Aurora launches $90M fund to finance DeFi apps on Near Protocol

Aurora, an Ethereum Virtual Machine, (EVM), was created to scale decentralized apps (DApps) built on the Near protocol. It has launched a token-fund worth $90 million.

Today, Proximity Labs launched the fund. It will finance decentralized finance (DeFi), applications using the Near protocol.

Near Protocol is a DApp platform that focuses primarily on usability for developers and users. Near Protocol, an emerging layer-1 competitor for Ethereum, is smart-contract-capable and has a proof-of–stake consensus mechanism.

Aurora Labs provided funding. It allocated 25 million AURORA tokens from its DAO treasury, currently worth approximately $90 million, to the proximity labs.

Proximity Labs, which was established to manage the funds and provide grants to developers who want to create DeFi Dapps for Aurora, will now take over the management of the funds.

Aurora Labs believes that token-based funding will increase activity throughout the network.

Dr. Alex Shevchenko, founder of Aurora Labs stated that the new token fund will make it more appealing to developers to develop Ethereum applications using the Near protocol.

“Aurora DAO continues its mission of expanding the Ethereum economy beyond Ethereum blockchain. This grant is an important step in the Aurora ecosystem’s development. I am happy that Proximity Labs has accompanied us on this journey.

The Ethereum-based EVM, a computer engine that runs on blockchain technology, is responsible for smart contract deployment, transaction execution and other operational functions. It also allows developers to create DApps on its blockchain.

Related: NEAR’s vision for Kenya is to make it a better place: Smart insurance and on-chain document verification

A growing number of independent blockchains are adopting the EVM as their default smart contract engine. These include BNB Chain, Avalanche Chain and Polygon.

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