Home News NEAR Protocol offers an $800M fund to support ecosystem growth

NEAR Protocol offers an $800M fund to support ecosystem growth

394
0

NEAR Protocol project team announced the creation of an $800 million fund to finance developers and individual projects in the ecosystem in the form of grants.

Thus, of the total amount of the fund, $250 million has been allocated for grants. That will help existing projects in further development and scaling.

$100 million will be divided among 20 startups. Along with a similar amount will go to regional funds to promote the development of NEAR in Asia; Europe; and also the United States of America.

The main focus is DeFi

Moreover, the main focus of the program is DeFi. Proximity Labs allocated $350 million for it. Consequently, protocols will be able to apply for liquidity mining programs through the newly formed “DeFi DAO”.

In addition, the developers clarified that Proximity is a group of early NEAR participants who left the parent company as an independent organization. Near co-founder, Illia Polosukhin told CoinDesk that the program has already distributed $45 million this year, with a special focus on early-stage ecosystem building blocks.

Therefore, the NEAR token reacted by rising to a new historical high above $12.

Aurora ecosystem

Recall that earlier in October, ecosystem project Aurora raised $12 million in its first round of investment; to enable Ethereum Virtual Machine (EVM) contracts on the Near blockchain; in what may be the first step towards a full DeFi ecosystem.

Etherscan, a blockchain data explorer, has announced a collaboration with Aurora to provide its Ethereum-only service to Near protocol members. “The success of this round of investment confirms Aurora’s popularity within our community and our goal of bringing scaling solutions to the crypto industry as a whole”. Alex Shevchenko, CEO of Aurora, stated.

“Before there was the feeling that you had to pull the ecosystem, but now the ecosystem is pulling you,” Polosukhin said. “Now it’s time for the DeFi money legos spawn.”

Previous articleSino Global Capital launches $200M fund backed by FTX
Next articleTesla hints at resumption of accepting payments in cryptocurrency