Big Bucks for DeFi Development
In an exciting new partnership, Aurora has kicked off a hefty $90 million token fund today, joining forces with Proximity Labs to boost decentralized finance (DeFi) applications on the Near protocol. As if the funds weren’t tempting enough, the developers will also get a front seat to innovate in a more usable ecosystem.
What’s in the Bag?
Aurora Labs has put its money where its mouth is, rolling out 25 million AURORA tokens worth around $90 million from its DAO treasury. Proximity Labs will take the reins for managing these funds and doling out grants to eager developers looking to build DApps on the Aurora platform. It’s like a startup incubator but with more blockchain and fewer coffee breaks.
Why NEAR Protocol?
The Near protocol stands out as a layer-1 contender to Ethereum, striving for a user-friendly experience for both developers and users alike. With a proof-of-stake (PoS) consensus mechanism, it’s smart contract-capable, nudging its way into a competitive blockchain landscape where usability is king.
Tokens Changing the Game
Aurora Labs envisions that this token-based funding structure will spark more activity across the network—like lighting a fire under a sleeping giant. The hope is that with easier access to funding, more developers will flock to create their Ethereum-based applications on NEAR, which could lead to some compelling innovations.
Words from the Top
“Aurora DAO continues its mission to extend the Ethereum economy outside the 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 Bigger Picture
The Ethereum Virtual Machine (EVM) isn’t just a fancy acronym; it’s a powerhouse that fuels Ethereum’s operating system. It handles everything from transaction execution to smart contract deployment, making it vital for developers wishing to bring their DApps to life. And with other independent blockchains like BNB Chain and Avalanche embracing the EVM, we’re left wondering—what’s next in the wild world of blockchain?
