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

XRP Price Prediction For December 10

The post XRP Price Prediction For December 10 appeared first on Coinpedia Fintech News XRP has slipped to the fourth position and is down by more than 14 percent in the last 24 hours The price is

Five Weeks, Five Purchases: MicroStrategy Invests Another $2.1 Billion In Bitcoin

MicroStrategy, the business intelligence firm helmed by co-founder and Chairman Michael Saylor, has made headlines yet again with the announcement of a $21 billion Bitcoin (BTC) acquisition

BRICS Retaliation Ahead? Expert Predicts US Tariff Fallout

BRICS nations brace for a global economic standoff as US tariff threats spark concerns about trade retaliation and geopolitical tensions, reshaping international alliances BRICS Retaliation

Ethereum Price Faces Pressure: Bulls Tested After Setback

Ethereum price corrected gains below the $3,880 zone ETH is now recovering some losses and facing hurdles near the $3,800 resistance zone Ethereum started a downside correction below $3,880 and

UniSwap (UNI) Price at Risk as Whale Dumps $16.7M Worth of Tokens

The post UniSwap (UNI) Price at Risk as Whale Dumps $167M Worth of Tokens appeared first on Coinpedia Fintech News UNI, the native token of UniSwap, appears to be struggling and is poised for further

Bitcoin Price Dips Again: Is The Momentum Shifting?

Bitcoin price started another decline and traded below the $98,000 support BTC dipped toward the $95,000 level and is currently correcting losses Bitcoin started a fresh decline below the $98,000