having the traffic support of a major exchange, so there shouldn't be too much concern about liquidity going forward.

There are several details about the product that I really like, such as supporting direct trading of BTC. Previously, when using Bitcoin for DeFi, I had to first convert it to Ethereum to become wBTC. Now with Rhea, I can trade and lend directly from my Bitcoin wallet, and even use BTC as collateral to borrow stablecoins. This saves a lot of hassle for those holding BTC.

Also, its "concentrated liquidity" means that there is less price fluctuation during large transactions. For example, when exchanging 100,000 USD stablecoin, the actual amount received differs from the expected amount by only a few dollars. This experience is better than some platforms.

However, there are a few points that everyone should pay more attention to. It is currently mainly rooted in the NEAR ecosystem, and the progress of the planned multichain expansion (such as integration with the BNB chain) may affect its ability to reach more users.

The industry is innovating quickly, and the new features mentioned such as the AI revenue vault, it is worth seeing whether the actual experience will differ from expectations after implementation.

In addition, the initial circulation of the token is controlled relatively steadily (24.6%), and the team has also stated that they will lock up the tokens for a long time, so the unlocking pace can be followed closely in the future.

This event is worth participating in when you have time. Recently, they are running a points activity where you can earn points through trading, lending, and cross-chain activities. When they issue tokens, they airdrop based on points. I tried it out and exchanged some USDC and NEAR on the platform. The process was quite smooth (the NEAR chain is indeed fast), and I conveniently accumulated some points.

The cost of this early activity is not high. Even if the final returns are average, it can be considered as having gained early insights into the product, and there will be more experience in tracking the project later!
Event link direct access:

Overall, Rhea belongs to the type of "substantial and opportunistic"; it is not just a pure conceptual hype, it has actual trading volume and ecological foundation, and its valuation has not been overly inflated.

In the last bull market, NEAR increased nearly 40 times. If NEAR can rise this time, as the leading DeFi project in the ecosystem, Rhea is likely to keep up the pace and may even stand out more, as DeFi tends to generate the most profit effects during a bull market.

If you usually follow the NEAR ecosystem and want to find a "leading ecosystem" with actual landing scenarios to keep an eye on;

Or prefer DeFi projects that "do not play with illusions, have real trading volumes and locked positions", and do not want to pursue pure concepts; or want to accumulate some points early, try airdrops, while also being able to conveniently use trading and lending practical functions, this project is indeed worth paying more attention to.

Of course, I must remind you: the cryptocurrency market does not guarantee profits. If you want to participate, start with a small amount for trading or lending to familiarize yourself with the process. It's better to understand before investing, rather than blindly following the trend. You must conduct your own research and choose the method that suits you best within your risk tolerance!
#NEAR # rhea