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

Bitcoin Price Prediction: BTC Dominance Drops, Altcoin Season Begins

The post Bitcoin Price Prediction: BTC Dominance Drops, Altcoin Season Begins appeared first on Coinpedia Fintech News Bitcoin is currently trading above the historic and crucial $100k level and is

XRP Price Prediction For December 8

The post XRP Price Prediction For December 8 appeared first on Coinpedia Fintech News Ripple’s XRP is up by more than six percent in the last 24 hours and is trading near the $260 levels XRP is

Elon Musk Laughs Off OpenAI CEO’s Tweet On Sacks’ Appointment – Here’s The Scoop

The rivalry between two respected tech giants continues, which is evident in a congratulatory post that might have reignited the rift between the two former allies in AI tech SpaceX CEO Elon Musk

Uniswap Consolidates At $17: A Calm Before The Bullish Storm?

Uniswap (UNI) is holding steady above the $17 mark, following a successful break above this level With the bulls maintaining their grip on this critical support level, speculation is rising about

Peter Schiff Warns Bitcoin Could Be US Dollar’s Ultimate Downfall

Peter Schiff warns bitcoin could undermine the US dollar, not by replacing it, but by fueling economic mismanagement through speculative government-backed investments How Bitcoin Might Topple the

Dogecoin Price Primed For ‘Violent’ 60% Move Against Bitcoin If This Happens

Crypto analyst Bluntz Capital has predicted that the Dogecoin price could soon witness a ‘violent’ 60% move against Bitcoin The analyst further revealed what needs to happen for this parabolic