Aurora, a blockchain layer atop the NEAR Protocol, has created a $90 million token fund to expedite the development of decentralised financial (Defi) apps.
The fund was launched in partnership with Proximity Labs, the Defi arm of NEAR Protocol. Aurora Labs, the critical development team behind Aurora, added 25 million aurora tokens (about $90 million) to the fund from its DAO treasury.
Proximity will handle the tokens and award grants to developers to create Defi-based apps on Aurora. These token-based funds are intended to increase the network’s overall activity.
‼ Huge news for the Aurora Ecosystem!🔥
Read the full article on @TheBlock__ 👇https://t.co/TcqQ9ZZa0r— Aurora (@auroraisnear) May 12, 2022
Previously, NEAR Protocol’s team (independent of Aurora Labs) raised $350 million in a funding round headed by Tiger Global. Thus, the Near ecosystem has access to more funds for application development.
Aurora is part of the NEAR Protocol ecosystem, but it runs as a distinct blockchain layer. Its primary characteristic is compatibility with the Ethereum Virtual Machine (EVM), a computational environment used by Ethereum applications.
Aurora Labs said that its new developer fund would make its EVM layer on Near more enticing to Ethereum developers.
“Aurora DAO continues its mission to extend the Ethereum economy outside the Ethereum blockchain. This grant is thea next big step in the development of the Aurora ecosystem, and I’m happy that Proximity Labs accompanies us in this journey,” stated Alex Shevchenko, Aurora Labs’ founder.
Due to its compatibility with EVM, Aurora has become a significant network in the Near ecosystem. Emerging Defi-centric applications, such as Bastion, Aurigami, Trisolaris, and others, amount to more than $800 million in total chain assets.
Recently, it has started to attract prominent Ethereum-based projects. Last week, the premier Ethereum-based decentralised exchange Curve Finance debuted its Defi product on Aurora.