Aurora establishes a $90 million development fund to promote DeFi on the NEAR ecosystem

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2022-05-13 02:06:23

Aurora, a blockchain layer on top of Near Protocol (NEAR), officially launched a $90 million fund to accelerate the development of decentralized finance (DeFi) applications on NEAR.

Aurora establishes a $90 million development fund to promote DeFi on the NEAR ecosystem

The fund was established in partnership with Proximity Labs, the DeFi arm of NEAR Protocol. Aurora Labs, the development team behind Aurora, transferred 25 million Aurora (approximately $90 million) from its DAO treasury to Proximity Labs.

Proximity will manage these assets and provide the necessary funding to developers interested in building DeFi applications on top of Aurora.

A month earlier, the organization behind the NEAR cryptocurrency had Successfully raised 350 million USD from a funding round led by Tiger Global. The money raised will help NEAR increase its presence in key communities around the world. Continually being invested by many big companies, this is an important signal after this blockchain increasingly shows its ability to replace its elder brother Ethereum.

Aurora emerges as an important network in the NEAR ecosystem because of its compatibility with EVM. This is the “home” of emerging DeFi applications such as Aurigami, Bastion, Trisolaris… with more than $800 million in total assets locked on the chain. With the launch of a new development fund, Aurora Labs hopes to attract more talented programmers to contribute to its platform.

Last week, Curve Finance, a leading decentralized exchange on Ethereum, launched its DeFi service on Aurora.

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