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

Cardano Price Prediction For December 9

The post Cardano Price Prediction For December 9 appeared first on Coinpedia Fintech News The current price action of ADA is still showing signs of consolidation, with no breakout to the upside yet

Amazon Shareholders Push for Bitcoin Investment: Will It Happen?

The post Amazon Shareholders Push for Bitcoin Investment: Will It Happen appeared first on Coinpedia Fintech News What if Amazon started investing in Bitcoin That’s the big idea Amazon shareholders

XRP Price Shows Resilience: Holding Strong and Eyes Another Surge

XRP price remained in a positive zone above the $240 zone The price is consolidating and might aim for a fresh increase above the $260 level XRP price started a downside correction from the $265

Iran Adopts Crypto Regulation Strategy to Boost Economy

The post Iran Adopts Crypto Regulation Strategy to Boost Economy appeared first on Coinpedia Fintech News Iran is changing its approach to cryptocurrencies, focusing on regulation instead of bans,

SushiSwap Unveils Bold 2025 Plans with Cutting-Edge DeFi Products

The post SushiSwap Unveils Bold 2025 Plans with Cutting-Edge DeFi Products appeared first on Coinpedia Fintech News SushiSwap CEO Jared Grey unveiled ambitious plans for 2025, aiming to diversify the

El Salvador’s Bitcoin Gains Hit $333M as BTC Crosses $100K

The post El Salvador’s Bitcoin Gains Hit $333M as BTC Crosses $100K appeared first on Coinpedia Fintech News El Salvador’s Bitcoin investments have hit an impressive $333 million in unrealized