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 Sees First Close Above $100,000, But Is A Big Correction Coming?

Bitcoin (BTC) closed the week above the $100,000 mark for the first time in history, concluding the crypto’s massive week with another milestone However, a market watcher has warned investors that

Dogecoin and Shiba Inu Lead Meme Coin Growth As Investors Buy Into Lunex Network

The post Dogecoin and Shiba Inu Lead Meme Coin Growth As Investors Buy Into Lunex Network appeared first on Coinpedia Fintech News Dogecoin and Shiba Inu lead the meme coin market, fueled by growing

Sell XRP Now: Why It’s Time to Shift to These Altcoins for 10x Profits

The post Sell XRP Now: Why It’s Time to Shift to These Altcoins for 10x Profits appeared first on Coinpedia Fintech News In the last month alone, the cryptocurrency market cap has climbed from

Pay Me in Bitcoin: 30% of American Employees Embrace Crypto Salaries, Study Finds

A new study by Clarify Capital shows growing interest in cryptocurrency-based compensation and loans among American workers and businesses Bitcoin Most Preferred A new study has found that as many as

Bitcoin Price Prediction Today: BTC Price To Hit $94k?

The post Bitcoin Price Prediction Today: BTC Price To Hit $94k appeared first on Coinpedia Fintech News The crypto market has dropped 562% in 24 hours and is currently valued at $344 Trillion with a

SEC’s Hester Peirce Pushes for Crypto Clarity Amid “Operation Chokepoint 2.0” Concerns

The post SEC’s Hester Peirce Pushes for Crypto Clarity Amid “Operation Chokepoint 20” Concerns appeared first on Coinpedia Fintech News In a recent interview with Fox Business, SEC Commissioner