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

Technical Analysis Puts XRP Price Above $5 In Next 3 Days, Whales Buy $288 Worth Of XRP

The XRP price is consolidating after a crazy 460% surge within four weeks that saw it breaking above $28 on December 3 for the first time since 2018 This consolidation saw the XRP price dropping to

Crypto industry frustrated over possibility of SEC commissioner Caroline Crenshaw’s renomination

On Dec 11, the US Senate Banking Committee will decide whether to renominate Caroline Crenshaw, a Democrat Securities and Exchange Commission (SEC) commissioner Crenshaw has always been a staunch

Dubai’s SEE Institute and Cardano Foundation Collaborate to Advance Blockchain-Powered Sustainability

The SEE Institute and Cardano Foundation have partnered to integrate blockchain technology into global sustainability efforts Advancing Blockchain-Powered Sustainable Solutions The Dubai-based

Tron Matches Massive Price Pump of Cardano To Reach New ATH As Lunex Network Eyes 18x Price Pump

The post Tron Matches Massive Price Pump of Cardano To Reach New ATH As Lunex Network Eyes 18x Price Pump appeared first on Coinpedia Fintech News Cardano (ADA) recently put the crypto market on

New DEX Protocol Lunex Network Joins Ethereum and Binance in the Spotlight – Can It Surpass $0.50 by Year-End?

The post New DEX Protocol Lunex Network Joins Ethereum and Binance in the Spotlight – Can It Surpass $050 by Year-End appeared first on Coinpedia Fintech News The crypto community has regularly

XRP Aims for $8.40, Conservative Prediction by Expert

The post XRP Aims for $840, Conservative Prediction by Expert appeared first on Coinpedia Fintech News Despite the ongoing price consolidation, XRP, the native token of Ripple Labs gaining massive