NEAR raises the value of the ecosystem development package to 800 million USD

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2021-10-26 14:41:07

After a $350 million stimulus package backed by Proximity Labs, Near Protocol recently announced a $450 million bomb, bringing the total value of ecosystem funding to $800 million.

NEAR raises the value of the ecosystem development package to 800 million USD

Stimulus package worth 450 million USD

Currently, there is not too much information surrounding this latest stimulus package. Near’s Twitter page is currently only a tweet announcing this latest stimulus package.

However, according to some sources, the newly injected $450 million package will have the following basic expenses:

  • $250 million spent on ecosystem funding (distributed evenly over 4 years)
  • 100 million USD allocated to each area development fund
  • $100 million spent on startups and new ideas

Thus, with $ 350 million supported by Proximity Labs just announced last week, the total value of the development support package of the Near ecosystem has reached $ 800 million.

Respond to the interview of CoinDeskNEAR co-founder Illia Polosukhin said that about $45 million from this stimulus package will be allocated this year. And the focus of this support flow will be on foundation projects for the ecosystem.

β€œA lot of projects are contributing to the solid foundation. Croncat allows users to send transactions at any time. Cartosis is completing smart contracts, supporting multiple languages ​​and storage spaces. Are there any pieces of the puzzle that we are missing in building a highly compatible ecosystem?” – Founder Illia Polosukhin shared.

Synthesize the ecosystem development funds of the leading blockchains. Source: Kyros Ventures

Constantly raising the value of stimulus packages, Near is ready to explode?

As previously reported by CHK, the Near ecosystem has announced a $350 million stimulus package, backed by Proximity Labs (a spin-off that operates independently of the NEAR Foundation).

> See more: $350 million is the latest stimulus package for the Near Protocol ecosystem

In addition, the products on the Near ecosystem have gradually improved, from AMM to Lending or cross-chain. However, there is still a lot of work ahead for this ecosystem, as the performance of the products is still quite limited.

A good example is the Rainbow bridge between NEAR and Aurora (Near’s Ethereum-compatible infrastructure platform). In addition, the AMMs on Aurora also had some problems with order validation, and the price slippage was quite high.

However, with recent strong moves, Near is expected to attract large capital flows, thereby helping to improve the technical quality of each project.

NEAR price is rallying nearly 19% on the news to $11.49, close to the ATH peak at $11.88.

1H chart of the NEAR/USDT pair on Binance at 08:30 PM on October 25, 2021

Synthetic CHK

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