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

20 Million XRP Moved; Rally To $3 Imminent?

The post 20 Million XRP Moved; Rally To $3 Imminent appeared first on Coinpedia Fintech News In a recent development, the blockchain tracker Whale Alert reported that 20 million XRP tokens were

Michael Saylor Says Forget Stocks—Bitcoin Is the Real Long-Term Bet

The post Michael Saylor Says Forget Stocks—Bitcoin Is the Real Long-Term Bet appeared first on Coinpedia Fintech News Michael Saylor, the Executive Chairman of MicroStrategy, sees Bitcoin as the

XRP News: Ripple’s RLUSD Stablecoin Could Boost XRP Price Stability

The post XRP News: Ripple’s RLUSD Stablecoin Could Boost XRP Price Stability appeared first on Coinpedia Fintech News Ripple is expected to launch its stablecoin, RLUSD soon The launch is

Morocco Cracks Down on Crypto Crime: 5 Arrested in Phishing Scam

Moroccan authorities arrested five people suspected of running a cryptocurrency phishing scam Email Phishing Scam Moroccan authorities have arrested and detained five individuals suspected of

Bitcoin Rally To Continue If This Level Holds, Is $110,000 The Next Stop?

After surpassing its $100,000 milestone, Bitcoin (BTC) recorded its largest retrace in the past month before recovering Amid the flagship crypto’s performance, some analysts have suggested the

Bitcoin Slips Under $100,000 As OGs Wake Up To Take Profits

Bitcoin has plunged back under the $100,000 level during the past day as on-chain data shows the OG whales have been waking up Bitcoin OGs Have Transferred Massive Amounts Recently In a new post on