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

Dogecoin’s Big Question: How Far Can Its Price Rise By Year’s End?

Dogecoin continues to keep investors on edge with its evolving price dynamics Trading at $04500 as of December 5, the memecoin has surged by an impressive 450% from its annual low This rally has

Trading Platform eToro Exploring Potential US IPO With Goldman Sachs: Bloomberg

The post Trading Platform eToro Exploring Potential US IPO With Goldman Sachs: Bloomberg appeared first on Coinpedia Fintech News As per a latest Bloomberg report, trading platform EToro is

FLOCKERZ Flies High As HAWK Falls 95%

Fraud or just another influencer-led meme coin gone bad That’s the painful question investors are facing in the aftermath of the HAWK meme coin two days ago But did Haliey Welch and her team pull a

dYdX Hits $2.5 Amid Rising Demand from Whales: Is $3.2 the Next Resistance?

The post dYdX Hits $25 Amid Rising Demand from Whales: Is $32 the Next Resistance appeared first on Coinpedia Fintech News Today, Bitcoin’s price experienced a significant drop from its $100K

Ethereum climbs 28% against Bitcoin since November as it hits $4,000

Ethereum has recovered most of its losses against Bitcoin since November, gaining 28% to 004 BTC from a low of 00322 on Nov 21 Ethereum also broke $4,000 for the first time since February, currently

GME Spikes 59% As Roaring Kitty Returns to X, the Altcoin Season Is On – Will STARS Capitalize On This Rally?

Financial analyst Keith Gill, known as Roaring Kitty on YouTube, made a comeback on social media after three months of silence In response, GME, AMC, and ROAR tokens, all inspired by 2021