NEAR Protocol Boosts DeFi On Its Ecosystem By An Aurora Labs’ $90 Million Developer Fund

Aurora launches $90 million developer fund to boost DeFi on NEAR Protocol

Aurora, a blockchain layer built on the NEAR Protocol, has launched a $90 million token fund to help developers build DeFi apps faster.

The fund was announced today in partnership with NEAR Protocol’s DeFi arm, Proximity Labs. Aurora Labs, the key development team behind Aurora, seeded the fund with 25 million aurora tokens (about $90 million) from its DAO treasury.

Proximity will manage the tokens and award prizes to developers that want to create DeFi-based applications on Aurora. Blockchain or cryptocurrency creators utilize token-based funding as a method to increase the network’s total activity.

Aurora Labs’ financing comes a month after NEAR Protocol’s team (which is not related with Aurora Labs) received $350 million in a fundraising round headed by Tiger Global. This means that the Near ecosystem has more resources for application development.

Aurora is a blockchain layer that is part of the NEAR Protocol ecosystem but functions independently. The Ethereum Virtual Machine (EVM) – a computing environment utilized by Ethereum applications — is its fundamental feature.

Aurora Labs hopes to make its EVM layer on Near more appealing to Ethereum developers with the establishment of its new development fund.

“Aurora DAO continues its mission to extend the Ethereum economy outside Ethereum blockchain. This grant is a next big step in the development of the Aurora ecosystem and I’m happy that Proximity Labs accompanies us in this journey,” said Dr. Alex Shevchenko,
founder of Aurora Labs.

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