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

End of Crypto Crackdowns? Lawmaker Says ‘Regulation by Enforcement Is Over’

A top lawmaker says the US is shifting from “regulation by enforcement” to clear oversight, with new leadership poised to boost cryptocurrency and AI innovation A New Era for Crypto and AI

SUI Flashes Overbought Warning, Will A Price Correction Follow?

SUI has been on an impressive upward trajectory, but signs of potential exhaustion are beginning to emerge Key technical indicators now suggest the cryptocurrency has entered overbought territory,

Bitcoin’s Creator Dead? Novogratz Stirs Debate Over Satoshi Nakamoto’s Fate

In a December 5 appearance on CNBC’s “The Exchange,” Galaxy CEO and founder Mike Novogratz offered insights into Bitcoin’s meteoric rise while making a striking comment that has reignited

DeFi lending on Liquidium hits 4-month high as Bitcoin soars past $100K

DeFi lending on Bitcoin-based Liquidium reached a four-month high of 21 BTC on Dec 5, following the top asset climb to a new all-time high above $100,000 Onchain data reveals that loans against Runes

Store-of-Value Coins Steal the Spotlight in a Dynamic Month for Crypto

With the crypto economy cruising at $367 trillion, some sectors are shining brighter than others Over the last 30 days, store-of-value coins such as bitcoin (BTC), litecoin (LTC), XRP, bitcoin cash

Bitcoin ETFs Now Hold More BTC Than Satoshi, Experts Say

The funds have purchased 1,104,534 BTC since January, surpassing the 1,100,000 in Satoshi’s public addresses US Spot ETFs Surpass Satoshi in Bitcoin Held The spot bitcoin ETFs approved by the