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

Australian Fintech Report: Blockchain and Crypto Sector Contracts Amid Global Shift to AI

A recent KPMG report shows a 14% decline in the number of active firms in Australia’s blockchain and cryptocurrency sector in 2024 M&A and Investment Activity Subdued in 2024 According to a

This Analyst Correctly Predicted The Bitcoin Flash Crash To $94,000, But There’s A New Target

Following an earlier prediction of the Bitcoin flash crash to $94,000, a crypto analyst has set a new target for the pioneer cryptocurrency The analyst anticipates another major decline in the

Polkadot and Solana Brace for Competition From a Game-Changing AI Multichain Token

The blockchain landscape is on the cusp of a significant shift as a revolutionary AI-driven multichain token emerges This new entrant promises to challenge established networks and may alter the

VanEck projects sustained growth for Bitcoin as altcoin season index rises

VanEck believes the recent surge in the Altcoin Season Index, which jumped 53% in the past 30 days to 63 points, could signal upcoming gains for Bitcoin (BTC) According to the firm’s head of

XRP Buy Alert! $213 Million Outflow from Exchanges

The post XRP Buy Alert! $213 Million Outflow from Exchanges appeared first on Coinpedia Fintech News XRP, the native token of Ripple Labs, has garnered significant attention from crypto giants

Shiba Inu Burn Skyrockets 1,068% Amid Market Bleed, Can Bullishness Push Price Above $0.00003 Again?

The Shiba Inu burn rate has seen a turnaround, skyrocketing by 1,068% despite the meme coin’s recent price decline This unexpected Shiba Inu burn recovery comes amid a bearish market trend, with