Network featuresNEAR is very fast, capable of processing over 100,000 transactions per second (tps) and almost instantly completes a transaction with a 1-second block creation. According to NEAR, their transaction costs can be 10,000 times lower than at Ethereum.
NEAR tokenNEAR is the native cryptocurrency of the NEAR blockchain. It is used for stacking by validator nodes and delegating participants. Although the source of rewards for validators and delegates is annual inflation of 5%, NEAR tokens are burned to pay network fees.
Fees in the NEAR network are minimal. Given sufficient network activity, the NEAR token in theory becomes a deflationary asset. Annual inflation is zero if the network processes more than 1 billion transactions per day and may fall to -2% if more than 2 billion transactions are processed daily.