Proximity Labs Funds $10 Million For Decentralized Orderbook Solutions On NEAR

The Proximity Labs funds of $10 million, coupled with the central limit orderbook (CLOB) infrastructure provided by Orderly Network, Spin, or Tonic will enhance NEAR’s decentralized orderbook infrastructure to a point where it can compete with centralized exchanges.

According to Proximity Labs, NEAR has the fastest finality of 1-2 seconds, the lowest latency, and almost no transaction fees in DeFi. Additionally, NEAR is prepared for the widespread adoption of DeFi thanks to its sharding-based scalability, Web 2-friendly account model, and a focus on onboarding via the JavaScript SDK or native meta-transactions.

Thus, Proximity, together with Orderly Network, Spin, and Tonic, decided to launch a $10 Million fund dedicated to decentralized orderbook solutions on NEAR, and the fund would be deployed in the form of grants or investments for DeFi protocols. Beside that, Proximity will provide advisory services and developer support, while Orderly Network, Spin, and Tonic provide the central limit orderbook (CLOB) infrastructure.

Added to this is the fact that this fund is an open invite for builders from any ecosystem to advance NEAR’s decentralized orderbook infrastructure to a competitive level.

For those unaware, Orderly Network is a permissionless, decentralized exchange protocol and modular ecosystem built on top of NEAR, while Spin is a 360° decentralized trading platform on NEAR Protocol, and Tonic is a permissionless, fully on-chain, orderbook-based exchange platform built on NEAR.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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