Aurora, an Ethereum Virtual Machine (EVM) designed to scale decentralized applications (DApps) built on the Near protocol, has launched a $90 million token fund.
The fund was launched today in collaboration with Proximity Labs and will focus on financing Near Protocol’s decentralized finance (DeFi) applications.
Near Protocol is a DApp platform focused on usability between developers and users. As a new Layer 1 competitor to Ethereum, Near Protocol is also capable of smart contracts and implements a proof-of-stake consensus mechanism.
Funding was provided by Aurora Labs and the DAO Treasury has allocated 25 million AURORA tokens with a present value of approximately $90 million to the Proximity Lab.
As a result of the funding model, Proximity Labs is now responsible for managing the funding and providing grants to developers who want to build DeFi Dapps on Aurora.
The Aurora Labs team believes that a token-based funding structure will increase activity across the network.
Aurora Labs founder Dr. Alex Shevchenko said the launch of a new token fund will help make Ethereum application development on the Near protocol more attractive to developers.
“Aurora DAO continues its mission to extend the Ethereum economy outside of the Ethereum blockchain. This grant is the next step in the development of the Aurora ecosystem and we are excited to have Proximity Labs join us on this journey.”
EVM is a blockchain-based computer engine at the core of the Ethereum operating system, responsible for executing transactions, deploying smart contracts, and other operational functions, and enabling developers to build DApps on the blockchain.
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A growing number of independent blockchains have adopted EVM as their primary smart contract engine, including BNB Chain, Avalanche Chain, Polygon, and Fantom.