Aurora launches $90M fund to finance DeFi apps on Near Protocol

Share This Post

Aurora, an EVM scaling mechanism on the Near protocol, has launched a $90 million token fund in partnership with Proximity Labs to attract new developers.

Aurora, an Ethereum Virtual Machine (EVM) designed to scale decentralized applications (DApp) built on the Near protocol, has launched a token fund worth $90 million. 

The fund was launched today in partnership with Proximity Labs and will be focused on financing decentralized finance (DeFi) applications on the Near protocol.

Near Protocol is a DApp platform that focuses on usability among developers and users. As an emerging layer-1 competitor to Ethereum, Near Protocol is also smart-contract capable and runs a proof-of-stake consensus mechanism.

Funding was provided by Aurora Labs, which allocated 25 million AURORA tokens — currently valued at roughly $90 million — from its DAO treasury to proximity labs.

As a result of the funding model, Proximity Labs will now be responsible for managing the funds and providing grants to developers aiming to build DeFi Dapps on Aurora.

The Aurora Labs team believes that the token-based funding structure will also increase activity across the network.

The founder of Aurora Labs, Dr. Alex Shevchenko stated that the launch of the new token fund will help make developing Ethereum applications on the Near protocol more attractive to developers.

“Aurora DAO continues its mission to extend the Ethereum economy outside Ethereum blockchain. This grant is a next big step in the development of the Aurora ecosystem and I’m happy that Proximity Labs accompanies us in this journey.”

The EVM is a blockchain-based computer engine at the core of Ethereum’s operating system, responsible for transaction execution, smart contract deployment and other operating functionalities, in addition to enabling developers to build DApps on its blockchain.

Related: From smart insurance to on-chain document verification: Here’s how NEAR aims to improve Kenya

An increasing number of independent blockchains have adopted the EVM as the default smart contract engine, including BNB Chain, Avalanche Chain, Polygon and Fantom.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

PEPE Price Hits $0.000027 ATH, On-Chain Data Says These Are The People Driving It

The PEPE price recently reached a new all-time high (ATH) of $000002716, becoming the first major meme cryptocurrency to do so in the ongoing bull cycle This rally to a new PEPE all-time high was

Cardano founder renews call for ‘verified tweets’ after social media hack

Charles Hoskinson, the founder of the Cardano network, has renewed his call to integrate “verified tweets” on social media platform X (formerly Twitter) This proposal was prompted after

Riot Platforms Bitcoin Strategy Strengthens with $500M Convertible Notes Offering

The post Riot Platforms Bitcoin Strategy Strengthens with $500M Convertible Notes Offering appeared first on Coinpedia Fintech News Riot Platforms Inc (NASDAQ: RIOT), a major cryptocurrency mining

Jetking Infotrain Adds 12 BTC to Balance Sheet : First Indian Company to Adopt Bitcoin Strategy

The post Jetking Infotrain Adds 12 BTC to Balance Sheet : First Indian Company to Adopt Bitcoin Strategy appeared first on Coinpedia Fintech News Jetking Infotrain, a 77-year-old Indian company, has

Cardano Price Prediction : Here’s When ADA Price Will Hit New ATH

The post Cardano Price Prediction : Here’s When ADA Price Will Hit New ATH appeared first on Coinpedia Fintech News The crypto market has seen impressive growth recently In the initial stages,

HTX DAO Drives Innovation in Exchange Ecosystem With Proposals on “Multiple Farming” and Liquidity Burning

PRESS RELEASE In the competitive cryptocurrency market, innovation has emerged as a critical driver for the evolution of exchange ecosystems Leading exchange HTX, through its decentralized governance