- Aurora has launched a $90 million token fund to fund DeFi-based applications on Near Protocol.
- These funds are also intended to attract developers to Aurora and Near Protocol.
- Aurora is an Ethereum virtual machine created by the NEAR Protocol team.
Aurora has launched a $90 million token fund to accelerate DeFi application development on Near Protocol. fund started Announced today by Aurora along with Proximity Labs and DeFi Arm of the Near Protocol.
It should be noted that the Aurora team has allocated 25 million AURORA tokens from DAO Treasury to Proximity Labs to provide $90 million in proposed funding for the development of DeFi applications on the Near Protocol.
Proximity Labs is now responsible for managing the funds and providing grants to developers who want to build DeFi Dapps on Aurora. These token-based funding models also aim to increase network activity.
Aurora Labs founder Dr. Alex Shevchenko explained that the mission of the project is to extend the Ethereum economy beyond the Ethereum network. he said:
Aurora DAO continues its mission of extending the Ethereum economy outside of the Ethereum blockchain. This grant is the next step in the evolution of the Aurora ecosystem and we are excited to be with Proximity Labs on this journey.
Aurora An Ethereum virtual machine created by the Near Protocol team. The project aims to ‘provide a turnkey solution for developers to run their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, while providing users with low transaction costs’.
Fully compatible with Ethereum, it seamlessly integrates with applications on the Near protocol. The latter is one of the highest performing 3rd generation L1 protocols.
Aurora has a hybrid governance structure that comprises a decentralized autonomous organization (AuroraDAO) that is complemented by existing entities that hold one of several positions in AuroraDAO.