A $10 million developer fund has been launched by Proximity Labs and three decentralised exchanges on the Near Protocol blockchain, Orderly Network, Spin, and Tonic.
Announcing a $10M fund for decentralized orderbook solutions on NEAR
By Proximity Labs, with @OrderlyNetwork @spin_fi @tonicdex #OrderbooksAreNEAR
Apply: https://t.co/vCD8IGCEs9 pic.twitter.com/I0Wud6nnrC
— Proximity Labs (@proximityfi) November 24, 2022
The fund will give grants and investments to new developer teams that build on top of decentralised trading protocols Orderly, Spin, or Tonic, which use virtual order books. Using the Near blockchain as a settlement layer, these projects offer a trading experience comparable to centralised exchanges. These protocols let new projects use the liquidity they provide for their applications, such as decentralised exchange aggregators.
Earlier last year, the protocols gathered funding and were implemented on Near in rapid succession. In June, Orderly Network raised $20 million. Spin, which operates a permanent trading exchange on Near, received $3.5 million in February. Before its launch, Tonic raised $5 million in April.
According to Proximity Labs, the $10 million fund will come from the coffers of the four sponsors. In addition to grants and investments, Proximity will provide consultancy services and developer assistance.
In the wake of the collapse of centralised exchange behemoth FTX, Proximity Labs’ Director Kendall Cole stated that the fund’s objective is to further develop the decentralised trading ecosystem on Near.
According to Cole, Proximity Labs sees the need for a strong and highly performant order book DEX economy for a genuinely decentralised future. This $10 million fund encourages talented teams from any ecosystem to build on Near.
