Aurora launches $90M fund to fund DeFi applications on Near Protocol

Aurora, an Ethereum Virtual Machine (EVM) designed to scale Near Protocol-based decentralized applications (DApps), has launched a $90 million token fund.

Launched today in partnership with Proximity Labs, the fund will focus on financing decentralized finance (Decentralized Finance) on the application Near agreement.

Near Protocol is a DApp platform focused on usability between developers and users.As Ethereum’s emerging layer 1 competitor, Near Protocol is also Smart Contract Capability and run a Proof of Stake consensus mechanism.

Funding was provided by Aurora Labs, which distributed 25 million AURORA tokens (currently worth about $90 million) from its DAO treasury to neighboring labs.

As a result of the funding model, Proximity Labs will now manage the funds and provide grants to developers aiming to build DeFi Dapps on Aurora.

The Aurora Labs team believes that the token-based funding structure will also increase activity across the network.

According to Dr. Alex Shevchenko, founder of Aurora Labs, the launch of the new token fund will help make developing Ethereum applications based on the Near protocol more attractive to developers.

“The Aurora DAO continues its mission of expanding the Ethereum economy beyond the Ethereum blockchain. This grant is the next important step in the growth of the Aurora ecosystem, and I’m excited to have Proximity Labs with us on this journey. “

The EVM is the blockchain-based computer engine at the core of the Ethereum operating system, responsible for transaction execution, smart contract deployment, and other operational functions, in addition to enabling developers to build DApps on their blockchain.

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More and more independent blockchains are adopting EVM as the default smart contract engine, including BNB chain, Avalanche chain, polygon and phantom.